What a crazy week already.
In the last 3 sessions, the Dow has gained 400 points, lost 400 points and now gained it again and all that only takes us back to where we were on April 19th – 34,100. Same with the S&P 500 – just under 4,200 now and the Nasdaq has lost a bit of ground, now 13,600 for the 100, who are mostly done with earnings. So what’s the next catalyst going to be? The Fed can’t loosen and Janet Yellen even said they may have to tighten soon, before inflation gets out of control. We know what earnings and forward estimates look like so the only thing left to take us another layer higher has got to be MORE FREE MONEY! Come on Uncle Joe – baby needs a new pair of shoes….
Oil is back to $66.50 on enthusiasm for the re-opening though oil was only $55 avg for 2019 – before the virus and more like $60 in 2018 but $50 in 2017 and $45 in 2016 – so I really don’t see how $66.50 is going to play out over the long haul. Of course, all commodities are inflating rapidly so oil is just on that bandwagon, along with the ever-weakening Dollar.
Still, according to Caesar’s (CZR), weekends in Las Vegas are sold out “for the foreseeable future” and, even though the stock lost $1.7Bn last year and plans to lose $800M this year, people are still paying $20Bn at $95.50 for the recently-bankrupt company. Why? I have no clue. Cruise ships are also back in the money, as are airlines though none of them proect much more than small profits this year and nexts.
As with any gambling, people just want to play and that’s good for CZR and good for the markets at the moment.
Just remember, the longer you keep playing – the more likely it is you are going to lose!
Provided courtesy of Phil’s Stock World.
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