Tale of the Tape
The market is a fickle mistress. One day you can’t get the time of day and the next day she loves even the worst of you.
It’s a star-crossed romcom.
Yesterday, the market sold everything. Today, they buy ‘em higher into the close.
News media attributions are arbitrary. Believe us. We’ve been there. 😉
Regardless of the why’s and the whatnots, stocks rallied and closed at the highs. Maybe it was the waxing crescent moon.
The S&P 500 rallied 1.1%. Banks bounced back from yesterday’s drubbing as Jupiter aligned with Mars.
The airline stocks leaned into the abyss this AM, opening down 3% and below the June closing low but then soared to close up 1.5%.
Here are your closing prices on the major indices:
King (James) of All Media
Today, Bloomberg Businessweek ran the day’s must-read on LeBron James and Maverick Carter raising $100M to grow their media empire.
The enterprise, called the SpringHill Co., will be a “platform to give people of color the creative control that’s long eluded them.”
“They describe it as a media company with an unapologetic agenda: a maker and distributor of all kinds of content that will give a voice to creators and consumers who’ve been pandered to, ignored, or underserved.”
Here’s the thing. LeBron is a 21st century visionary with the creativity to imagine the future and the will to make it reality. He is a sculptor of the uncarved block.
Don’t even doubt this for a second.
Stocks That Do Suck
This morning in our mailbag, a loyal reader points out that we emphasize the winners and neglect the losers. It’s a fair point, and who knows, we could find a diamond in the garbagio.
So here’s a few year-to-date losers that caught our attention.
Macy’s is down 60% YTD. The company cut 3,900 workers today, read more about it here.
Norwegian Cruise Line Holdings is down 72.50% YTD. lol. We’ll give them the benefit of the doubt, publicity hasn’t been kind😬
Exxon Mobil Corp is down 33% YTD and 57% from it’s all-time high in July of 2014. This company once had the largest market cap in the world. Now, it’s not even 15% of the largest.
Anheuser-Busch is down 39% YTD. Sorry, but we can’t toast to that.
General Electric is down 40% YTD. $GE has been flea-bitten since mid-2016. Will it turn the corner soon or stay in the dog house? Place your bets…
Today on Stocktwits
Greg Rieben shared a great look at the Invesco QQQ ETF that tracks the Nasdaq 100 index. The long term trend is strong but it looks like it’s at the top of that trend channel.
GNC filed for Chapter 11 yesterday and the market loved it. The stock rose as much as 60% during pre-market hours.
This is the Robintrack chart that shows how many Robinhood users are holding the stock.
The stock closed higher but way off the best levels of the day.
Thus supporting the inefficient markets hypothesis. 🤣
Links That Don’t Suck
😈 There’s No Price High Enough To Sell Your Soul
🔑 8 Keys to Superperformance with Mark Minervini and David Ryan
🪐 Mysterious Cosmic Object Swallowed by Black Hole Baffles Astronomers
🧀 Why Cheddar Cheese is Like WTI Crude Oil
🚀 Virgin Galactic Completes Second New Mexico Glide Test – Rocket-Powered Flights Expected Next
🎙 Kathy Donnelly: How Post-Trade Analysis Can Help Increase Your Gains
🖼🛕The Pyramid of Equity Returns