Dow: +378.13…
Nasdaq: +67.92… S&P: +34.12…
The S&P 500 (+1.0%) and Nasdaq (+0.6%) rose to new record highs on Monday, as sentiment was boosted by news the FDA approved emergency use authorization for convalescent plasma in hospitalized COVID-19 patients. The Dow gained 1.4%, and the Russell 2000 gained 1.0%.
Apple is +34% from the day before earnings and +142% from the low print of the year. Today it hit the 261.8% Fibonacci retracement off the lows. Not sure I’ve ever seen that.
FB, AMZN, AAPL, MSFT, and GOOGL are now 23% of the S&P 500, well above the high of 18% in the 2000’s. Those same 5 stocks represent 37% of Russell 1000 Growth index, highest concentration since 1995.
Gold and silver are still trading poorly since the highs of a few weeks ago. They are consolidating gains, but the daily charts for now looks sloppy. I’m waiting for a pullback to grab some of the gold miners.
The longer term gold/silver thinking hasn’t changed a bit.
From UBS on the miners today.
“Gold miners continue to find themselves in a Perfect Storm scenario of rising revenues (gold prices) and falling costs (oil and efficiencies). This implies
1) significant free cash flow generation, and
2) likely downside to future costs vs. guidance.
3) We expect the theme will persist through 2021 as low real interest rates drive investor support for gold, mining managements continue to focus on capital discipline, and the oil futures curve remains below guidance assumptions”
The Dems had their clown shown convention last week. Nothing like seeing Billy Porter in a dress singing “For What Its Worth” accompanied by a geriatric Stephen Stills on the strat. It looked like an SNL parody to me. Buffalo Springfield is on my playlist and I listen to this day (a lot), but I gotta admit, I had a gag reflex.
The song became a 60’s protest song, but the song actually had nothing to do with the war. It was written because Buffalo Springfield was playing a gig at the Troubadour on Sunset in LA and a fight broke out outside. So they wrote a song about it. Timeless classic.
The song became an anthem about the Viet Nam war but had nothing to do with it.
The Reps get their turn at bat this week.
Correction. Jackson Hole will not be attended by the world savers this week. Like everything else, it will be virtual.
Remember the moon landing deniers? I’m starting to wonder if any of these politicians are even alive.