Stock Market Today: May 18th - 22nd, 2020

Discussion in 'Stock Market Today' started by Stockaholic, May 15, 2020.

  1. Stockaholic

    Stockaholic Content Manager

    Joined:
    Mar 29, 2016
    Messages:
    13,767
    Likes Received:
    7,050
    Welcome Stockaholics to the trading week of May 18th!

    This past week saw the following moves in the S&P:
    [​IMG]

    Major Indices End of Week:
    [​IMG]


    Major Futures Markets on Friday:
    [​IMG]

    Economic Calendar for the Week Ahead:
    [​IMG]

    Sector Performance WTD, MTD, YTD:
    [​IMG]
    [​IMG]
    [​IMG]
    [​IMG]
    [​IMG]
    [​IMG]

    What to Watch in the Week Ahead:

    • Monday

    Earnings: Softbank, International Game Tech, Trivago, Baidu

    8:30 a.m. Business leaders survey

    10:00 a.m. NAHB

    • Tuesday

    Earnings: Walmart, Home Depot, Advance Auto Parts, Kohl’s, Eagle Materials, Urban Outfitters

    8:30 a.m. Housing starts

    10:00 a.m. Fed Chairman Jerome Powell and Treasury Secretary Steven Mnuchin before Senate Banking

    2:00 p.m. Boston Fed President Eric Rosengren

    • Wednesday

    Earnings: Target, Lowe’s, McKesson, LBrands, Expedia, Take-Two Interactive, Shoe Carnival, Analog Devices

    • Thursday

    Earnings: Best Buy, BJ’s Wholesale, Hormel, TJX, Medtronic, Hewlett Packard Enterprise, Agilent, Deckers Outdoor, Splunk, Intuit, Deckers Outdoor, Ross Stores, Plantronics

    8:30 a.m. Initial jobless claims

    8:30 a.m. Philadelphia Fed manufacturing survey

    9:45 a.m. Manufacturing PMI

    9:45 a.m. Services PMI

    10:00 a.m. Existing home sales

    10:00 a.m. New York Fed President John Williams

    2:30 p.m. Fed Chairman Jerome Powell and Fed Governor Lael Brainard

    • Friday

    Earnings: Alibaba, Buckle, Burberry, Deere, Foot Locker
     
    T0rm3nted likes this.
  2. Stockaholic

    Stockaholic Content Manager

    Joined:
    Mar 29, 2016
    Messages:
    13,767
    Likes Received:
    7,050
    Gold, Dollar, & Bonds Jump; Stocks Slump On Fauci Fearmongering, China Trade Turmoil
    US equities suffered their worst weekly drop in two months...

    [​IMG]

    Shock horror...how did that happen?

    Fauci Fearmongering started the ball rolling down-hill:

    House Freedom Caucus Chairman Andy Biggs, R-AZ, said. “That’s what he’s done. And with his co-folks in the left wing media, they’ve scared people. You’ve got businesses that are afraid to open. They’re scared to death to open because someone is going to get sick or they get sick. He has scared people who have children and he is gone back and forth. I mean now you don’t wear a mask, people look at you. But it was just a month ago, when they were saying don’t wear a mask because that’s the perfect way to get sick, if you wear a mask. You don’t wear a mask if you are sick. So now this is gone to everybody supposed to wear a mask. Fauci has relied on bad models.”

    He added, “He himself says we can’t rely on the models, Fauci said in his testimony two days ago, he’s responding to Rand Paul, ‘I don’t look at all this other stuff that you that you’re talking about. I’m just a scientist. I’m just looking at this data and this science.’ That means he’s not looking at the public health consequences of poverty, of stress, of people not getting treatments they need to get, who are afraid to go in and get screened for cancer or whoever had heart attacks and strokes. He doesn’t care about that. I shouldn’t say that. I don’t know if he cares or doesn’t care. But he doesn’t look at it.”

    The truth is hard to swallow for a 79-year-old career fearmonger - as BofA details COVID-19 has a low case fatality rate (<0.3%) for the median age (38) US citizen, meaning return to work may be worth the risk...

