Good evening everybody. We got atrocious unemployment and housing numbers this AM and futures ripped. As we’ve been saying, nothing really matters except when the insanity ends.
Big cap Technology stocks are dominating while almost everything else is underperforming. Everyone is rushing into the titans like Amazon and Netflix and hiding out there like an Information Technology Witness Protection Program.
Health Care also had a day closing up 2%.
Guess who stunk the joint? You got it! Energy and Financials were the worst two sectors falling 1.8% and 3.5% respectively. ¡Hayzoo Kreesto!
Yesterday, we mentioned the underperformance of the Bank Index relative to the S&P 500. This ratio has broken below the global financial crisis low. Chris Kimble from Kimble Charting Solutions was kind enough to share the chart below.
Kimble’s chart does not include today’s action and the underperformance trend continued in a big way. The Bank Index fell another 3% plus while the S&P 500 managed a fractional gain. This ratio is getting worse daily so maybe there is, as Kimble suggests, a stealth crisis brewing there. Tough to feel sorry for banks.
Gilead Coronavirus Drug Data Suggests Patients Are Responding Positively
Late update before we press send. Stat News is reporting that patients are responding positively to their experimental coronavirus drug. The stock is trading up 15% after-hours. More importantly, this is huge positive news if the preliminary reports are confirmed. 🤞
S&P futures jumped 2.5% after hours.
In This Economy?
Stripe got paid. The digital payment start-up raised $600M in a round that valued the company at $36B. These guys must be studs if they’re closing this sh*t in this economy. Here’s what CNBC had to say.
Healthcare is Crushing it.
Healthcare has been the strongest performing sector in the last 30 days. The healthcare ETF, $XLV, is up 9.5% since March 13. Here’s $XLV with the S&P 500, and we’ll toss in the financial ETF, $XLF, for good measure.
IWM vs QQQs
Check out the performance of the Nasdaq 100 ETF, $QQQ vs Russell 2K ETF, $IWM. The Qs are up on the year, while small-caps are getting hammered. Since April 9th $QQQ is up 6% while $IWM is down 5.5%. Wow.
Oil Settles Below $20
Oil futures settled below $20/barrel today. There has been a battle around $20 and if crude losses this level for real could we see single digits in 2020? Go ahead and laugh now.
Place your bets…
Frank Lloyd Wright
$YOLO is the ticker symbol of the AdvisorShares Pure Cannabis ETF. How. Freaking. Appropriate.
This morning, @GalaxyBrainCapMgmt posted the $YOLO chart since inception about a year ago. It has fallen from $26 plus to today’s close of 7.66. What a smoked turkey. See Galaxy’s chart below…
We couldn’t help being amused by the ticker on this puppy relative to the performance.
You only die once too, we guess…
Skateboarding In a Global Pandemic | COVID-19
Here’s a video of The Berrics skating around LA during the shutdown. It’s something.
Be sure to know when your stocks are reporting. Here’s the full earnings calendar.
Links that Don’t Suck
*Two Minute Trade Review – $PTON
How to Watch ESPN’s “The Last Dance” Documentary on MJ
The First 20 Hours, How to Learn Anything
*This is his opinion, not that of Stocktwits.