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Although all eyes are peering toward a “return to normalcy“, the stocks have been thriving the most lately are those that cater to people sheltered at home. I’ve been pointing some of these out, including this post from yesterday. Here’s are some updated charts………I suspect one or two of these might have some “backlash” if people return to work en masse (like Zoom and Peloton).
If you want to see what Americans truly values, look at where the lifetime highs are. Specifically: buying stuff and watching stuff. Passive consumerism. God Bless America.
Some stocks are acting like Covid-19 never even happened. It’s quite extraordinary. And, considering the $6 trillion that Powell is throwing at equities to save them, perhaps it’s not surprise. Here, for instance, is Amazon, higher than any point in human history:
[edit] It goes without saying that gold miners and the royalty companies that live off them will be shown to have been impaired like many other companies by the coming Q2 numbers due to shutdowns. An emailer questioned my view on this and it has been one of my personal caution points. Markets should be looking ahead, but during this euphoric sentiment release across broad markets maybe they’re overlooking some things. The other caution point is that a big bullish expression on the heels of Fed announcement is also a setup for short-term disappointment. So with respect to the daily chart below, maybe Friday’s gap will fill after all. But as noted in the article below notes “the gold stocks lead and their fundamentals and value proposition will have improved by leaps and bounds as we exit the COVID-19 global lock down”.
It’s a good Friday because I get to start my weekend work earlier. Many people temporarily have no weekends because they are huddled at home as one day bleeds into the next amid the global pandemic. Monday is Thursday is Saturday. Good Friday is Halloween is Festivus.
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