    The US is making the calculation that people need to get back to work for obvious economic reasons; they will live with the risk of COVID infection. Consider some data, using Italy as benchmark and noting that median age of US population is 38 years old. Italy has a relatively high aggregate case fatality rate (CFR) of 13.8%, but the CFRs for the 30-39 and 40-49 age cohorts are just 0.3% and 0.4%, respectively. Given this, the US CFR for 38 year olds is likely less than 0.3%, perhaps even in the 0.1%-0.2% range; to be (hopefully) conservative, we'll assume range upside of 1.0%. Assuming a 99.0%- 99.9% chance of survival given infection (1-CFR) for the median-aged US worker, we believe US workers will overwhelmingly opt to return to work given the opportunity. Against the backdrop of record policy stimulus, this creates upside risk to the economic recovery scenario as reopening expands.

    But don't worry - The Fed's got your back...

    This is amazing. pic.twitter.com/fIXy0F39K4

    — Robin Wigglesworth (@RobinWigg) May 15, 2020
    [​IMG]

    Source: Bloomberg

    After Fox News sparked a buying panic yesterday with bullshit WFC/GS rumors; today saw Sorrento (and the market) shoot notably higher in early trading after a report from Fox News that the company said it had discovered an antibody that could protect against COVID-19. Trump came on later and commented on being ready for a vaccine... and stocks lifted some more.

    So, US restarts trade war with China, US retail spending and manufacturing collapse most on record, and Nasdaq closes green (despite a weak close seemingly sparked by some honest words on Huawei by Kyle Bass)...

    [​IMG]

    You had to laugh at it really... retail ran tech stocks higher all day (once cash markets opened) as yuan kept fading...

    [​IMG]

    Source: Bloomberg

    Semis slammed on the Huawei headlines (worst week in 2 months)...

    [​IMG]

    Source: Bloomberg

    But FANG Stocks ended higher on the week - why not!? (7th weekly gain in last 8)

    [​IMG]

    Source: Bloomberg

    Nasdaq has not closed this high relative to Small Caps since the peak of the dotcom bubble in 2000...

    [​IMG]

    Source: Bloomberg

    Virus-Impacted Sectors were slammed with Airlines worst (but bounced Thursday)...

    [​IMG]

    Source: Bloomberg

    Another ugly week for banks - despite the bullshit WFC/GS rumors...

    [​IMG]

    Source: Bloomberg

    And banks are at a record low against the market...

    [​IMG]

    Source: Bloomberg

    VIX was up 4 vols on the week, the most since mid-March...

    [​IMG]

    The Fed was in da house this week... but that didn't save HY bonds which fell as IG rallied...

    [​IMG]

    Source: Bloomberg

    And even as stocks have rallied recently, the broader bond market has refused to play along...

    [​IMG]

    Source: Bloomberg

    Treasury yields were down on the week as the curve bull-flattened...

    [​IMG]

    Source: Bloomberg

    For the 6th day in a row, the dollar was suddenly bid during the US day session (across the European close)

    [​IMG]

    Source: Bloomberg

    Bitcoin rallied notably after the halving...

    [​IMG]

    Source: Bloomberg

    But all crypto is down from last Friday's "close"...

    [​IMG]

    Source: Bloomberg

    WTI (June) tested up towards $30 today...

    [​IMG]

    Quite a week for June (but all contracts bid)...

    [​IMG]

    WTI's front-month is back into backwardation after being in contango since March...

    [​IMG]

    Source: Bloomberg

    Silver surged back above $17 today...

    [​IMG]

    Gold broke out of its recent triangle...

    [​IMG]

    Gold hit a record high in yuan...

    [​IMG]

    Source: Bloomberg

    Silver notably outperformed gold for the second week in a row... (biggest daily outperformance of silver over gold since July 2016 today)...

    [​IMG]

    Source: Bloomberg

    Finally, we are sure many can sympathize with a bearish Hitler as he checks his trading account this month..."my wife will not be happy with me..."





    h/t r/wallstreetbets

    "You can't just bribe small businesses to keep people employed forever..." Or can you?

