Stock Market Today: June 8th - 12th, 2020

Discussion in 'Stock Market Today' started by Stockaholic, Jun 5, 2020.

  1. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    Yeah looks like NASDAQ hit ATH today :eek: For whatever reason a lot of tech stocks on my watchlist are red today :p
     
  2. AverageJoesTrades

    AverageJoesTrades Well-Known Member

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    looks like SPY is running right into the open of the gap down back in February. Does anyone else see a pullback here?
     
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  3. AverageJoesTrades

    AverageJoesTrades Well-Known Member

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    I see Gold possibly popping over the next couple days. I could possibly be entering a position tomorrow depending on price action.
     
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  4. Stockaholic

    Stockaholic Content Manager

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    funny how quickly the tides have turned since the covid crash ... back on march 23rd basically everyone and their cousins were thinking the 2007 highs would come into play for the majors. i won't lie, but i wasn't in the V-recovery camp at all.

    but, as @stock1234 and others have alluded to many a times in here, we're now in this BTFD (soon to be BTFATH :p) mentality, where now everyone and their cousins think the FED and other CBs have got the markets back no matter what.

    as one person once coined way back when "the data doesn't matta" -- speaking of the economic numbers and earnings, etc.

    we either get improving news and the market rips a new one, or we get meager data and the market still takes it in stride, because, well QE-infinity :p

    how long this lasts is really anyone's guess, but it will be a spectacular sight to see when the market no longer responds favorably to FED intervention :D
     
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  5. anotherdevilsadvocate

    anotherdevilsadvocate Well-Known Member

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    The National Bureau of Economic Research said Monday that the COVID-19 crisis has officially launched the U.S. economy into a recession.

    A recession is generally perceived to be two consecutive quarters of negative growth in U.S. production, measured as real GDP.

    But the NBER has other criteria that can constitute a recession, which is particularly applicable to the COVID-19 crisis given the speed of the economic downturn. The committee looks for a “significant decline in economic activity” across several economic indicators, which covers not just GDP but factors like real income and employment, as well as retail and manufacturing sales.

    The NBER said official data from the Bureau of Labor Statistics confirmed that the labor market peaked in February. On production, GDP figures have yet to be published for the quarter covering the brunt of the pandemic. But the NBER said monthly readings on real personal consumption measures appeared to confirm that the U.S. consumer - a key driver of the economy - also peaked in February.

    When the NBER declares a “peak,” it essentially marks the beginning of a period of “significant decline.”

    It'll be funny when they come out next month and declare the recession over.
     
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  6. Stockaholic

    Stockaholic Content Manager

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    gonna agree with @T-Coonazz here, def looking like we're overshooting/overheating and setting up for that inevitable blow off. not there yet but perhaps nazzy 10k and dow 30k in the headlines will do it :p
     
  7. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    I have no idea when the music will stop with the QE, for now I guess this market probably will continue to go higher on excessive liquidity :p
     
  8. Steven_Burt

    Steven_Burt 2019 Stockaholics Contest Winner

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    I hope we get a gap up in the morning. Closing above 3222 makes it seem possible. Starting tomorrow I'll be buying puts way up here and shorts below 3000. (well at least that's the current plan)
    spx_002.png
     
  9. Stockaholic

    Stockaholic Content Manager

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    just saw this now but looks like SPX is now actually positive YTD after today's cash close :eek:

    [​IMG]
     
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  10. anotherdevilsadvocate

    anotherdevilsadvocate Well-Known Member

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    All the major indexes up more than 1%, yet also VIX +5.26%.
    GLD +1% and TLT +0.4%.
     
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  11. Stockaholic

    Stockaholic Content Manager

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  12. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    Will NASDAQ touch 10K today :eek:
     
  13. T0rm3nted

    T0rm3nted Moderator
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    HOD is 10000.8 currently
     
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  14. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    FED decision tomorrow. Don’t think the FED will surprise us that much but if they do then could be a wild day tomorrow :D
     
  15. T0rm3nted

    T0rm3nted Moderator
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    Maybe the money machine will go brrrrr again
     
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  16. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    Traders putting money into big tech stocks again, AAPL, FB, and AMZN all up well over 3%, NFLX also up almost 3% :eek:
     
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  17. T-Coonazz

    T-Coonazz Member

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    SPY attempting to move into the short squeeze / sucker in more longs area from yesterdays EOD. Looks like big money still doesn`t have enough buyers to sell to.
     
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  18. Steven_Burt

    Steven_Burt 2019 Stockaholics Contest Winner

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    Well I have 1/2 a position in SH calls. I'll add another 1/4 position if we close below today's low and the last 1/4 below the ma(9). I'm also on the hunt for some individual names here to buy puts on, and I plan to exercise at least a portion of my SH calls ( I've never done that before) and below 3K I'll move to shorting. LOL you could say that I'm a bit bearish here (and I hope the FED doesn't completely ruin my plans) but I think this could be an awesome opportunity to get short. I'm trying to pace this so gains cover stops. Only a big pre market gap up could use me losses at this point.
     
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  19. StockJock-e

    StockJock-e Brew Master
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    Friend of mine called and asked what he should be doing here.

    He is long term kinda player.

    I said I have no frikin idea because nothing makes sense. Just stay long some stuff that works for you, buy some puts for downside protection as insurance and see what comes next!
     
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  20. T-Coonazz

    T-Coonazz Member

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    Sounds like a good game plan for him.
     

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