Chart of the Day
First Trading Day Of May
The S&P was weak Friday and after a late bounce it sold off to a new low at 4167.25 just before the 4:00 ET cash close. After a week of record tech earnings, the S&P traders took profits on the close. It was a long day of ‘grinding price action’ that could not have looked worse but on Globex Sunday night the futures traded up to 4194.25 around 9:00 PM, up 11.5 points or 0.28%, negating Friday’s decline. In terms of the ES’s overall tone, it acted poorly but not overly. In terms of the day’s overall trade, volume was steady at 1.85 million. Say what you like about the S&P but it’s up 30% since November and isn’t giving up much ground. According to Refinitiv, a record 87% of S&P 500 companies have beat earnings estimates, and earnings look to be growing by more than 46%. The S&P closed out April up 5.2%, the Dow rose 2.8% and the Nasdaq gained 5.4%.Kind of hard to argue with that, huh?
That’s not just the end of the wall, it could be the end of our country.
There is some talk, they may start back construction next week… The FED said they did not see inflation yet, just a small transitory. A brief duration. Temporary, the transitory nature of earthly joy. Tending to pass away, not persistent. Like life after 2019…
In the Pros and Numbahs, I’ve been talking bout how the prices of commodities are soaring at record highs. Last night, on the Denver Channel news, they had a five-minute clip of how new home builders/buyers are being priced out of the market.
Chart of the Day
Tesla’s Bitcoin Investment Fails to Bring Coattail Effect
Tesla Inc.’s decline after reporting first-quarter results underscored its inability to ride the coattails of a profitable investment in Bitcoin. Shares of the electric-car maker slid 4.5% Tuesday, while the digital currency rose 3.6%. The contrast in performance is even sharper since Feb. 8, when Tesla disclosed the purchase of $1.5 billion in Bitcoin. From that day through Tuesday, Tesla sank 17% as the currency climbed more than 40%. The company made $101 million in the first quarter from Bitcoin sales. Chief Executive Officer Elon Musk tweeted that 10% of its holding was sold.
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