At 4 00 though sometimes go into extra innings but at least we got some sports, it happens to be in the form of a stock market had sports gamblers descend because they have Nothing Better to do, nothing else to do. Does that explain the action today when the dow gained 131 points and s p claimed nasdaq jumped but be careful, there were late day reversals or just investors pouring money into the same members of the new high list based on a winners win philosophy maybe driven by foreign buyers honestly, at this point it could be all three and the problem with these constituent sees is they make things more dangerous for the rest of us how do i know this i made it up no let me first, i did some first class work by my friend david, the master of research at goldman sachs. In his mustread u. S. Weekly kick start, he talks about how Foreign Investors with largest net buyers of u. S. Stocks in the First Quarter and notes that there is a surge in retail trading. Retail meaning like regular peo
You cant fell it to roll over you cant get it to fetch. Somehow people imagine there is discipline to the process that the action falls clear patterns. For example, when you get a spike of infections, the average is supported to get clobbered and that is what happened friday monday new ball game nasdaq advancing 1. 20 the bulls look at the spiking number of covid cases next to the not spiking number of fatalities and figure we made Real Progress fighting this disease so buy stocks into any kind of weakness we almost got back to even on the dow because mortality rates look like they are dropping. They are buying recovery stocks, not stay at home stocks. If you believe the spike in infections isnt an issue you want to bail on the covid stocks too many states are gradually shutting down to write this off as no big deal more on the index later in the show what happened today . Lets go over key parts. First, we have a reason that can actually be time stamped to turn around the market. This
Dow surging 461 points, s p gaining 1. 21 , nasdaq advancing 1. 31 . The s p up for 2020 now including a 47. 5 gain from the march lows im repeating that, a 47. 5 gain from the march lows. All of the airlines, arent that he mazing . They wont quit. Some goes for the cruise lines, the hotels earnings who needs earnings bother me later. The casinos are on fire. Who can resist now that theyre open again oils warring. The price of crude up 75 from that bizarre bargain, take some will you, this is a vshaped recovery like this, and then theres boeing, up more than 150 from its lows in march. 12 move today the biggest winner of the dow and best month ever can you imagine, humor me for a second, could you imagine if they got some orders it all makes sense even if this run all the recovery stocks are low, so theyre off the highs, and thats why its easy to see why theyre so irresistible since we have no faces here. Buy, buy, buy and any earnings can spoil the party but there are none that said,
Where numbers of the Chicago White sox were accused up during world series to the cincinnati reds. It brought about many changes in baseball, including getting eight players on the white sox banned from baseball for life, but the story of that one is not a simple one. It is very complicated. Tonights talk 100alled field of myths, years after the black sox s candal, so it should be a fascinating talk. I am excited to welcome david. Are gathered here on the eve of this years world series, and 100 years ago, who knew there was going to be another world series . Once that scandal was exposed, and trust in baseball was starting to evaporate very rapidly, and as david said, that is, you know, eight men out. That is the story we know. That was the title of a book, a movie. The legends respond about that. It was not the start of trouble in rivers city. Gambling had been rife in baseball since the beginning of the sport. Think of all of the gambling in america. The riverboat gamblers and card s
Mr. Kent i want to welcome you to cooperstown. I am the director here, david kent. We are very fortunate tonight to have an esteemed historian and writer who is not only an historian. He is very into baseball. That is a good combination. Right now, it is the 100th anniversary of one of the most infamous scandals in baseball history, the black sox scandal, where numbers of the Chicago White sox were accused up during world series to the cincinnati reds. It brought about many changes in baseball, including getting eight players on the white sox banned from baseball for life, but the story of that one is not a simple one. It is very complicated. So the title of tonights talk is called field of myths, 100 years after the black sox scandal, so it should be a fascinating talk. I am excited to welcome david. David we are gathered here on the eve of this years world series, and 100 years ago, who knew there was going to be another world series . Once that scandal was exposed, and trust in base