Tale of the Tape
This is why we love markets. Last week, the world was ending. Today, it’s raining silver dollars.
Stocks freaking ramped! The Dow Jones Industrial Average gained 5% or 1294 points, the largest point gain in the history of the index. It gained back 31% of the 14% loss from itās all time high on February 12 to Fridayās close.
If your narrative was – markets are corona crashing – does one day change this? The new narrative, todayās anyway, revolves around the Fed – theyāre going to ease. (Quick update before we send this out – Treasury Secretary Mnuchin and Fed Chair Powell to lead emergency G7 phone call Tuesday morning. -via TheStreet)
Easing makes a great story short term but the problem here is not about rates and thereās really not much they can do with yields already making all time lows.
All sectors closed green, duh.
Utilities and tech led the charge gaining more than 5.5% on the day. Communication services were the weakest, they only closed up 3.41%. Holy smokes š„š„š„
S&P 500 | 3,090 | +4.60% |
Nasdaq | 8,952 | +4.49% |
Russell 2000 | 1,518 | +2.85% |
Dow Jones | 26,703 | +5.09% |
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Robinhood⦠Oof.
Robinhood suffered an outage all day today. This was brutal. We hate to say it, but you get what you pay for.
We thought this was great and tip our hat to you, Mr. Galaxy Brain Cap Mgmt.
Twitter Elliot Management
Shares of Twitter jumped 7.89% after it was reported that activist fund, Elliott Management owns more than $1B worth of stock and is seeking to replace Jack Dorsey as CEO. This doesnāt feel like a surprise. Jack is moving to Africa, right? Maybe shareholders arenāt keen on the whole āIām gonna work remoteā for the head honcho.
Gallowayās on the tape saying Jackās gone in less than a month. Weāll seeā¦.
Costco Panic Buying
Costco traded up 10% today on literal panic buying after a crazy busy weekend, in which people freaking about coronavirus, bought supplies like Clorox bleach and Lysol. Hereās a photoā¦
Costco is a great company. It probably didnāt deserve to get hit so hard, along with the broader market, in the first place.
Check out this Stocktwits Sentiment YTD chart for $COST. Sentiment began to diverge mid-February before price began to pull back. Today, price jumped and sentiment remained near its lowest level for the year.
$COST reports earnings Thursday AMC.
Itās Corona Time
Thereās been reports that people were refusing to drink Corona Beer as they thought it gave them the virus. Pundits are saying this is going to hurt sales⦠we beg to differ. #itscoronatime is taking over TikTokā¦
All press is good press right?
In Other News
Steve Ballmer in Talks to Buy the Forum for the Clippers
U.S. Sues to Tap Crypto Accounts Tied to North Korean Hack
Jack Welch, Legendary CEO of General Electric, Dies at Age 84
Earnings Tomorrow:
Be sure to know when your stocks are reporting. Hereās the full earnings calendar.
Links that Donāt Suck
Forget Chessāthe Real Challenge Is Teaching AI to Play D&D
Inside the Worldās Largest Bitcoin Fund
The scale of $1,000,000,000.
GIFs Are Glorious, GIFs Are Perverse