    But, if only Addie had been long gold from the start?

    [​IMG]

    Scores on the Doors: gold 13.1%, US dollar 4.0%, government bonds 2.9%, cash 0.5%, IG bonds -2.3%, HY bonds -9.7%, global equities -14.9%, commodities -40.6% YTD.
     
  3. Stockaholic

    Stockaholic Content Manager

    Joined:
    Mar 29, 2016
    Messages:
    13,767
    Likes Received:
    7,050
    Here are the percentage changes for the major indices for WTD, MTD, QTD & YTD in 2020-
    [​IMG]
    [​IMG]

    S&P sectors for the past week-
    [​IMG]
     
  4. Stockaholic

    Stockaholic Content Manager

    Joined:
    Mar 29, 2016
    Messages:
    13,767
    Likes Received:
    7,050
    Retail Sales Telling the Economy’s Story

    Retail sales numbers for April were released today, and the basic story was no surprise. Retail sales fell a record 16.4% in April, after declining 8.4% in March, already the largest decline since the government started keeping records in 1992.

    The year-over-year decline of more than -21.6% has already topped the -11.5% seen during depths of the financial crisis, as shown in the accompanying chart. But there are hints that the decline has been heavily influenced by store closures rather than shoppers tightening their belts, and that might bode well for the future as the economy gradually starts to open up.

    [​IMG]

    “One of the reasons for the major decline in retail sales is simply because many businesses are closed,” said LPL Financial Chief Investment Officer Burt White. “As the economy slowly opens back up, retail sales should bounce back, as pent-up demand is there”

    For the past two months, the economy experienced an 89% decline in apparel sales and a 59.2% decline in restaurant sales. These numbers capture the effects of businesses closing. The one area of the retail sales numbers that has done relatively well? Groceries had a record April as consumers stocked up and continued to show some strength in May.

    While it will take time for retail sales to get back to normal, several factors are in play that should help support retail activity as the economy opens up. Pent-up demand is increasingly evident. Fiscal stimulus should help preserve incomes. And consumer balance sheets remain relatively healthy, with credit card debt declining the most in decades in March. While weakness will continue, April data may be the low point for retail sales, with good prospects for some strength in the second half of the year. A return to full strength will ultimately depend on the progress doctors and scientists make in limiting the dangers from COVID-19, but even the gradual opening up of the economy may show retail sales numbers starting to stabilize as early as next month.

    How Expensive Are Stocks Right Now?

    As stocks rallied 30% off the March 23 lows and earnings expectations were cut dramatically, valuations have become increasingly concerning for many investors (including some high-profile hedge fund managers being quoted in the financial press).

    As shown in the LPL Chart of the Day, the forward (next 12 months) price-to-earnings (PE) multiple for the S&P 500 Index recently eclipsed 20, which is overvalued based on historical averages and at the highest level since the tech bubble in the late 1990s.

    [​IMG]

    While stocks look expensive on this metric—one of the reasons why we expect a correction of perhaps 10% from the April 29 highs—valuations may be getting too much attention.

    “Stocks look overvalued based on earnings estimates for the next year, which will probably fall further,” said LPL Financial Equity Strategist Jeffrey Buchbinder. “While the return to 2019’s earnings levels may still be two years or more off, the potential for steady improvement and low interest rates suggest they may not be as stretched as they appear.”

    So how worried should investors be? Here are three reasons not to worry too much:

    • Earnings will eventually come back. This recession has an end date, and eventually we’ll beat this virus. So while earnings will take time to reach last year’s levels, they should steadily improve starting next quarter. A vaccine could accelerate the timetable.
    • Interest rates and inflation are low. A 20 PE with a sub-1% yield on the 10-year Treasury without a whiff of inflation on the horizon is not unreasonable. And Federal Reserve support isn’t going away anytime soon. In such a low-rate environment, the opportunity cost of waiting an extra year for earnings to come through is not high. Most of a stock’s value is derived from the earnings the company could generate in year two and beyond.
    • Valuations are not good short-term timing tools. There is essentially no statistical relationship between PE ratios and subsequent one-year performance for the stock market. Although we expect more volatility as the path of the economy and corporate profits becomes clearer, we also expect stocks to grow into their valuations as earnings likely recover next year.
    Stocks are expensive on traditional PE metrics, and a correction would not surprise us. But given the environment we’re in, valuations are not as worrisome as they may appear. The potential for a steady recovery in earnings over the next couple of years with low interest rates suggests that some of the valuation fears may be exaggerated.

