Tale of the Tape
Good evening everybody and welcome back from the brief holiday. We trust you’re all sunned and rested.
Stocks rallied today except for big cap tech. The S&P 500 closed up 1.23%, while leaders like Apple, Micorosoft, Netflix, Facebook, Nvidia, and Amazon all closed lower.
The Nasdaq 100 opened near it’s highs and dribbled down most of the afternoon to close red.
Banks and Small caps ripped your face off – so it was one of those backwards days. The S&P Bank Index rose 7.86% while the small cap Russell 2000 climbed 2.77%.
Here’s the thing about the rally today. People were out and about this holiday weekend. They were partying, feeling some sense of normalcy, and enjoying themselves.
The nation is beginning to reopen. If the next few weeks do not bring a big uptick in COVID-19, then stocks will have been forward-looking and the rebound rational.
If the number of cases begins a second wave higher, well that could be a Mike Tyson uppercut.
Place your bets…
| S&P 500 | 2,991 | +1.23% |
| Nasdaq | 9,340 | +0.17% |
| Russell 2000 | 1,393 | +2.77% |
| Dow Jones | 24,995 | +2.17% |
Traders are Back, Baby!
The New York Stock Exchange reopened today and New York’s Governor Andrew Cuomo rang the opening bell. This was a pivotal moment for the reopening of New York City. We’re praying this continues without a hitch. 🙏
Interestingly, if you’d bought the S&P 500 the day the floor closed and sold today when it reopened you’d have turned yourself a profit. Great tidbit, Jay!
COVID Campers 🚐
This morning, Bloomberg posted an article titled, Scared Americans Desperate to Travel Are Buying Up ‘Covid Campers’. Here’s the money quote.
Every dealer that I talk to is just blown away by the reaction of people that have never even thought about an RV. A lot of people are really going to look more at this lifestyle.
– Bob Martin, Thor Chief Executive Officer
Bob is talking his book but still, that’s crazy.
More and more people are piling into RVs and with gas so cheap who knows how long this thing could go.
$WGO went from 60 to 20 back to 60 this year. The stock is only 5.58% off it’s all-time high close and is trading at levels only seen in February 2020 and December 2017. Does it have more gas left in the tank? Place your bets…
Here’s the Winnebago daily chart. It’s a doozy. Is that a double bottom? …
The New Smart Money
While the world was panicking, much maligned Robinhood Retail Traders were buying the F’n dip. 👊🏻
These guys are supposed to be the dumb money, getting mocked for buying $TSLA at 700 etc.
But maybe they’re the new smart money…? We freaking love this and it sure looks like they caught the bottom. Here’s the chart from Vampire Squid Global Investment Research (AKA Goldman Sachs 😘).
Deutsche Bank pulls an Elon
Deutsche Bank gained 12.16% today, its highest close since March 2nd.
The irony, though, is that the company’s CEO just said the markets are ‘too optimistic about coronavirus recovery’. Who does he think he is, Elon Musk?
$DB is now up 5% YTD.
Every Shoe Worn on The Last Dance
Well, this is cool.
StockX, the Detroit based marketplace for sneakers, dropped this insane post with 50 of the coolest shoes worn on the ESPN/Netflix Michael Jordan Mega-Documentary, The Last Dance.
Here’s the Air Ship MJ wore his rookie season in Chicago (which you can buy for $1000 on StockX):
And here’s Dennis Rodman’s Converse All-Star 🔥🔥🔥
Definitely, check out the full post here, and in case you missed it, here’s how to watch all 10 episodes of The Last Dance.
Remember Quibi…?
Remember that revolutionary streaming app, Quibi? Well since it launched it’s been nothing but rotten tomatoes. Today things got worse. Major advertisers like Pepsi, Taco Bell, and Walmart asked to restructure their deals. Oof.
Feels like a g00se egg.
Is anyone even using Quibi? Please let us know and we’ll report back to the class. P.S. this only works if you participate. 😉 👨🏫
Earnings Tomorrow
Be sure to know when your stocks report earnings. Here’s the full earnings calendar.
Links That Don’t Suck
Yankee Stadium to Turn into Drive-in Movie Theater and Live Concert Venue This Summer
SpaceX to make history with crewed ISS mission. Here’s how to watch.
Joe Rogan Experience #1480 – Kevin Hart
Queens Restaurateur Sees Glass Half Full as He Launches During Pandemic
Warner Music Group Sets IPO Plan
You can now play Microsoft’s new surf game inside the Edge browser
NHL planning 24-team return; draft after season
