I hope you all enjoyed your 4th of July long weekend. If you followed social media this weekend you saw child-grownups amass by the millions at the beaches and their hipster pool parties. What covid? Nobody gives a flying FK and the president is right, we will just need to live with it and move on.
Anyways, while you were all out enjoying hotted dogs with fancy ketchup and some cold brews this weekend, Swaggy was out sipping on a 2012 red wine and prepping r/SwaggyStocks on Reddit, a new subreddit, to provide you with market insights. How nice of this “Swaggy” character to do such a thing. I’m normally against nicknames of the sorts, but so many people have started to refer to me as this, that I think it will stick. Put it on my tombstone.
Last week has made it official, we are now living in a clown world. A brief look from the outside:
-Record jobs gain in June leads to 11.1% unemployment.
-Airlines laying off workers by the tens of thousands.
-Oil demand at all time lows.
-Ford sales fall 33% in Q2 due to coronavirus.
-Home sales slumping.
And yet… Stonks. Only. Go. Up.
We must acknowledge that in a clown world anything can happen. You can neither be hot or cold, fast or slow, good or bad, you must adapt.
If the market is rigged and you continue to lose, who’s the one to blame?
Enjoy what’s left of the weekend. I will be back Monday with some option flow and an outside look at the markets.