Tale of the Tape:
Good evening everybody. This was the best week in the Dow since oil was discovered in Saudi Arabia in 1938. Not. Even. Kidding.
The Dow traded up 12.67% for the week and it was a holiday shortened week to boot. This is almost as amazing as rising from the dead.
Today, the Fed again dropped cash in size from the sky like rain in the Amazon. We’ve either learned the right lessons from Herbet Hoover’s disastrous decision making during the early 1930s or we’ll enter an inflationary spiral as the value of the dollar approaches zero.
We’re all just spinning on a dot in a colossal entropic universe anyway so what does it even matter?
And as long as we’re getting all existential on you. Here’s a thing we heard like 20 times today.
“Yes, I bought the crash, I just regret that I didn’t buy more.”
Yep, we’ve reached the I regret I didn’t buy more phase of this rally.
Listen, if you bought into the crash even one stinking share, you’re doing better than most so lighten up. Life’s too short so NO RAGRETS!
Financials was the top performing sector today rising 5% plus which is what you want to see when money falls from the sky. JP Morgan rose 9% gaining over $25B in market cap (See our meme below. lol). Tech and Energy were weak.
Here’s how the major indices performed today:
Strength in Numbers
Small caps had their way again today like Mathew McConaughey at a sorority mixer. Russell 2K closed up 4.62%. We don’t want to say this too loudly because we’ll probably jinx it but small caps do tend to lead recoveries.
Here’s the chart of Russell 2K ETF, $IWM. It crashed 41%, the worst of the major indices. Now it’s up 24% since the March 23 low close, also the largest move out of the major indices. What a freak.
Stocktwits Cool New Features
We’ve added Drag & Drop and Copy & Paste to Stocktwits Web Chart Posting. Check out more about these new cool features HERE.
Disney+ surpassed 50 million subscribers. That’s a big milestone for the group.
Originally, $DIS promised they’d reach 60 million by 2024 and that they would not provide subscriber updates before earnings so it sounds like they’re way ahead of projections and pleased as pickles.
The Disney+ vs. Netflix battle that will ensue over the next decade is going to be forkin’ epic.
Oil at it Again.
Oil was all over the place again today. Crude futures ranged from $28.36 to $22.57, that’s a 20% intraday range. Absolutely wild.
Here’s the news of the day.
Oil Tumbles With OPEC+ Cut Seen Too Little to Offset Demand Loss
Here’s the chart:
Luckin Countdown Clock
Today marks the 3rd day Luckin Coffee remains halted.
Here’s a new piece of news:
Luckin Coffee Trading Halt to Last Until Nasdaq Requests Are Met
Stimulus Plan X2
The Fed announced another $2.3T to support the economy. The money never stops. Here’s The Wall Street Journal with more details.
Links That Don’t Suck
*Shake’s Two Minute Trade Review – $GO Long
Warren Buffett Documentary
The mathematician who cracked Wall Street, Jim Simons
Inside Rapper Drake’s Manor House in Hometown Toronto
Some Good News with John Krasinski
These Charts Show How Coronavirus Has ‘Quieted’ the World
Netflix’s Space Force Looks Like a TV Lover’s Dream
Paul Tudor Jones & Ray Dalio at Greenwich Economic Forum
*This is his opinion, not that of Stocktwits.