tyb
Market Report
Volumes remain elevated as the daily averages are really starting to creep up. About 471m on the DOW,–see cap#2 for today's DOW volume-well over DA's and note the very large chunk that covered into the close-red pen on the right. NASDAQ was a little over it's daily average. The SP500 remains decidedly below it's average: 3,991,892,636 vs DA of 5,313,783,015. This is still not a place for the meek. A major amount of money has left the building and although it will move around quite a bit but that money does not look like it is coming back soon. This is the only game in the world though and the market is a fickle old hag so please tread lightly. Too bad Neon Revolt never realized that. Major fail buddy! ;)
World stock markets jumped on Monday, encouraged by a slowdown in coronavirus-related deaths and new cases in some global hot spots, oil prices tumbled again due to a delay in talks between Saudi Arabia and Russia to cut supply. The pan-European STOXX 600 index rose 3.73% and MSCI’s gauge of stocks across the globe gained 4.95%. Emerging market stocks rose 2.56%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 2.78% higher, while Japan’s Nikkei rose 4.24%. Markets in mainland China were closed for a public holiday.
Boeing gained more than 19% to lead the Dow higher. Raytheon Technologies, American Express and Visa rose more than 11% each. The S&P 500 was led higher by the utilities, consumer discretionary and tech sectors, all of which closed more than 7% higher. Retail stocks such as Nordstrom, Kohl’s and Macy’s also rose sharply. In oil markets, prices were still down after a key meeting got postponed. West Texas Intermediate futures fell 8% to $26.08 per barrel. Kremlin spokesman Dmitry Peskov said Moscow was ready to coordinate with other oil exporting countries to help stabilize the market and the OPEC+ meeting was delayed for technical reasons.
The market was weighed down by a report from data provider Genscape that inventories at the Cushing storage hub in Oklahoma, the delivery point for WTI, rose by about 5.8 million barrels last week, traders said. Gold futures finally broke above (and held above) $1700 today and silver broke above $15 on the COMEX close but drifted just below it on the equity close- +0.61 +4.28% current. Futures are solidly above spot as contango is starting to show up in the fake COMEX trade and the real physical availability. treasury's had no bid whatsoever so yields drifted higher throughout the day. 10Y yields up most (+7.5bps). The Dollar index basically ended up where it closed on friday.
some additional headlines:
Fannie Mae, Freddie Mac downgraded to sell, as analyst cites 'unintended consequences' of CARES Act
https://www.marketwatch.com/story/fannie-mae-freddie-mac-downgraded-to-sell-as-analyst-cites-unintended-consequences-of-cares-act-2020-04-06
Tractor Supply will hire 5,000, extend wage increase to May
https://www.marketwatch.com/story/tractor-supply-will-hire-5000-extend-wage-increase-to-may-2020-04-06
Japan's $1tn stimulus offers $18,000 to mom and pop businesses
https://asia.nikkei.com/Economy/Japan-s-1tn-stimulus-offers-18-000-to-mom-and-pop-businesses
German economy likely to contract by 3-6% this year
https://www.brecorder.com/2020/04/06/586809/german-economy-likely-to-contract-by-3-6-this-year-bdi/
Pier 1 Joins Retailers Citing Court Ruling to Skip Rent
https://www.bloomberg.com//news/articles/2020-04-06/pier-1-joins-retailers-citing-court-ruling-to-skip-rent-payments?srnd=markets-vp
https://www.reuters.com/article/us-global-markets/stocks-jump-as-virus-deaths-slow-oil-falls-after-opec-delay-idUSKBN21N10P
https://finance.yahoo.com/quote/%5EDJI?p=^DJI
https://www.kitco.com/charts/livesilver.html
https://www.macrotrends.net/2566/crude-oil-prices-today-live-chart
np anon. most feel the same I'm sure.
good to see ya..
get you some blondies while you are there if it is still any good.
Richmond used to be gangsta but all the SF trustafarians moved into it.