Is FOMO Kicking In?

Tale of the Tape: 

Good evening folks. Today is the first day in months we felt the animal spirits teeming through live charts and level 2 screens. There was even a whiff of the FOMO!

The S&P 500 closed up 3.4% to 2749, the highest close since March 10. Real Estate, Energy, Utilities, and Materials were all up 5% or more and all sectors closed green. 

Oil was up 10%. lol! Things are definitely heating up with whatever global macro insanity is going on there. (See below for more)

Small Caps Rocked the freaking Casbah today people. The Russell 2K traded up 4.6%. It is the high beta step-child no doubt but a win’s a win. The cool kids are saying 1200 is a big level so we’ll keep an eye out. 

It’s all just price and emotions – sh*t for the flowers as the gardeners say…

Quick Heads Up: The stock market is closed on Friday in observance of Good Friday so tomorrow is the final session of the week. 

This will be a great long weekend to count blessings and connect with loved ones. 

S&P 5002,749+3.41%
Nasdaq8,090+2.58%
Russell 20001,191+4.61%
Dow Jones23,433+3.44%

USO Halted Into the Close

Our thoughts and prayers to those oil traders, this market is gnarly. Today, US Oil Fund ($USO) was halted following a report that OPEC+ would discuss a cut at its virtual meeting Thursday.

To add noise to the opacity, there’s this chatter ….

LETTER TO SAUDI CROWN PRINCE FROM U.S.LAWMAKERS SAYS FAILURE TO REVERSE OIL CRISIS MEANS THEY WILL ENCOURAGE ANY RECIPROCAL RESPONSES BY U.S. GOVERNMENT via Walter Bloomberg

Buy the rumor, sell the news. Right?

Finding Strength in Weak Markets with Zortrades

On Thursday, April 9 at 12 PM ET, join Stocktwits and Frank @zortrades Zorrilla for a free webinar called Finding Strength in Weak Markets. Space is limited and we are going to reach capacity.

Wimbledon’s Pandemic Hedge 

Darren Rovell, sports business reporter at Action Network, shared the following:

Wimbledon reportedly paid $2 million a year for pandemic insurance for the last 17 years. 

(Total: $34 Million)

For this year’s cancellation as a result of the Coronavirus, Wimbledon will reportedly receive $141 million from the policy.

Grand Slam trade.

Retail of the Future

PVH CEO, Manny Chirico, appeared on CNBC this morning and said the following:

Retail companies are not built to have their stores closed for extended periods of time.

You have to wonder how the world of retail is going to change following an event like this. Perhaps future winners of retail will be able to sustain extended closures. Place your bets…

Here’s Chirico’s full interview.

Mark Cuban also joined the CNBC telecast today. Here’s his interview.

NYC ER Visits Overlaid with S&P

This was an interesting chart shared by Renaissance Macro Research. The maroon line is the S&P 500 while the gray line is emergency room visits related to respiratory illnesses. Quite the chart.

Tiger Woods’ Masters Champion Dinner

Last night would’ve been the Masters Champion Dinner had coronavirus not interfered. Here’s what 2019 Masters winner, Tiger Woods, shared in honor:

Masters Champions Dinner quarantine style. Nothing better than being at home with family.

Speaking of Masters, here’s a video of every shot from Tiger’s final round last year. 

The Wealthy are Retreating to Their Modern-Day Castles

How can you blame them?

Links That Don’t Suck

Chart Summit Podcasts: JC Parets & Jay Woods, NYSE Floor Governor

Masks4All via AVC

Panic with Friends – Annie Duke, author of Thinking in Bets

This Remote Arctic Glamping Site May Be the World’s Most Luxurious

As Many Stay Home, L.A.’s Air Quality Is Better Than It’s Been in Decades

Check out Bobby Kraft’s Interview with legend Jim O’Shaughnessy

Google Bans Zoom from Employee Computers