The Tale of the Tape
Good evening folks. God bless this resilient stock market.
Today, the S&P 500 made fresh all time closing highs a day after the Nasdaq set one. Amazing.
This comes despite Friday’s bloodbath, the coronavirus China shutdown, oil’s precipitous downward spiral, political bankruptcy on all sides of the aisle etc.
Energy was the leading sector up 3.76%. See below for more details. We’re anything but out of the woods there and the probability of this bounce being dead cat in nature is not insignificant.
Interest rate-sensitive Real Estate was the only down sector as treasuries got sold.
Here are the closing prices. Nasdaq and S&P all-time highs, Dow getting close, Russell’s still got work…
Tesla and Tulipmania, Are We Living in a Simulation?
Finally, Tesla puked.
It fell 17.18% and is now technically in a bear market. LOL.
Here’s the chart:
Could it be a coincidence that on this date in 1637 the price of tulip bulbs peaked?
Mattress in a box startup Casper is set to begin trading tomorrow. Today, the firm cut its IPO range from $17-$19 to $12-$13. Nothing like a 30% haircut before trading even begins and make no mistake – bankers suck.
Here’s CNBC with more details.
Energy Dead Cat ?
Energy ETF $XLE was up 3.76% today, bouncing off support. This is the 4th time since Dec. 2018 it has rebounded from these levels. Every retest has been followed by a lower high. Could this time be different? Place your bets…
ht David Blair for sharing this great weekly chart. Click for a larger view…
Links that Don’t Suck
The ‘Superbond’ Cooling the World’s Hottest Real Estate Market – Bloomberg
Tesla’s Cybertruck Has a Huge Cowboy Problem – Marker
Old Electric Car Batteries Are Now Powering the Grid – Popular Mechanics
Avocados Are the New Coal for Hedge Funds Chasing Sustainable Cash – Bloomberg