Apple Explodes After Reporting Earnings
Slight Final Decline In Consumer Sentiment July University of Michigan consumer sentiment index fell slightly in the final reading as compared to the preliminary reading. It fell from 73.2 to 72.5. Data looks much worse when compared to June as it’s down from 78.1 as you can see in the chart below. This was a…
Apple, Amazon, Alphabet, & Facebook Go Bananas
Extreme Moment Is Here FANG stock reactions could be more important than their earnings reports because ServiceNow raised its guidance and fell. That being said, for the most part, the reports were better than some thought they’d be. Interestingly, AWS did miss sales estimates, but the stock rose after hours anyway. Sentiment is so positive;…
Non-Seasonally Adjusted Jobless Claims Fall
Stimulus Still In Flux On Thursday, the Senate failed to agree to a plan that would give unemployed people $200 in weekly benefits. That’s a positive because it’s virtually inevitable there will be a stimulus. Rejecting the lower amount for people is a good thing if it leads to more money. Best case scenario would…
Huge Rally Ahead of Big Tech Earnings
Massive Wednesday Rally Stocks exploded on Wednesday in the face of the antitrust hearing and the Fed meeting. In the testimony, Congress said in 2016 Apple offered Amazon to only take a 15% cut from its video service, but Amazon didn’t go with it. That’s anticompetitive, but since the deal wasn’t struck it shouldn't be…
Congressional Hearing Does Nothing To The Tech Giants
Big Win For FAANG - Without the N Congressional testimony for the big internet companies was Wednesday. It was supposed to be Monday, but it was postponed due to the death of John Lewis. This didn’t have the typical pomp and circumstance of normal hearings because it wasn’t in person. It’s tougher to grill someone…
Gold Hits Another Record High
Moderate Decline On Tuesday The stock market had a lazy Tuesday in which it barely moved until it fell in the afternoon. It's humorous that some claim the Wednesday Fed meeting caused stocks to fall. That’s implying traders suddenly ‘discovered’ a Fed meeting was coming the next day at about 3PM when the selloff started. …
COVID-19 Hurts Consumer Confidence In July
Redbook Improves Slightly Some investors have been calling for consumer spending growth to bottom in late July which means the reports that are about to come out will still be weak. S&P retail index agrees with me as it is up 9.4% in the past month. Either it is completely detached from the fundamentals or…
Speculation Reaches A New Asset As Gold Hits A Record High
New Gold Record High Gold has been rallying in the background for a few months, but no one paid much attention to it because the Nasdaq has been on a historic run. It took a new record high being hit for gold to get credit for its rally. There have been so many once in…
New Stimulus Likely Coming Early August
Coming Fiscal Stimulus Incredibly, the market is so confident a new stimulus bill will pass. The market rightfully expects one to pass because it is extremely necessary. Once the details are clear, the market will react. It’s incredibly difficult to know what the market expects exactly because negotiations are confusing to follow. Initially, the GOP…
Did Tesla Just Peak?
Terrible Day For The Small Caps It seems like the market picks a random group of stocks to outperform each day with no reasoning behind it. There certainly isn’t a trend. On Friday, it picked the small caps to underperform; they had been doing well recently. Tech sector also was weak because Intel cratered after…