Market Report for Sep 17 2020
Don’t do what the dumb money do.
Nasdaq Composite +23.2% YTD
S&P 500 +4.8% YTD
Dow Jones Industrial Average -1.8% YTD
Russell 2000 -7.0% YTD
NYSE Vol: 1.1 bln
Nasdaq Vol: 3.3 bln
Portfolio % of Return:
FX & Comms: +6.19 – Gold and Copper are closed this morning for profits of 0.43% an 4.22% respectively.
Weakness in big tech all day but certainly saw an acceleration in the second half of the session saw a decline in Nasdaq Composite and S&P 500. The Fed indicated the rates will remain near zero through to 2023.
In this weekends webinar, we mentioned the IPO list and the one that caught our eye was SNOW. There are not many IPOs we are generally this interested in but SNOW was one that certainly intrigued us since Buffett’s investment. Wednesday’s saw the IPO of Snowflake in XLK which more than doubled on its first trading day. At the close, SNOW was valued at $60 bln. The debut of this company raised $3.4 bln. Another IPO was FROG which raised 504 mln on its first day.
We are still standing aside and watching this market as we already have positions in play from the previous trends but we will look to buy more as we have low-risk set ups.
Lets go trade!