February 2, 2021 | Daily JAM, Morning Briefing, Short Term |
As of 3:15 p.m. today, February 2, in New York, shares of GameStop (GME)were down 56.22% to $98.50. That a big drop from the January 27 closing high of $347.51, but it’s still significantly above the $17.25 price on January 4. Other stocks that have ridden the Reddit WallStreetBets fever for short squeeze horses are down today too. AMC (AMC) is off 39.70% to $8.02. First Majestic Silver (AG), the big silver play of the last few days, has given up 24.28% to $16.75. Bed Bath & Beyond (BBBY) is off 14.64% to $25.77. American Airlines (AAL), an early short squeeze play, slipped 1.16% to $17.65. The only potential short squeeze bet (if it was, that is) that’s still climbing is vaccine pill biotech Vaxart (VXRT), which was up 34.30% at 3:15 and looks to be riding momentum into the close. (The shares were up 54.43% as of 3:40 p.m.) Vaxart does bring this question to mind: So if the money is coming out of GameStop, etc., where is it going?
January 24, 2021 | Daily JAM |
This week brings fourth quarter earnings reports from Microsoft (MSFT) on Tuesday, and Apple (AAPL) and Facebook (FB) on Wednesday to add fuel to the Big Tech rally. The NASDAQ 100, the home of big tech stocks, climbed 4.4% last week. Apple is expected to report record fourth quarter earnings. And that will certainly help technology stocks in general. But I’d also count the diversity of the companies reporting this week on the positive side of the ledger.
January 22, 2021 | Daily JAM |
After barely dragging higher over the last month, big tech stocks turned red hot this week. And next week, when we get earnings from Microsoft (MSFT), APPLE (AAPL) and Facebook (FB) could be even hotter.
January 20, 2021 | Daily JAM, Morning Briefing |
Today the Standard & Poor’s 500, the Dow Jones Industrial Average, and the NASDAQ Composite all hit record highs. Likely cause? The peaceful inauguration of Joe Biden as President? Yesterday’s report of blow out gains in subscribers in the fourth quarter from Netflix (NFLX)? While the sigh of relief that the country wasn’t enveloped in another wave of violence at the 46th President took the oath of office certainly played a role, my vote on causation today goes to yesterday’s news from Netflix that the company added 8.5 million subscribers in the fourth quarter, far ahead of Wall Street projections for 6.03 million added subscribers. Netflix shares closed up 16.85% today.
January 11, 2021 | Daily JAM, Morning Briefing |
At the close today the Standard & Poor’s 500 was off 0.66%. The Dow Jones industrial Average was lower by 0.29%. The NASDAQ Composite had fallen 1.255 and the NASDAQ 100 had dropped 1.55%. The small cap Russell 2000 was down just 0.03%. The iShares MSCI Emerging Markets ETF (EEM) finished with a loss of 1.33%. As you might conclude from those results from the indexes, the big culprit in today’s retreat was technology, especially big technology stocks.
January 6, 2021 | Daily JAM, Short Term |
Of course, a sector can rally on new cash coming off the sidelines. Often, however, when one sector rallies another falls as investors use profits from that sector to fund new buys. That seems to be what happened today when “green” stocks rallied and technology shares fell.
December 31, 2020 | Daily JAM, Short Term |
The Standard & Poor’s 500 closed up 0.64% today to a new closing high and ended the year ahead more than 16%. The Dow Jones Industrial Average also closed in record territory after a gain of 0.65% on the day. The Dow is up about 7% for 2020. The NASDAQ Composite managed a gain of 0.14% to bring its gain to 40% for 2020. Today’s advance in the Santa Claus period–which historically also includes the first two trading days in January so it’s not quite over yet–is a good omen for 2021.
November 20, 2020 | Morning Briefing |
This morning on my way back from the farmers’ market, I passed a Whole Foods Market selling small Christmas trees for my “holiday table.” It’s November 20. Thanksgiving is NEXT week. You may be noticed other signs of retailers jumping the seasonal gun.
November 10, 2020 | Daily JAM, Morning Briefing, Short Term |
If you remember, my "calendar" listed a short-term post-election rally to be followed by a downward ... To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing...
November 2, 2020 | Daily JAM, Morning Briefing |
To my way of thinking, investors and traders got ahead of themselves today. With election day still a day away, stocks in economically sensitive sectors moved up while stocks of the technology companies that have been able to show revenue growth even during the...
October 30, 2020 | Daily JAM, Morning Briefing, Short Term, You Might Have Missed |
The Standard & Poor's 500 closed down 1.21% today and the Dow Jones Industrial Average dropped 0.59%. The NASDAQ Composite was lower by 2.45% and the NASDAQ 100 fell 2.54%. The Russell 2000 small cap index tumbled by 1.96%. The rising tide of new coronavirus...
October 18, 2020 | Daily JAM |
...earnings season to move into full swing. Monday brings earnings reports from IBM (IBM), from PetsMed Express (PETS) in the red-hot pet sector, and Logitech International (LOGI), a key player in the computer peripherals market. Tuesday includes consumer powerhouse...
