Market Summary
| Index | Value | Change | Percentage |
|---|---|---|---|
| Dow | 31,029.31 | 82.32 | 0.27 |
| S&P 500 | 3,818.83 | -2.72 | -0.07 |
| Nasdaq | 11,177.89 | -3.65 | -0.03 |
| Russel 2K | 1,719.37 | -24.79 | -1.86 |
| VIX | 28.16 | 0.20 | -0.71 |
A volatile day. Market is giving up slowly all the gains from last week.
Tesla stock is under fire, and heading towards hitting 650 a share. Recent news include, lay off of employees. Goldman expects weak Tesla results. Various analysts are revising their second quarter delivery numbers sighting issues with Covid shutdown in China etc.
California announced yet another stimulus check for its residents. I can’t believe it. All for helping the one in need, but a household making $150,000 a year - is not someone who needs help. Also, this stimulus will even put gasoline into fire of inflation. Unbelievable!
Nio is also in the downturn. Gave up almost 3 dollars/share in the last few days. Most likely reason is profit taking by the folks who bought it at or around 12/share.
Crypto remains under severe fire. ETH(Ethereum) are at the time of writing this post down 39.06% over the last 30 days. While, BTC (Bitcoin) has been down 31.91%. That is a massive downturn in a very short period of time. The silver lining on all this, the massive downturn will assure a big run up soon hopefully.
Fed (Powell) speaks today - hence the market is super nervous. At the time of writing this post, all indexes futures are higher which is definitely a welcome news!
Strategy
- Day trading in the short term, due to massive market volatility.
- Timing the market is nearly impossible!
- DCA - Dollar Cost Average focusing on long term gains.
News
- Powell vows to prevent inflation from taking long-run hold in the U.S.
- Millions of Californians may get new stimulus checks worth up to $1,050—here’s who qualifies
- Crypto hedge fund Three Arrows Capital plunges into liquidation as market crash takes toll