Initial jobless claims in the U.S. topped estimates at nearly 1.5 million. The S&P 500 dropped today and headed toward a weekly loss as daily COVID-19 infections increased rapidly in some states, stoking worries about a slowdown in the economy’s reopening. Also record numbers were reported worldwide. The broad stock-market gauge fell 2% in afternoon trading. The Dow Jones Industrial Average lost about 600 points, or 2.4%. The Nasdaq Composite fell 2%. It’s now starting to look like not even the Fed can keep this market a float. Also what will happen when they come collecting on the massive debt they’ve created for an already struggling economy. Buy Gold, Silver and Bitcoin ladies and gentle, the Dollar is likely at its wits end.
Luckin Coffee (LK) – LOL. Informed Chinese officials that they will no longer strive for listing on the NASDAQ Composite Index. Because of this they are done and the panic selling has started. Careful for senseless popups in the stock but be confident in shorting it.
Fear Index (TVIX) – My beloved $TVIX will be no more as of July, 12 2020. Credit Suisse Investment banking company reveled they will remove the product from the market and it came with a large drop. While I believe it will still day trade with volatility until then, be extra careful in the ETN going forward.
Urban One (UONE) – With all the pro-black rhetoric going on in the world it was inevitable that the market would seek black owned business to pump up. They never miss a trend and that’s exactly what happened here. We saw 10$ last week and highs of 54$ this week. It has settled down to 20$ and while I hope they can make waves, for the short term I am bearish here.
Translate Bio (TBIO) – Biotech company that exploded onto the scene this week with likely an FDA announcement. Great short this week.
Tortoise Acquisition (SHLL) – THEE most suspect stock I’ve seen in a long time, Up 138% this week. No news. Owner sold shares this week as well. I suspect this is a money laundering company but… Keep your eyes peeled for more short opportunities.
Norwegian Cruise Line (NCLH) – What a gem. Started the week full of hope but is down 40% as of this writing. You could say the writing is on the wall for many cruise lines..
