Tale of the Tape
Good evening everyone.
Today was another miraculous day in the US stock market.
The S&P 500 gapped higher, then traded lower to kiss yesterday’s high, then bounced back to close up for its 3rd straight day.
Here’s the 2-day chart of the $SPY. 💋
Retail sales helped fuel this morning’s gap higher, see more below.
Energy led the sectors while Utilities lagged.
Oh and by the way, Technology ETF, $XLK closed at its 3rd highest level ever, just 1.54% from the all-time high. Last Thursday’s drubbing seems like nothing but a faint memory.
Here’s your closing prices on the major US indices:
| S&P 500 | 3,124 | +1.90% |
| Nasdaq | 9,895 | +1.75% |
| Russell 2000 | 1,452 | +2.30% |
| Dow Jones | 26,289 | +2.04% |
Retail Sales 💪
US Retail Sales in May more than doubled expectations. The forecast for the month was 8% while the good ole US of A stepped up with 17.7% growth from the prior month. We are nowhere near the pre-COVID level, however, we did see a wicked fibonacci retracement.
Here are some crazy Retail Sales charts from Bespoke.
Perfectly normal.
62% Fibonacci retracement in retail sales. lol
Tencent Wants IQ
Chinese internet giant, Tencent Holdings, is gunning for the Netflix of China, IQiyi. Specific details are yet to be released, but it’s known that $TCEHY has approached Baidu who owns 56% of $IQ.
$IQ closed up 26%. Let’s hope the Netflix of China is nothing like the Starbucks of China. 😬
New Kid on The Block
Royalty Pharma made its public debut today. $RPRX was priced at $28 and jumped 58.9% to close at $44.50. Not a bad first day.
Here’s the chart from today’s action.
Check out Investors Business Daily with more on Royalty Pharma.
$LLY rips, battle with ATHs next?
Eli Lilly ticked all-time highs today. The company rallied 15% on positive results in a Phase 3 study.
Here’s the headline.
Lilly’s OVERCOME Study Reveals Less than 30 Percent of People Living with Migraine Take Recommended Prescription Medications
If that makes any sense to you here’s the full statement from Eli Lilly.
Is this the top or just the start? Place your bets…
Links That Don’t Suck
📃 Netflix’s founder is secretly building a luxury retreat for teachers in rural Colorado
📃 Tesla is Now the World’s Most Valuable Automaker
📃 How TikTok Became the Hottest App of 2020
📺 Introduction To Technical Analysis
📺 See the Summit of Mount Everest in 360 Degrees
