Two In a Row*

Tale of the Tape

Good evening, folks. 

We finally did it! Sort of. For the first time since February 12, the S&P 500 closed higher two sessions in a row. It was beginning to seem like we would never make it, like Lucy pulling the football before Charlie Brown kicks it. It seemed like we might never get there.

One big caveat though. Sad face emoji. We gave it up into the close and the Nasdaq finished lower while the other indices maintained their advances. This a win with an asterisk – like we were banging on trash cans at the World Series or something.

We’re not out of the woods, not by a long shot. (More below)

Boeing closed up 24% and accounted for more than ⅓ of the 2.39% increase in the Dow. (More below)

We went from Trillion Dollar Market Caps to Trillion Dollar Bailouts in one freaking month. Heaven help us.

S&P 5002,475+1.15%
Russell 20001,110+1.26%
Dow Jones21,200+2.39%

2 Trillion? 6 Trillion? It’s All Chuck E Cheese Tokens

Early this morning, it was reported that congress finally agreed on a coronavirus stimulus plan. 

Near the close, Bernie Sanders said the following…

Unless Republican Senators drop their objections to the coronavirus legislation, I am prepared to put a hold on this bill until stronger conditions are imposed on the $500 billion corporate welfare fund. 

Who the heck knows what’s going on. Until money is in the bank, nothing’s for certain. 

In addition, what’s with the $6 Trillion? 2 Trillion, 6 Trillion…

…It’s all Chuck E. Cheese tokens. 

There’s a lot to chew on here so here’s two good in depth posts from NYT and Bloom if you’re interested.

BA Stocktwits Social Sentiment

Here’s the Stocktwits Social Sentiment Index for Boeing ($BA). With an average of 300 daily readings, sentiment began to improve prior to the uptick in price. 👀

Boeing is up 67% from its March 20th closing low.

Country ETFs

Here’s today’s performance for the Country ETFs. Qatar was the only loser on the day. 

Today on Stocktwits…

Yesterday, stocks staged one of the greatest one day rallies of all time. Today on Stocktwits, Chris Kimble shared the most sobering table. All of the greatest one day rallies of all time occurred during bear markets.

Make no mistake friends, we are not out of the woods.

Mark Douglas Trading Psychology

Check out this vintage Mark Douglas presentation.

14 hours of content explaining how to trade without fear, think in probabilities, build discipline, overcome self-sabotage, and more. F Netflix. This is better. 

Part 1

Part 2

Excuse the low video quality, this thing is vintage.

Mark Douglas is the author of trading classics’ The Disciplined Trader and Trading in the Zone.

Feel free to share with us your thoughts on his process.

Links That Don’t Suck

What It Looks Like From Space When Everything Stops

Bill Ackman Made 100-Fold Return On Coronavirus Hedge That Yielded $2.6 Billion

Clippers Owner Steve Ballmer Agrees to Buy the Forum from MSG for $400M in Cash

Four Seasons Offers Free Stay for Medical Workers Fighting Coronavirus