Tale of the Tape
Good evening everyone and happy Friday. Grab yourself the cold beverage of your choice and check out The Daily Rip.
Stocks rallied to finish the week strong. The S&P 500 closed up 1.05% on the day and 1.76% on the week.
It was a Freaky Friday as the laggards led and the leaders lagged – something we’re seeing once every week or two.
Small Caps beat big cap tech and cruise lines rallied 8-10%. See more below.
Google, low key, closed at an all-time high with a market cap solidly above the $1T market. Kudos Googlers!
It was a relatively quiet Summer Friday, although not everyone was sleeping as Stocktwits saw record traffic. 💪
Of course, we are happy to have you all joining us and humbly thank you for your patronage. 🙏
Here’s your closing weekly prices on the major indices.
Today was wack. The 2020 laggers led the charge.
Here’s the daily heat map…
And the yearly heat map.
Notice how the worst stocks on the year performed the best today…? Freaky Friday.
SPACs are so hot right now, it’s wonderful and silly.
For those who don’t know, a SPAC is a shell company that IPOs to raise capital and then buys a private company with real operations. You can read a lot more about them here.
So SPACs are having quite the year with Draftkings, Nikola, and now this Spartan Energy Acquisition Corp ($SPAQ) story.
$SPAQ has gone from $10.81 on Wednesday to the $16.70 today.
Apparently, $SPAQ is the leading bidder for Fisker, an electric car company slated to begin delivering vehicles for real in 2022. The cars are gorgeous and have something called a Vegan Interior which is freaking hilarious.
Netflix n Chill?
Netflix broke out with authority today. The stock popped 8% and is now up 69% YTD. 😏
Check out this weekly chart. Wowza.
Heads up, Netflix reports earnings next Thursday AMC.
Copper > Gold
Lots of chatter regarding Gold recently as it rallies like a glittery champion up 20% or so YTD. People are comparing it to bitcoin and even tech stocks. Great, superb, whatever…
You’re hearing much less about Copper. The story is much duller we guess. YTD, it’s up less than 5% and as of a week ago, it was still down for the year.
But here’s the thing. More recently, Copper has been blowing the doors off Gold. Check out this three month chart posted by the excellent and fun MarketEar Blog.
Tesla has doubled since Elon tweeted the following,
Tesla stock too high imo
Elon Musk is now worth more than Warren Buffett.
God bless the internet.
Train Inspired Luxury Hotel
Check out this bridge in South Africa that’s getting converted into a luxury hotel.
You will have incredible views overlooking Kruger National Park. This is going to be sweet.
Links That Don’t Suck
⚡️ Rivian raises $2.5 billion as it pushes to bring its electric RT1 pickup, R1S SUV to market