    Why Gold Will Continue To Shine

    Gold has done quite well so far in 2020, up more than 12% year to date versus the S&P 500 Index which is down about 10%. We started to warm to the yellow metal late last year and continue to think it can serve as a potential hedge in a well-diversified portfolio for suitable investors.

    “From COVID-19, to massive monetary stimulus, to historically lower yields, to potentially negative fed funds rates down the road, there are many reasons to think gold could continue its recent strength,” explained LPL Financial Senior Market Strategist Ryan Detrick.

    As shown in the LPL Chart of the Day, gold based for years before breaking out last year. This is a strong chart from a technical perspective and eventual new highs over the coming years could be quite likely.

    [​IMG]

    Retest Possible, But Bottom Likely In as Jobless Claims Trend Lower
    [​IMG]
    Initial Weekly Jobless Claims of 3.3 million, 6.9 million, 6.6 million, 5.2 million, 4.4 million, 3.8 million, 3.2 million and 3.0 million the past eight weeks, totaling 36.5 million, is astonishing. The good news is the trend is lower and as we pointed out in mid-April four weeks ago a spike peak in Initial Claims and an immediate precipitous retreat has been an effective indication of a bear market low over the years.

    Today’s chart, presented above, is from the FRED database hosted by the Federal Reserve Bank of St. Louis compares the recent history of Jobless claims with the Wilshire 5000. (Gaps in the Wilshire index line are market holidays.) Clearly, the March 23 low and the spike high in Claims at the end of that week correlate quite well.

    Sentiment Unexpectedly Improves
    Fri, May 15, 2020

    The preliminary read on sentiment from the University of Michigan was a surprising bright spot in Friday's weak economic data as the headline reading improved from 71.8 up to 73.7 versus expectations for a decline to 68.0. Even with this increase, sentiment remains near a 10-year low, so it's not as though investors are actually positive, they're just less negative. While the increase in sentiment was a bit of a surprise, it makes sense. April was a month where the economy was essentially shut down, so the impact of that sudden stop on sentiment was intense. However, now that things have started to thaw a little bit, you can't fault people for becoming more optimistic.

    [​IMG]

    While consumers are feeling a bit better about the way things are, they are still extremely uneasy about the future. The chart below breaks down sentiment towards current conditions and expectations about the future. While the current conditions component showed some improvement, the expectations component saw further declines.

    [​IMG]

    One question in the monthly survey that caused us to do a double-take was the question that asks, "During the last few months, have you heard of any favorable or unfavorable changes in business conditions? And what did you hear?" In this month's survey, the index that tracks instances of unfavorable news mentions hit a record high of 141. This series goes all the way back to 1959, and never before has it been near current levels. The prior high for this index was back in the depths of the financial crisis when the index peaked at 133. There hasn't been much good news lately, but even this reading is extreme.

    [​IMG]

    Investors Remain On Guard
    Thu, May 14, 2020

    In a post earlier today, we noted that individual investors still remain overwhelmingly bearish despite the equity market's rally off the March lows. Another sentiment indicator released by TD Ameritrade supports this view that investors aren't particularly bullish right now. The TD Ameritrade Investor Movement Index is a proprietary, behavior-based index created by TD Ameritrade designed to indicate the sentiment of individual investors’ portfolios. It measures what investors are actually doing, and how they are actually positioned in the markets.

    The TD Ameritrade Investor Movement Index has been in existence since 2010, and in that entire history there have only been five months where the index was weaker than it is now, and that was from October 2011 through February 2012. That was also a period that marked a major low in the equity market and was followed by a nearly uninterrupted three-year rally in the S&P 500.

