Bull Market? Maybe We’re Just High

Tale of the Tape

You may have heard that we are in a bull market now because we are 20% off the lows. Well, sure. Say what you may, it looks like we are still in a downtrend. Who knows though, place your bets… 

The Dow is up 3960 points or 21.3% from Monday’s close. 3960 points, wtaf. 

Utilities and real estate lead the internals while consumer discretionary lagged, closing up a measly 4.14%  

We got our 3rd green day in a row, what are the odds we make it 4?

S&P 5002,630+6.24%
Nasdaq7,797+5.60%
Russell 20001,180+6.30%
Dow Jones22,552+6.38%

Kush Coma

Marijuana stocks have been ripping your frontal cortex off. Cannabis ETF, $MJ, is 32% off its March 18th closing low. States like California, Colorado, and Oregon declared cannabis dispensaries as “essential businesses”, allowing them to stay open during “stay-at-home” periods. Anything to keep people happy. Soma Holiday

Check out the recent performance from a few notable cannabis names.

Not so pretty if you look at the 1-year…

Also… Dr. Dre’s The Chronic Album Inducted Into Library of Congress


Stocktwits Social Sentiment

Here’s the Stocktwits Social Sentiment Index. Sentiment flattened out today despite the rally in the market. Are we in for another leg lower? Place your bets…

Paul Tudor Jones x CNBC

Paul Tudor Jones appeared on CNBC this morning to talk about the current market environment. Tudor even mentioned that his daughter tested positive for COVID-19 and that she is recovering. It was great to hear from you, Mr. Jones. We love you.

Here’s the full CNBC interview


Amazon. Beast.  

Here’s a great chart from Strategas showing Amazon’s relative strength vs the consumer discretionary sector. 


Coronavirus Links

Things are confusing out there. Here are a few solid links regarding coronavirus:

Coronavirus Live Updates – New York Times

All the Coronavirus Statistics Are Flawed – The Atlantic

Relief: What’s In It For You? – NPR


Today on Stocktwits…


Links That Don’t Suck

An Unsettling Crime at the Top of the World

Infinite Loops: Liz Hall – An Outsider’s Perspective

Surviving Your Very First Market Crash

The Economic Stimulus Bill Explained