Tale of the Tape

Good evening folks. Stocks were down fractionally today. Pretty benign given the robust nature of this rally. 

 It was the first red day this week for the S&P 500 which fell .34%. The Dow and Russell 2K were flat like crepes.

Financials were the strongest sector up 2%. 

Rate sensitive Utilities and Real Estate were worst which makes sense given the sell-off in treasuries and the accompanying yield liftage. 

So you know, the long bond is making 2 months lows here. More on this below. 

Airline stocks were flying today and casinos were also strong so it was a rotation day back into the anti-COVID plays which have been mercilessly pummeled. More below.

Big cap tech closed weak with the Nasdaq 100 down .7% after ticking all time highs this morning.

Here are the closing prices on the major equity indices:

S&P 500	3,112	-0.34%
Nasdaq	9,615	-0.69%
Russell 2000	1,452	+0.00%
Dow Jones	26,281	+0.05%

Slack got Worked.

Slack shares fell 15% after posting better than expected earnings. Here are the numbers:

EPS: ($0.02) vs ($0.06) est.
Revenue: $201.7M +49.6% YoY

First blush, looks like full year guidance was tepid, while this slide tells the brighter long term story…

Here’s CNBC with more on Slack. 

Around 5ET Amazon announced it would license Slack for all its employees. 👀

DocuSign also reported earnings after the close. $DOCU beat estimates and shares were trading up 3.5% afterhours. 

Here’s IBD with more. 

Airlines Taking TF* Off

This morning, American Airlines announced that it will add more flights in July citing an uptick in demand. On the news, airline stocks took tf off.  🛫

Airline ETF, $JETS, was up 11.5% and the Airline Index was up 13%. You’d think these companies cured COVID. Check it:

American Airlines +41%
Delta Airlines +13%
JetBlue Airways +15%
Spirit Airlines +21%
United Airlines +16%

Although these names have been on an impressive run the last few days, let’s not forget they’re all still down at least 30% YTD. 

*The Freak 😁

Can $SNAP Break the Streak?

Snapchat hit $20 for the first time since February 2018. 

$SNAP has struggled with the $20 level in the past, will this time be different? Place your bets…

Is the 40 Year Bond Bull Done?

Checking back in with our guy, and Kimble Charting Solutions founder, Chris Kimble –

As you might recall, Chris has been focusing on the possible end to the 40 year treasury bond bull market – one of the great bulls in history.

Here’s his most recent chart art focusing big pic on the 10-year yield inverted with monthly candlesticks. The May candle is confirming the bearish reversal as yields continue higher and bond prices continue lower.

The treasury bull has been such an epic trend that if it’s over, there are all types of ramifications such as the potential for higher commodity prices, higher mortgage rates, a weaker dollar etc.

We’ll be sure to check back in with Kimble in early July for the money June candle. 



As always thank you, Chris 💪 

Twitter’s Best Day Ever

Remember last week when POTUS was threatening an executive order against social media sites after having his tweets checked by Twitter?

Well, fast forward to yesterday and $TWTR had its best day of app downloads ever. 667k in a day which ain’t too shabby. 

Here’s the chart from Apptopia and here’s where you can read more.

Meanwhile in Paris…

Restaurants, bars, and cafes have opened in Paris and there are few better cities to eat or drink. It’s game on and the cafes are packed. Have a look…

Links That Don’t Suck

Massive Up and Down Moves in Stocks in the Same Year Are More Common Than You Think

The Basin and Sage Cocktail

As Covid-19 Closes Stadiums, Municipalities Struggle With Billions in Debt

How the Pandemic Is Forcing Ski Towns to Rethink Tourism

Make Your Virtual Jam Session Sound and Look Good

Massive 3,000-year-old Ceremonial Complex Discovered
 
Bernie Madoff Denied Prison Release in Fraud Case