    While the Investor Movement Index is near record lows right now, it has been weak for some time, and that weakness came even as the S&P 500 was climbing to record highs over the last 12-18 months. In other words, while investors are just about as cautious as they have been at any time in the last ten years, this conservatism is nothing new.

    [​IMG]

    Some Stocks Moving Above February Highs
    Wed, May 13, 2020

    In last night's Closer, we noted that as of yesterday's close, the S&P 500 (SPY) sat over 15% away from its 2/19 all time high. But as for the index's individual stocks, about 12.4% have retaken their 2/19 levels. As shown in the chart below, Health Care sector stocks on average are the closest at 5.29% below their levels on 2/19. Consumer Staples are the only other stocks that are less than 10% away from those levels on an average basis. Conversely, Energy, Financials, and Real Estate have the furthest to go, all down around 30% or more.

    [​IMG]

    Meanwhile taking a look across industries, there is only one group of stocks that's currently above its 2/19 levels on an average basis: Pharmaceuticals, Biotechnology, & Life Sciences. While stocks of that industry have pushed above by 1.2% on average, the other groups are not even close with the next closest to doing so being Food & Staples Retailing at 7.6% below 2/19 levels. In addition to Food & Staples Retailing, Food, Beverage, & Tobacco, and Health Care Equipment & Services are the only others that are even within 10% away. On the other end of the spectrum, Banks, Energy, and Consumer Durables & Apparel are down the most.

    [​IMG]

    Those same dynamics can be seen in the table below of the stocks furthest above and below their 2/19 levels. While Health Care stocks like Dexcom (DXCM) and Regeneron (REGN) have surged over 40% since 2/19, some of the biggest losers during the sell off remain beaten down. Of the 20 stocks that are furthest below their 2/19 levels, most have something to do with oil, planes, cruises, or retail stores.

    [​IMG]

    Bull Flag For Gold (GLD)
    Wed, May 13, 2020

    Over the past year and a half, gold has been on the up and up though it was interrupted by the string of volatility from the recent Covid crash across asset classes. In the past few months, the SPDR Gold Trust ETF (GLD) fell 12.5% from its March 9th high to March 19th low, which was followed by an 18.33% rally off that low to its last closing high on April 23rd.

    Since its April high, GLD has been consolidating with a set of higher lows and lower highs between roughly $158 and $163. This is a flag pattern that suggests a breakout is coming either to the upside or the downside. For now it's closer to breaking out to the upside as it tests the top end of the flag's range.

    [​IMG]

    Retail Sales - R.I.P.
    Fri, May 15, 2020

    We were expecting the worst monthly report on record in today’s Retail Sales report for April, and the bar wasn’t set nearly low enough. While economists were forecasting a 12.% m/m decline in sales, the actual decline was much larger at 16.4%. Ex Autos and Ex Autos and Gas, the declines were even weaker. Not bad enough for you yet? Well, March’s report was also revised lower. To put the last two months in perspective, total retail sales have declined by more than 23%. That’s nearly a quarter of total sales!

    [​IMG]

    Among individual sectors, the sharpest decline in sales has come from the Clothing sector. From its recent peak, the monthly rate of sales in this sector has declined by nearly 90%. Apparently, we're becoming a nation of nudists!

    [​IMG]

    The Return to the Road
    Fri, May 15, 2020

    Thursday afternoon, Elon Musk tweeted the chart below showing usage (as a percentage of maximum) of Tesla charging stations by global region on a rolling 7-day basis. While the APAC region broadly has not skipped a beat during the COVID-19 pandemic, North America, as well as the EMEA region (Europe, Africa, and the Middle East), saw usage crater in the past few months as stay at home orders were observed and fewer people traveled. But things look to have bottomed out in April as the economy shows hints of reopening and people take to the roads.

    At the lows, these two regions saw charge station usage fall to the high 20%/low 30% range just like China did earlier this year. Focusing on China, once the lockdowns were lifted, usage saw a one-way street higher as it climbed back up to more normal levels. If North America and EMEA follow similar patterns, within a month they too should be back up to their prior ranges.

