Tale of the Tape
Good evening, folks. We hope you are all staying safe and healthy.
Last Thursday, the S&P 500 dropped 9.5% and then on Friday, it rebounded right back to make up most of that big loss. All-day, we were watching that Thursday close of 2480 and, sure enough, we took it out with a vengeance.
Regardless, today was the worst day for stocks since 1987. And the second-worst % loss in history for the Dow Jones Industrial Average. Geez.
Nobody knows where the bottom is folks, but we do know where our sleeping point is (see below).
Stay safe out there.
The major indices are all down close to or more than 30% from their all-time high closes. The Russell 2000 is approaching – 40% 🤢
Livermore – “Selling Down to a Sleeping Point”
While the insanity continues, we’ve noticed some on the stream mention they’ve been having difficulty sleeping. It reminded us of this classic quote:
If you can’t sleep at night because of your stock market position, then you have gone too far. If this is the case, then sell your position down to the sleeping level. – Jesse Livermore
Quarantine Sports Special!
Since all sports have been canceled, here’s the Men’s Snowboarding Slopestyle Finals at the Burton US Open. It was a great event and you probably don’t know the results.
Think of it as a live event and enjoy!
Profiles of Carnage
Here are a few stocks that are getting hammered.
Boeing continues to get smoked. $BA dropped 23.85% today, now down 60% YTD.
MGM was down 33% just today. It’s off 60% so far this year and the dividend is approaching 6%. Brutal…
Norwegian Cruise, $NCLH is down 81% YTD. Godspeed.
Airlines Asking for Bail Out
It was reported that U.S. airliners are in talks with the U.S. government asking for as much as $50 billion in financial assistance.
Here’s the Wall Street Journal with more.
Today on Stocktwits…
Links that Don’t Suck
James Simons and C.N. Yang: Stony Brook Masters Series
How to Make Your Own Hand Sanitizer
How Long Does it Take to Make Your Money Back After a Bear Market?
Say Goodbye to Movie Theaters