Tale of the Tape
Hello everyone and welcome back to the Daily Freaking Rip!
We love it when the world seems like it makes no sense. We don’t need it tied in a tidy bow 👒 because the world ain’t tidy. It’s a mess and it always has been.
Talking heads are chirping because the S&P 500 is up YTD after being down 30%, the Nasdaq closed at an all time high, but we officially entered a recession.
Here’s the thing. It all does make sense. Talking heads just don’t understand. The world is nonlinear and seeming dichotomies are really Hegelian Dialectics. Look that up in your gotdang Wikipedia.
Anyway, the S&P 500 rose 1.20%, the Russell 2000 gained nearly 2%, but the economy officially contracted. See more below.
Airlines, Cruise Ships, and Hotels all ripped higher again today which is hilarious. Tesla closed at an all time high (see more below). Oil Service stocks were hot. Beyond Meat broke out up 21%, also hilarious (see more below). Banks outperformed.
Here’s your closing prices on the major equity indices:
“Humbled by the Market”
Legendary hedge fund manager, Stanley Druckenmiller appeared on CNBC this morning and had a few things to share.
Remember back in May when Druck said the market’s risk:reward was the worst he’d ever seen.
Since that statement, the S&P 500 is up nearly 15%.
So he goes on CNBC this AM and here’s what he said:
Well I’ve been humbled many times in my career, and I’m sure I’ll be many times in the future. And the last three weeks certainly fits that category.
Even the best in the business get it wrong sometimes. Risk under conditions of uncertainty. Kudos for coming clean. 👏👏👏
Here’s the full interview.
Recession or GTFO!
The National Bureau of Economic Research (NBER) said the US officially entered into a recession in February.
The Nasdaq Comp and Nasdaq 100 closed at all time highs today and the S&P 500 is now positive on the year. Dialectics!
These economic indicators are great but when do we officially come out of a recession…? @NBER we’re looking at you. 👀
Of course they’ll explain it all months after the fact. Sigh…
Tesla, Highest Close Ever
Tesla closed at an all time high today. The stock is up 28% since Elon Musk said the price was ‘too high’.
To be fair, Elon is focused on Mars and possibly all natural hallucinogens, so we’ll give him a pass.
Here’s the daily chart.
$TSLA all-time intraday high is $968.99. Any chance Tesla will tick a thousand this week? Place your bets…
Healthy Roots Dolls Also Making All Time Highs
Healthy Roots is a start up and not a publicly traded company. But if it was, it would be making all time highs right along with Tesla. They’re crushing it.
Founder and CEO Yelitsa Jean-Charles posted the meme below over the weekend and it went viral. It’s closing in on 1 million Likes on Twitter so head over there and knock it a like, folks.
While you’re at it, go buy a doll. 😉 You know it’s adorbs.
Beyond Breaking Out
Beyond Meat is scaling up in China. Thanks to a new distribution deal, $BYND is working to “increase availability of plant-based meat globally, providing consumers with more choice and access to the nutritional and environmental benefits of plant-based meat,” according to Chief Growth officer Chuck Muth.
The stock closed the day up 21.67% on heavy volume. It’s now up 115% YTD.
Is there anything fake about this breakout or is fake meat the real deal? Place your bets…
Be sure to know when your stocks report earnings. Here’s the full earnings calendar.
Links That Don’t Suck
Forrest Fenn Treasure Finally Found in Rocky Mountains