We saw $SPY selling off into yesterday’s close and that sentiment has followed into today’s session. The ETF gapped down in PM trading and is now fighting its way back up to its PM highs.
It’s comical when headlines point to the “culprit”. ‘Prices slide as increased COVID-19 cases rise’. Really? Is this breaking news? Honestly, does anyone fall for this ridiculous b.s.? We love it! Watching market participants scramble to exit positions because the media prints some ‘doom-n-gloom’ headline, is like shooting fish in a barrel.
The fact of the matter is, yes- we’re living in a pandemic. Yes, cases are increasing. Yes, we’re heading into winter; which brings increase spreading. Yes, businesses are still closed and many will never open their doors again; despite how long they’ve been in business. Yes, unemployment numbers have increased. The list goes on and on.
We’re all about optimism, but ignorance as to what’s happening outside on Main Street is very tough to ignore. Straight up, people are financially suffering and the media continues to play with their hopes of a vaccine. $PFE, $BNTX, $MNRA, and now the latest to jump on the bandwagon – $AZN (we actually wrote a joke about $AZN joining the vaccine headlines last week – but it was just a joke). The media loves to influence the market.
Of course, a winner will emerge from the vaccine race, but it’s purely hype until then.
Block out the noise and trade your plan; everything else is purely b.s.!
Sectors are trading in a 8/3 bear split with Communication Services sitting at the top for the bulls, trading up +0.09. Utilities wraps up the bottom for the bears, trading down -1.22%.
Our top 10 Smart Money Movers are:
$SONO trading up over 26%
$CORT trading up over 25%
$LB trading up over 16%
$GDRX trading up over 9%
$ROKU trading up over 7%
$MRNA trading up over 4%
$SCHW trading down over 2%
$EL trading down over 4%
$JAMF trading down over 4%
$CSIQ trading down over 6%