    [​IMG]

    Although the electric car market is a fraction of the size of combustion engine cars, gasoline-powered cars have been showing a similar trend as could be inferred from recent petroleum-based data. The chart below shows gasoline demand from the EIA's Weekly Petroleum Status Report. Although demand for the fuel that powers the bulk of the world's vehicles remains at historically low levels, it too has begun to pick up in recent weeks after bottoming in the first week of April. This week actually marked the fifth straight week with an increase in demand. Again that is likely in part thanks to the economy reopening but seasonality is also another factor. As seen in the chart below, the summer months typically see the highest demand for the year. Overall, while demand is still far from normal levels, the combined pickup, as well as charger usage, seems to point that drivers in the US and around the globe are at least partially taking to the roads again whether that be in the form of the daily commute or summer getaway.

    [​IMG]
     
  5. Stockaholic

    Stockaholic Content Manager

    Joined:
    Mar 29, 2016
    Messages:
    13,767
    Likes Received:
    7,050
    Here are the current major indices pullback/correction levels from ATHs as of week ending 5.15.20-
    [​IMG]

    Here are the current major indices rally levels from correction low as of week ending 5.15.20-
    [​IMG]

    Here is also the pullback/correction levels from current prices-
    [​IMG]
     
    Dinesh Siva likes this.
  6. Stockaholic

    Stockaholic Content Manager

    Joined:
    Mar 29, 2016
    Messages:
    13,767
    Likes Received:
    7,050
    [​IMG]

    Here are the upcoming IPO's for this week-

    [​IMG]
     
  7. Stockaholic

    Stockaholic Content Manager

    Joined:
    Mar 29, 2016
    Messages:
    13,767
    Likes Received:
    7,050
    Stock Market Analysis Video for May 15th, 2020
    Video from AlphaTrends Brian Shannon


    ShadowTrader Video Weekly 5.17.20
    Video from ShadowTrader Peter Reznicek
    (VIDEO NOT YET POSTED!)
     
  8. Stockaholic

    Stockaholic Content Manager

    Joined:
    Mar 29, 2016
    Messages:
    13,767
    Likes Received:
    7,050
    Stockaholics come join us on our stock market competitions for this upcoming trading week ahead!-

    ========================================================================================================
    ========================================================================================================

    It would be pretty sweet to see some of you join us and participate on these!

    I hope you all have a fantastic weekend ahead! :cool:
     
  9. Stockaholic

    Stockaholic Content Manager

    Joined:
    Mar 29, 2016
    Messages:
    13,767
    Likes Received:
    7,050
    Here is a look at this upcoming week's Global Economic & Policy Calendar-

    (GLOBAL ECONOMIC AND POLICY CALENDAR NOT YET POSTED!)
     
  10. Stockaholic

    Stockaholic Content Manager

    Joined:
    Mar 29, 2016
    Messages:
    13,767
    Likes Received:
    7,050
    [​IMG]

    Here are the most anticipated Earnings Releases for this upcoming trading week ahead.

    ***Check mark next to the stock symbols denotes confirmed earnings release date & time***

    Monday 5.18.20 Before Market Open:
    [​IMG]

    Monday 5.18.20 After Market Close:
    [​IMG]

    Tuesday 5.19.20 Before Market Open:
    [​IMG]

    Tuesday 5.19.20 After Market Close:
    [​IMG]

    Wednesday 5.20.20 Before Market Open:
    [​IMG]

    Wednesday 5.20.20 After Market Close:
    [​IMG]

    Thursday 5.21.20 Before Market Open:
    [​IMG]

    Thursday 5.21.20 After Market Close:
    [​IMG]

    Friday 5.22.20 Before Market Open:
    [​IMG]

    Friday 5.15.20 After Market Close:
    NONE.
     
