Are Markets Approaching a Breaking Point?
The economic blows keep coming-- --earnings are brutal, guidance pulled --20% unemployment min with another 4.4 mill jobless claims --PMI crashes around the world --6.4% of mortgages in forbearance, 764 billion unpaid principal --Durable goods -14.4% --Google slashes marketing budget 50% --and the Nasdaq is only down -1% YTD! Here comes the FED meeting-- --expect…
Market Is Due For A Correction
Hope Fades The stock market started off positively in the morning after rallying on yet another terrible jobless claims report. This situation changed after the WHO reported disappointing results about remdesivir which Gilead countered. And this entire situation is very odd. We never had conclusive proof that the drug worked, yet stocks rallied on hope.…
3rd Straight Decline In Jobless Claims
Further Decline In Initial Jobless Claims Thursday has meant doom for the economy as the number of initial claims builds to epic proportions. It’s likely the unemployment rate is in the high teens based on the latest data from initial claims. We have seen stocks rally on these terrible initial claims reports which is probably…
Planning a Selloff through the Pocket
Markets were volatile today and headline news sent stocks plunging mid-day. In times like this, it helps to pull back your perspective to a higher timeframe and plan out what's likely ahead. In tonight's video, Corey walks you through the plan for a possible sell-off through a pocket and what levels are key to watch…
2nd Biggest 20 Day Rally Ever
Nice Rally On Wednesday The stock market recovered from its recent declines on Wednesday as the S&P 500 was up 2.29%. It was led higher by Chipotle which reported great results. Its stock was up 12.15%. Shockingly, Snap turned the entire tech sector higher. It's possible almost no one knew it had that much power!…
Mortgages Are Going Into Forbearance
Same Store Sales Growth Falls Further As predicted, same store sales growth in the Redbook report is coming down. That’s because the hoarding is over. Undoubtedly when the economy recovers we will see higher growth, but we aren’t there yet. We are stabilizing along the bottom. We can expect the economy to start to rebound…
Are Earnings Trades Worth the Risk this Quarter?
The S&P continues to ping back and forth between our gravity points. Hitting one yesterday on the selloff to rally back and come only a few points shy of hitting another one today. One thing we should be concerned about in today's rally is this was the lowest volume day since Corona Crash started. I…
Oil Crashes To The Lowest Price Since 2001
Oil Crash Part 2 On Monday, the May WTI contract which was expiring sold off hard. That wasn’t important because it’s not really the price of oil. Real price of oil is the June contract. It cratered on Tuesday just in case you thought the Monday decline wasn’t real. Plus, Brent crashed too. This wasn’t…
Zero Firms Expand Part Time Hiring In Philly Region
Philly Fed Index Hits A Record Low On the one hand, the Philly Fed non-manufacturing index hitting a record low isn’t a huge deal because it was only started in 2011. On the other hand, it would probably be at a record low even if the data went back several decades. It is becoming clearer…
Stocks, Oil, and Earnings Check for the Week Ahead
The big headline of the day was Oil plunging to $6.50 per barrel, but if you weren't trading that market, plenty of other opportunities were present today. In tonight's video, Corey highlights some of these both in the SP500 and SPY (and other indexes) along with today's earning names and what to make of them…