Tale of the Tape
Good evening folks. Stocks shook off Sunday night’s weakness in the futures and rallied with gusto, following through on last week’s gains. Investors are relishing this as we move back from the ledge just a bit more.
The S&P 500 closed up 3.35% to 2626, a full 17.4% above the low close of 2237 from a week ago today.
Everybody has a lot on their plate these days and so a stabilizing stock market would be a welcome thing. It was the lightest volume in over a month but don’t take that as some bearish indication. It means little, except to confirm that feeling we had all day that things were relatively quiet.
West Texas Crude closed down 6%, just above $20. This was the lowest close since 2002 (See more below).
We’ve had 3 higher Tuesdays in a row! Can we make it four tomorrow? Place your bets…
USNS Comfort in NYC
USNS Comfort made its way into New York Harbour today. This giant floating military hospital is a striking image and drives home the severity of the health crisis that exists today in our nation’s largest city.
Stocktwits Social Sentiment Index
For those keeping track at home, we saw continued improvement in social sentiment today. A little something to build on perhaps…
Oil hasn’t closed below $20.50 since February 2002. In that same month, Alicia Keys won a Grammy for her song, Fallin’.
If this is simply a reflection of pure deflation, well that’s a problem.
Here’s the monthly chart.
Here’s CNN Money’s headline from June 27, 2008. July 3, 2008 was the all-time closing high in Crude at $145.29. Peak oil anyone?
One more thing. The world is literally running out of places to put oil. Holy cow. We are awash.
Even Art is Disappearing
Van Gogh’s The Parsonage Garden at Nuenen in Spring was stolen from the Singer Laren museum in the Netherlands. Today is even Vincent’s birthday.
This Van Dyke was stolen two weeks ago. Apparently, global quarantine is the perfect time for art theft.
Furlough – The Other F Bomb
Macy’s is furloughing the majority of its 130,000 employees. This is unprecedented and maybe the last nail in that coffin…
For more information, here’s the Washington Post.
Today on Stocktwits…
Links That Don’t Suck
Surveillance of Homebound Wall Street Traders Relies on Pen and Paper
Summer Energy Forecast with Stephen Schork
Market Huddle: Like a Grease Fire (Jimmy Jude & Kuppy)