Epic Melt Up 🔥📈

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 it’s all time high on February 12 to Friday’s close.

If your narrative was – markets are corona crashing – does one day change this? The new narrative, today’s anyway, revolves around the Fed – they’re 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 there’s 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 🔥🔥🔥

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 doesn’t feel like a surprise. Jack is moving to Africa, right? Maybe shareholders aren’t keen on the whole “I’m gonna work remote” for the head honcho.

Galloway’s on the tape saying Jack’s gone in less than a month. We’ll see….

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. Here’s a photo…

Costco is a great company. It probably didn’t 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.

It’s Corona Time

There’s 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 TikTok…