  11. Stockaholic

    Stockaholic Content Manager

    Joined:
    Mar 29, 2016
    Messages:
    13,767
    Likes Received:
    7,050
    And finally here is the most anticipated earnings calendar for this upcoming trading week ahead-
    ($WMT $BABA $NVDA $HD $NAT $TGT $LOW $SE $BIDU $BJ $M $AAP $IQ $TTWO $MDT $OAS $BBY $MCK $SOGO $TJX $INSE $SOHU $FL $DNR $EXPE $ADI $PANW $CBL $DE $KMDA $SPLK $HRL $INTU $EXP $WB $NIU $HZN $TNK $TRVG $IGT $BILI $OMP $URBN $SNPS)
    [​IMG]

    If you guys want to view the full earnings post please see this thread here-
     
  12. Stoch

    Stoch Well-Known Member

    Joined:
    Jan 5, 2019
    Messages:
    180
    Likes Received:
    83
    big hit to Q2 GDP estimate

    [​IMG]
     
    Vdubman likes this.
  13. Stoch

    Stoch Well-Known Member

    Joined:
    Jan 5, 2019
    Messages:
    180
    Likes Received:
    83
    Japan now officially in recession

    23:50 JPY Gross Domestic Product Annualized(Q1) PREL -3.4 %, previous -7.3 %

    Dow up +200, Makes sense since earnings GDP, jobs and consumption don't seem to matter anymore
     
    T0rm3nted and Vdubman like this.
  14. kyleh2k20

    kyleh2k20 Member

    Joined:
    Oct 4, 2019
    Messages:
    24
    Likes Received:
    35
    I mean, has that ever really mattered for the market in recent memory though? This market is or at least IMHO 100% artificially induced by the feds and CBs around the world. Period. And has been the case for as long as I can remember. That’s pretty blatantly obvious. I don’t mean to bring politics into this thread (sorry), but imo it’s pretty damn clear that this market is being artificially propped up this year in particular due to it being an election year. The powers that be will do anything in their power to prop up this P.O.S. until at least November to make the illusion that all is well in the economy and in the world. It’s pretty flipping ridiculous if you ask me but that’s been the case for a while now anyway. We can safely throw away earnings, GDP, and economic reports out the window they don’t mean nothing is this fake market. That is just my worthless 2c on the matter with regards to that. Apologies again, and hope I didn’t ruffle anyones feathers with my post. Was not intended. Carry on.
     
    T0rm3nted, Stoch and Vdubman like this.
  15. Vdubman

    Vdubman Well-Known Member

    Joined:
    May 2, 2016
    Messages:
    385
    Likes Received:
    277
    Silver rally has legs for this week
     
    Stoch likes this.
  16. Stockaholic

    Stockaholic Content Manager

    Joined:
    Mar 29, 2016
    Messages:
    13,767
    Likes Received:
    7,050
  17. anotherdevilsadvocate

    anotherdevilsadvocate Well-Known Member

    Joined:
    Apr 3, 2016
    Messages:
    4,319
    Likes Received:
    3,375
    Bullish action overnight has left us <1% from this month's high at /es 2947. If we can get over that, this could be a very green day.
     
    T0rm3nted likes this.
  18. anotherdevilsadvocate

    anotherdevilsadvocate Well-Known Member

    Joined:
    Apr 3, 2016
    Messages:
    4,319
    Likes Received:
    3,375
    As we break out, 4 of the hottest stocks (DKNG, SHOP, ZM, TDOC) are down.
    200 ma on the SPY is next resistance.
     
    T0rm3nted likes this.
  19. anotherdevilsadvocate

    anotherdevilsadvocate Well-Known Member

    Joined:
    Apr 3, 2016
    Messages:
    4,319
    Likes Received:
    3,375
    Chinese stocks moving big. A few of them reporting this afternoon (BIDU, IQ, BILI).
     
    T0rm3nted and stock1234 like this.
  20. stock1234

    stock1234 2017 Stockaholics Contest Winner

    Joined:
    Apr 3, 2016
    Messages:
    5,584
    Likes Received:
    4,619
    MRNA surging again :eek: It is not like I have a big position and it is making me rich, but still pretty happy I am up almost 180% for my position :D
     
    T0rm3nted likes this.

Share This Page