Staple, utility and healthcare leading, a very defensive day today despite market finished in the green. Small caps down over 1% for the day as well
Where is the bottom for the Chinese tech stocks lol Investors probably have lost confidence on those stocks for awhile since they don't have any idea when the crackdown will end. The Chinese government seems to announce some kind of regulation almost everyday lately
Yes, the near future hopefully. Will be great for youngsters who can't get vaccinated. I think Trump took the Regeneron treatment. Seems the vaccines were put on a faster track though.
I was getting in and out of BABA last month but not really interested in playing it in the near future. The stock might look cheap here but it doesn't seem like the crackdown is ending anytime soon, I will be patient waiting for an entry.
Amazon is reportedly planning to open department stores (cnbc.com) It is an interesting move for Amazon The stock has done rather poorly for the year, actually slightly in the red YTD. Had something to do with the last earnings report I guess and potentially investors aren't as willing to pay up for the premium valuations with Bezos no longer is the CEO
Good morning contrarians! Stock futures are down again, with the major indexes all down about 0.3% to 0.4% as of 0635. Not much doing elsewhere. We were facing worse losses yesterday but the market recovered again. That’s been a bit of a theme (typical for bull markets). Still, the S&P is set for a losing week, down 1.4% which would be the biggest weekly loss since June. Three things seem to be driving the risk-off appetite. In no particular order these are 1) Covid concerns, 2) China slowdown, 3) Fed tapering. Only one of these, China, is really capable of bringing a secular change. Doesn’t mean the others won’t cause selling, but they are more of the ‘known unknown’ variety. Of course none of this will stop people from issuing ‘warning briefs,’ like the folks at Saxo Bank here. Indeed the market appears overdue for a correction and many things could bring this about. But it’s important to distinguish a correction from a bear market. More on this in the podcast, which you will have to listen to because I don’t feel like typing it out.. Nothing of note on the economic data calendar today. We do have a couple of earnings releases before the open that may attract interest in Deere (DE) and Foot Locker (FL). Failing other unexpected news it should be a pretty low volume day. Should be.
The way BABA has crashed, I don't think any recovery would be V-shaped. I think I'll let it form a base and trade sideways after it hits rock bottom. Amazon is like all the other high flyers from last year in one respect: just consolidating sideways this year. We got 4 more months. That being said, amazon.com is getting inconvenient. If you want to buy something simple like socks, it is hella difficult to find one at a good price. They'll throw so many variations, like you'll see one with a lower list price but the quantity is less. It can take 20 minutes to figure it all out, and that's just socks! And not helping things they've got ads all over the place, so shopping online there can be very overwhelming. It's a time waste, and time is my most precious commodity. And they don't even have the best prices online any more...Prime Day was a dud in terms of finding that must-have item. Today is OpEx day. Are you allowed to say your podcast?
Looks like the market is going to finish today green. The short term momentum from last week was up, in very small steps, so looking for things to go sideways from last week for the next couple of days. Even looking for a new high next week. To continue the pattern, since May, of selling off during OpEx and then bouncing back.
Same here. I was making a few bucks here and there. Glad I sold before they really started tanking. I do think there is GREAT opportunity in the future here though. Maybe closer to Nov 1. What Podcast? I like Podcasts.
Contrarian Investor? I found it. Thank you. I listen to Joe Rogan, Lex Fridman, BBC Global News, NPR Up First, The Daily, and Making Sense w/ Sam Harris.
BABA, SPCE (Virgin Galatic), Ford, JOBY (Joby Aviation), RUN (SunRun), EH (EHang), V (Visa) These are the stocks I would be watching very closely right now. Love SPCE, F, Joby, RUN, and Visa... Absolute Slam Dunks IMO BABA and EH are still at the mercy of the Chinese govt but I feel a bottom is near. Both companies have a very bright future. WKHS should probably be included. I am a big fan of eVTOL drones, etc.
Sold all my china stock - jd, alibaba, nio, byd, xiaomi, lenovo - some months ago with nice profits (only alibaba was a minus). Not planing to step back in soon.
Good morning contrarians! Stock futures are pointing higher this morning. Most promisingly, small caps are rallying with the Russell 2000 up more than 1%. Dow Industrials, S&P 500, and Nasdaq all about 0.3% to 0.4% to the good. Bitcoin has crossed the 50k rubicon. Hooray hooray. Those numbers as of 0630. This week will be all about the Federal Reserve’s Jackson Hole Symposium. It doesn’t start until Thursday and there isn’t really much on the calendar before then, so lots of room for pontificating about tapering. The Kansas City Fed, which apparently sponsors this thing, will release the full schedule of proceedings on Aug. 26. It should leak out before then. Will have more on Jackson Hole later in the week. For today, we do have a couple of economic data releases of note. PMIs are due out at 0945. A reading of 62.5 is expected on U.S. manufacturing for August. Services are expected to come in at 59.5. The U.S. is mostly a services-driven economy so one would think that number bears closer watching. It’s been dipping a bit since reaching a high of 70.4 in June. (Believe that was an all-time high. Can anybody confirm?) We then have existing home sales out at 1000. About 5.83 million sales are anticipate by economists, in line with last month’s number. With both PMIs and home sales it will be interesting to see if supply chain issues are causing problems. Earnings are still trickling in as well. We have JD.com (JD) due before the open at 0930.
