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Stock Market Today: June 15th - 19th, 2020

Discussion in 'Stock Market Today' started by bigbear0083, Jun 12, 2020.

  1. anotherdevilsadvocate

    anotherdevilsadvocate Well-Known Member

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    Apple is facing rage and insurrection from developers over the commission it charges apps on the App Store
    • Apple this week got in a standoff with Hey, a new subscription email service, over integrating in-app purchases into iOS apps and taking a commission of up to 30% on the purchases.
    • The confrontation with Hey, which was created by Basecamp, erupted as the EU announced it would launch an antitrust investigation into this levy that Apple imposes on in-app purchases.
    • Spotify complained to the EU last year that it was anticompetitive of Apple to impose this tax while operating competing apps like Apple Music. [I think there's a lawsuit?]
    • Match Group, the dating-app conglomerate that owns Tinder, also criticized the tax on Tuesday.

    Apple hit back, saying the EU is "advancing baseless complaints from a handful of companies who simply want a free ride, and don't want to play by the same rules as everyone else."

    Another app developer heavyweight came out swinging against Apple on Tuesday. Match Group, which owns a host of popular dating apps including Tinder, OKCupid, and Hinge, issued a statement criticizing the in-app purchase tax.

    "Apple is a partner, but also a dominant platform whose actions force the vast majority of consumers to pay more for third-party apps that Apple arbitrarily defines as 'digital services.' Apple squeezes industries like ebooks, music and video streaming, cloud storage, gaming and online dating for 30% of their revenue, which is all the more alarming when Apple then enters that space, as we've repeatedly seen," Match Group said in its statement.

    "We're acutely aware of their power over us. They claim we're asking for a 'free ride' when the reality is, 'digital services' are the only category of apps that have to pay the App Store fees. The overwhelming majority of apps, including Internet behemoths that connect people (rideshare/gig apps), or monetize by selling advertising (social networks), have never been subject to Apple's payments systems and fees, and this is not right."
     
    T0rm3nted likes this.
  2. anotherdevilsadvocate

    anotherdevilsadvocate Well-Known Member

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    Just found a little more detail, shit is crazy like The Eyrie in Game of Thrones.
    They're not using any firearms, both sides agreed to this provision in 1996. Yet 20 Indian and reportedly 40 Chinese soldiers died. China does not acknowledge any casualties [WHAT ELSE IS NEW?].
    So the two sides are fighting hand-to-hand combat, with improvised weapons like club of nails, on top of cliffs 14,000 feet high. The dead met their fate by being thrown over the cliff.
     
    stock1234 likes this.
  3. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    Not much going on for the market today :p Tech continues to outperform :eek:
     
  4. anotherdevilsadvocate

    anotherdevilsadvocate Well-Known Member

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    For 3 days we've been in SPX 3076-3153.
    Got an island top looming in SPY
    [​IMG]
     
    Steven_Burt, T0rm3nted and stock1234 like this.
  5. WizTech

    WizTech New Member

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    The market these last two days feels like we cut the motor on our boat and are drifting....o_O Maybe its from the high and low of the the past weeks? I watched the Powell testimony yesterday. It was interesting and helpful for broadening my mind a little to all the individual problems popping up. The talk locally about sales tax shortfalls in relation to school districts is a bit eye opening in terms of broader problems to possibly come. Personally it seems like everyone is holding their breath with more uncertainty in relation to news this week? Markets too?
     
    stock1234 likes this.
  6. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    What a day for SPOT :eek: I have a small position only but up about 86% right now :D
     
  7. Stoch

    Stoch Well-Known Member

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    10000 has been poison for the NDX, maybe a gap up overnight to avoid it?
     
  8. Vdubman

    Vdubman Active Member

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    Just sounds like a bunch of companies that can’t earn a single dime of profits are trying to find a way for a quick 30% increase in revenues.

    If it wasn’t for apple, they probably wouldn’t exist in the first place.
     
  9. bigbear0083

    bigbear0083 Content Manager
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  10. bigbear0083

    bigbear0083 Content Manager
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    Morning Lineup - 6/19/20 - A Friday Pattern Bulls Can Endorse
    Fri, Jun 19, 2020

    Remember back in late March when it seemed as though every Friday in the equity market was a down one? At the time, no one in their right mind wanted to be buying stocks ahead of a weekend where the headlines surrounding the COVID outbreak were only getting worse. In early April, the Surgeon General warned Americans to prepare for "the hardest and the saddest week of most Americans’ lives."

    The old saying says to buy when there's blood in the streets, and just as it seemed the news surrounding the COVID outbreak couldn't get worse, the down Friday pattern completely reversed. After eleven down Fridays in the first fourteen weeks of the year, the last ten have seen a complete reversal where nine of them have been positive. Today looks to be a continuation of the trend as S&P 500 futures are currently indicating a gain of about 50 basis points at the open. The lesson of this pattern? Investing based on the headlines, especially when they're at their most extreme (unless you're doing the opposite) is one of the most sure-fire ways to underperform.

    [​IMG]
     
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  11. AverageJoesTrades

    AverageJoesTrades Well-Known Member

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    If we reject from this level again - I think we're heading back down for a while.
     
  12. T0rm3nted

    T0rm3nted Moderator
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    I think if we reject this level again, the money printer will go brrrrr again
     
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  13. AverageJoesTrades

    AverageJoesTrades Well-Known Member

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    Even if it does... they're just kicking the can down the road. It'll all come crashing down at some point and it is going to be messy
     
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  14. T0rm3nted

    T0rm3nted Moderator
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    Agreed, wait until November to see the ramifications of a propped up market
     
    bigbear0083 likes this.
  15. bigbear0083

    bigbear0083 Content Manager
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    haha, i was just about to make a similar post!

    i'm really hoping the market doesn't do its tanking until just before election...pretty please that's all i ask :D
     
  16. T0rm3nted

    T0rm3nted Moderator
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    Ya I'm still in so I hope it waits to tank until later, and think there's zero chance it drops before.
     
  17. stock1234

    stock1234 2017 Stockaholics Contest Winner

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  18. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    Got into ROKU and BAND today, betting these stay at home stocks will continue to outperform :p
     
  19. AverageJoesTrades

    AverageJoesTrades Well-Known Member

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    Market getting taken to the woodshed at close... maybe rolling over futures to September buy yeeesh this is a brutal close
     

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