Tale of the Tape
Good evening everybody and welcome back to the greatest casino in the known universe.
Speculation is running rampant and it is freaking glorious.
Let upside volatility rain down like a meteor shower of silver dollars and may you bathe in the frenzy.
Sure, this will end badly on a pin prick but who cares – today we can mock the value investors and purchase bankruptcies into the reorg.
Nikola, which changed its name to sound more like Tesla, traded at 11 two months ago closed at $80.
A $2 biotech closed up 1000% in today’s session alone. lol!
Aptly named IPO Vroom closed up over 100% on its first day of trading.
The Nasdaq Comp traded at 10K today for about 2 minutes before falling – still a miraculous feat given the bona fide crash earlier this year.
Hertz, Macy’s, and Chesapeake are going out of business. They’ve been trading up big on noise and vapor but finally got clipped today and maybe that is the beginning of the end but who knows.
This market has been punishing discipline and if you are missing the fun while dollar cost averaging Vanguard ETFs – don’t be a hater and don’t take it too bad. You still have your health.
And to the degenerate gamblers out there who are printing cash like the US Federal Reserve – we love you all. Tomorrow it may end and maybe you’ll get bludgeoned with a rolling pin but for tonight let the band play and the wine pour!
Here’s your closing prices on the major equity indices:
The Nasdaq Composite crossed 10,000 today for the first time ever. However, the Index failed to close above the magical round number. Some people say it matters, others say it doesn’t. It is what it is though we can tell you this – you can’t get to 20K without closing above 10K. 🤣🤣🤣
Here’s a cool piece of history for you from Eddy Elfenbein,
The Nasdaq was started in 1971 at 100. It got to 1,000 in 1995.
There are about 2,500 stocks in the index, but the Nasdaq 100 contains about 90% of the full Nasdaq’s weighting.
So maybe just buy the Qs…? 🤔
It was a FAANG day today.
$FB Facebook all-time high
$AMZN Amazon ticks $2600/share (all-time high)
$NFLX Netflix up 3%
$AAPL Apple up 3% (all-time high)
$GOOGL Google ticks $1Trillion in market cap.
Here’s the heatmap, it’s a great visual representation.
AMD Breakout 📈
Advanced Micro Devices broke out today on significant volume. $AMD was up 6.5%. Check out this intraday chart. Wowza.
The $AMD stream was poppin’ all day, message volume was 13.8% above average. Not too shabby, kiddos.
Investing in Nikola Before it was Cool
Shoutout to the crew on the Stocktwits streams that were long $NKLA well before it changed its name and went vertical. These guys were early and right which can be a phenomenal combo.
These peeps are up HUGE. 🔥👀🔥
If you havent heard, Nikola is an electric truck maker that went public on March 3rd. In lieu of the IPO, Nikola partnered with $VTIQ (VectoIQ Acquisition Corp) and began trading at $10/share. On June 4, the company officially changed its name to Nikola and the stock went bizonkers.
🏎💨 Vrooom Vroom.
Online used-car sales service, Vroom, IPO’d with a bang today. The stock raced out the gates and closed up 117% from its IPO price of $22.
Never heard of Vroom? Check out the website here.
Don’t worry, we had to look them up too. lol
Here’s IBD with more on the IPO and here’s the 5-minute chart.
Be sure to know when your stocks report earnings. Here’s the full earnings calendar.
Links That Don’t Suck
📺 A New Way to “Grow” Islands and Coastlines – Skylar Tibbits
🔊 The AlphaMind Podcast: Brain Pezim – Swing Trading and Trading Psychology
🔊 What’s Going On With the stock markets? – OM Chat with Barry Ritholtz
📃 The Fastest Stock Market Ever
📃 What if the Stock Market is Exactly Right?
📃 You’re Not Smarter Than Stanley Druckenmiller