A FEW NOTES:
The NASDAQ and NDX are below the 50 day this second. Don’t blink.
Futures are up but off highs. The administration backed off of the leak from Friday of restricted CHINA investments but now saying it was 50% fake…whatever that means. A few CHINA names like BABA gapping up a bit. You know what we think of all the noise coming from Pennsylvania Avenue.
GOLD has another gap to the downside this morning. GOLD and SILVER starting to under-perform with the GDX now below the 50 day.
OIL PRICES sinking into the abyss again.
AAPL got a target raise. AAPL and GOOGL remain constructive but going no place fast. Other FAANG names are toast.
Impeachment? What’s that? All this noise but no talk that all these government officials on both sides have brought us to $22.5 trillion of debt and $1 trillion+ yearly deficits. 3 CARD MONTE!
Nice move off support yesterday. The NASDAQ/NDX a smidge back above the 50 day. The SOX off the 50 day. The move off of the prez for the 100th time sayuing a China deal close.
This morning…futures up a wee bit.
BYND up over 420 as Mickey D’s going to test out their fake meat. This is potentially big news.
Peleton (PTON) going public. Another big money loser with very high priced stuff. Great sales growth though…but have to wonder why pay $4,295 for a treadmill. The good news…big “potential” market out there as it is mostly U.S.
If there isnt a smoking gun in these transcripts…
Most important points:
Growth worsens. Continue to avoid growth.
Everything else fails at highs. The SOX moved to highs for the 3rd time but now seems to be rolling over in the near term.
NASDAQ/NDX now below the 50 day. Nothing good can come from that. Needs to get back above.
End of quarter week in effect. Of course, window dressing is illegal so it does not happen.
WeWork is in the news. Not for anything good. Looks like some tough sledding for those who bought into the ridiculous valuation placed upon this company. We are told the last “buy” was at a $47 billion valuation. This for private buyers. Private buyers are the ones that very often make out in a big way. Currently, WeWork cannot even come public as estimates now are for a $10-$15 billion valuation. We believe that even at those levels, the valuation is insane.
We can get into the why…long term leases and short term rent, hardly recession resistant, trying to sell the company as a technology company (a laugher), self dealing, un-disciplined CEO! But for us, the simple issue is the investment banking community again tried to foist stuff onto an unwary public at valuations that are outrageous. For comparison:
IWG…formally known as Regus
So Bernie goes one up on Elizabeth. On his twitter feed, he writes: ” There should be no billionaires. We are going to tax their extreme wealth and invest in working people.”
He then proposes this YEARLY wealth confiscation: