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Happy Monday everyone.
As always, Ivanhoff and I toured the markets to recap and look ahead at the markets momentum. You can listen/watch to our video here.
This market has so many people confused. The panic was just starting to make sense but the economic numbers keep getting worse and the Nasdaq keeps getting stronger.
It feels to me that the next ‘BIG’ CNBC special will be called ‘The Road to Nasdaq 10,000’ not ‘Markets In Turmoil’, but I would not watch either.
A couple charts that stood out to me which we discussed in the episode:
All technology all the time is what has been working. It seems rather obvious now so we may be on borrowed time.
And related to IPO’s…
I would not be surprised to see more ‘Direst Listing’ IPO’s if the markets can hold in 2020. Draftkings, Uber, Peloton and Virgin Galactic are examples of recent IPO’s via SPAC and regular IPO that have done well. There are hundreds more consumer companies that consumer millennials love (the Robinhood, Etoro, Stocktwits) generation that could go public much earlier in their life cycle via direct listings if they so choose.
I keep watching the banks and financials (JPM, GS, BAC, SIVB) for signal that 2020 is not going to be another 2009. They are not really climbing but have not rolled over again.
As strong as The Nasdaq has been, I would not be surprised to see a lot of chop in a wide range as the bulls and bears get frustrated this summer as the economy opens, but COVID does not disappear.
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