Tale of the Tape
Good evening fine people.
Everyday is an adventure. Today, we got some crazy divergences between stock indices. While the Nasdaq Composite and Nasdaq 100 gained .5% and .8% respectively, the mega-cap Dow fell 1.4% and the small cap Russell 2000 fell a full 2%.
This is an extreme example of what we’ve been seeing with tech leading and momentum begetting momentum while everything else lags.
The tape is getting thinner than Pearlman’s hair. 🤣
Amazon was up $100 today. NBD. $AMD was up 7%.
$NVDA was up 3% while $INTC was off a fraction putting more distance between the two in the market cap wars.
Mohawk Industries lost 20% amid fraud allegations.
Wells was off 2% and does not look well.
Airlines continue the schneid. The $JETS ETF fell another 4% and officially gave up all of the June gains. They’re looking worse than the New York Jets. Sorry Gary V. lolz…
Here’s the day’s heat map for your viewing pleasure.
And here’s the closing prices on the equity indices:
Who Doesn’t Love $SPCE?
Virgin Galactic broke-out on insane volume today. $SPCE took off on the opening bell and closed up 15.9%. There wasn’t any major news prompting the advance in price, the buyers just went berserk.
Here’s the intraday chart.
And here are some cool photos from Space.
Roku ripped 11.91% closing at its highest level since last December. The company announced a new Peloton app last week and since then the stock has climbed 16.5%. $ROKU is now up 11.79% YTD and 134% off its March 16th low.
Blood Bath & Beyond
Bed Bath & Beyond sank 24.5% after reporting rough earnings last night. The company will close ~200 stores over the next 2 years in an attempt to keep the brand afloat.
The stock immediately dropped at the open and continued lower during the session. Here’s the intraday chart.
$BBBY is down 53% YTD and 87% over the last 5 years. Oof.
A Cheaper Peloton?
Barrons reported this morning that Peloton is looking to build a low-cost treadmill for its next product. This sounds great and all but isn’t this the same thinking Apple had with the iPhone 5C? Which was a smash hit, right? 😂
Who knows but $PTON is up 127% YTD after closing at new all-time highs. Keep ridin, y’all.
This doesn’t happen often.
Lululemon is having an epic online sale. New items will be added over the next five days. Enjoy.
Links That Don’t Suck
🌙 Unusual Gel-Like Substance on Moon Finally Identified: Study
🌴 Remembering Rincon
🍲 Tube Based Soup Delivery is the Wave of the Future
💊 Proof that Rivers Are Medicine
🏦 Interview: Wall Street Bound Is Helping Young Black Americans Make It In Finance
🤓 The Logic of Doomsday | Sam Harris
🎮 Sony Invests $250 million in ‘Fortnite’ Maker Epic Games
🎶 The Best Jazz Recordings of 2020
🔊 The Cognitive Theory of Noise – Phil Pearlman