Why did stocks plunge today? How about doubts on the Powell Put
I've argued that there are two giant bets that support stock prices at recent historic levels. One is the Vaccine Put, the belief in the delivery--and relatively soon too--of a safe and effective coronavirus vaccine that will let economies around the world return to...
That’s not a good sign: Selling accelerated during the session today
At 1 p.m. New York time the Standard & Poor's 500 was down 0.25%. At the close it was lower by 2.37% The pick up in selling was led by big tech stocks. Amazon (AMZN), for example was down 1.57% at 1 p.m. and 2.32% at the close. Microsoft was down 1.22% but...
It Iooks like Illumina selling has exhausted itself
With the Standard & Poor's 500 falling 2.37% at the close and the NASDAQ 100 down 3.16% for the day, shares of Illumina (ILMN) climbed 1.67%. Yesterday and today the selling of Illumina looks to have exhausted itself. The stock traded at $400.74 as recently as...
Looks like no government shutdown on September 30: House passes stopgap funding bill that has Senate and White House agreement
Tuesday night the House of Representatives passed a stopgap funding bill to keep the government operating through December 11. The House vote was 359-57 and the legislation now goes to the Senate for a vote before the end of the fiscal year on September 30 forces a...
Summing up this financial moment with Terry Pratchett
As I finished my latest re-reading of my favorite Discworld novel, Going Postal, from the late great Terry Pratchett I came across this passage that to me sums up our current financial moment rather well. The smaller time conman Moist von Lipwig has put an end to the...
Buying MGM Puts on today’s bounce: Prologue to my Special Report My Special Report “Your Investing Guide for the Next Six Dangerous Stock Market Months” with 10 investment moves for a crazy, crazy market.
I'm not waiting until I post all of my newest Special Report: "Your Investing Guide for the Next Six Dangerous Stock Market Months with 10 investment moves for a crazy, crazy market" to make this buy on the MGM Resorts International (MGM) Puts with a strike price of...
Stocks take a while but deliver expected bounce today
This morning it looked like we might not get the bounce I expected today after the Monday morning sell off and Monday afternoon recovery. The NASDAQ, dominated by the big tech names most likely to bounce today, started Tuesday off in a mild downturn. As of 11:07 a.m....
Pfizer to deliver first vaccine efficacy results as soon as September 27–but what, if anything, will they mean?
Pfizer (PFE) and its partner BioNTech (BNTX) plan to take a first look at the efficacy results from their 44,000 personal vaccine trial as soon as September 27. But that first look will be after just 32 coronavirus infections have accumulated in the two companies'...
How old fashioned! CBO worries that U.S. government debt will hit 2 times GDP by 2050
The U.S. government’s debt will be almost twice the size of the U.S. economy by 2050, according to new projections from the Congressional Budget Office. That would be up from 98% this year and 79% in 2019. (The prior, pre-coronavirus forecast for 2050 debt in January...
Market cuts losses in half in afternoon session; NASDAQ 100 bounces into green
At noon today, September 21, the NASDAQ 100, dominated by the big stocks that have led this rally, was down by 1.17%. Shares of Apple (AAPL), were lower by 0.41%. Amazon (AMZN) was off 1.66%. Alphabet (GOOG) was down 2.72%. Facebook (FB) had tumbled 2.10%. Microsoft...
Partisan battle over Supreme Court seat puts end to slim chance of new coronavirus rescue package–and threatens government shutdown bill
Last week, before the death of Supreme Court Justice Ruth Bader Ginsburg, there was a slight--ooh so slight--chance that with a nod from the White House in favor of adding more money to the proposal from Senate Republicans Congress might pass a new coronavirus rescue...Download Jim’s eBook for Free
