Tale of the Tape
Welcome everyone, happy Friday, and helloooo three day weekend. You know the adage about the early bird so feel free to begin mixing holiday cocktails before reading any further. We’ll wait.
Stocks traded on low volume in a narrow range and it was quiet like the Friday before Memorial Day ought to be. We’re grateful for this facade of normalcy in a world gone mad and will ignore the bevy of despots about the globe leveraging COVID instability to clench their iron fists – at least for the next 72 hours.
The S&P 500 closed flat on the day and up 3% for the week. Today marks the highest weekly close since February 23.
The CNN Money Fear and Greed Index hit 50 this week for the first time since early March. Funny how people get more bullish as prices rise.
Energy and Financials were the weakest sectors and if you have anything witty to say about these perennial underperformers, please shoot us an email because we’re running hella low over here.
Facebook, Lulumon, Nvidia, Datadog, Shopify, Twilio, Chipotle and Wix closed at fresh all-time highs. Kudos if you’re long ‘em.
China Stocks. Bad.
Chinese stocks struggled today.
$BIDU ▼ 6.10%
$BABA ▼ 5.87%
$MOMO ▼ 9.33%
Here’s the China Technology ETF, $CQQQ weekly chart.
That’s an ugly candle. But if you zoom out, this thing is still in a massive range ($37-$67). Not the end of the world… yet. 😉
$LULU closed at all-time highs again today. It has doubled since the March 19 low close. The company said it reopened 150 stores and plans to reopen another 200 in the next 2 weeks.
The Lululemon store is the retail gold standard. This culture of excellence traces back to the company’s founder, Chip Wilson. He is a true innovator.
Here’s a great podcast featuring Mr. Wilson. Have a listen.
Finally, we are getting live sports again.
This weekend, Tiger Woods and Peyton Manning square off against Phil Mickelson and Tom Brady in a golf match that should entertain and get some of that risk on for the bookmakers.
Billed as The Match: Champions for Charity, you can tune in on Memorial Day Monday at 3 PM ET on TNT.
The single-round contest will be 9 holes of best ball and 9 holes of modified alternate shot.
Oddsmakers are giving a slight edge to Tiger and Peyton and, quite frankly, we are rooting for those guys.
The same peeps who bet on the Pro Bowl will be involved here and Draftkings is taking action, so have at it you degenerate junkies.
We’re praying for a hole-in-one. 🙏
Tesla 📈 🤷♂️ 📉
Tesla traded in its tightest weekly range since mid-December. See below for the great chart shared by Simple Trader.
Breakout or breakdown? Place your bets…
*The range of a stock is the high minus the low. For this example it’s the weekly high minus the weekly low.
Links That Don’t Suck
SpaceX’s First Crewed Flight
On the Moon, Astronaut Pee Will Be a Hot Commodity
Elon Musk Speaks Frankly on Coronavirus, SpaceX, and Rage Tweets
The Homesteader’s Guide to Surviving the Pandemic
Scientists Say That Yes, You Can Have Fun This Summer. Just Do It Outside