Daily Covid and Markets - Monday July 6
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 7 July 2020
⏱️ 19 minutes
🔗️ Recording | Apple Podcasts | RSS
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Summary
Market futures never did point down last evening, and I woke up very early eastern time to futures pointing up 450 points. After a cup of coffee I realized that China’s market was up a stunning 5.7% today alone. Consider this for those mystified by the actions of the U.S. stock market: the Shanghai Composite Index is now the highest it has been since early 2018. We live in crazy times.
Anyways, the Dow opened up big, and traded between +300 and +400 most of the day, and closed right near the high of the day, up +460 points.
Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the Dividing Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:10.0 | Hello and welcome to the COVID and markets podcast brought to you by the Dividendin Cafe. |
| 0:18.0 | This is David Bonson of the Bonson Group and it is Monday, July 6th. |
| 0:23.6 | We had a huge market rally today finishing or excuse me starting off a brand new week. |
| 0:31.6 | And that comes off of a pretty big market rally last week as well. It's in the four-day holiday week saw markets advance 800 points and then today we started off |
| 0:44.5 | the week with a 460 point rally in the Dow. |
| 0:48.9 | The futures were never really down last evening. |
| 0:51.5 | They weren't up a ton, but I never saw them go into negative territory. |
| 0:55.2 | And then when I got up very early Eastern time this morning, they were already up 450 points. |
| 1:04.8 | China's market overnight was up a stunning 5.7%. China right now, their market is at the highest place. |
| 1:13.6 | It's been going back to the early part of 2018. |
| 1:18.6 | So you, it's just, I don't know, kind of confounding, I guess, is a good way to say it. |
| 1:25.6 | There's reasons for China's market performing the way it has, but they're probably less explainable or less rational than understanding what's going on with our market. |
| 1:38.3 | It wasn't a super volatile day. I mean, when I say we went up and down a bit, at one point we were only up 275 points, |
| 1:46.9 | but we kind of stayed up between 3 and 400 most of the day, a good portion of that upside |
| 1:53.8 | coming at the first tick of the day. |
| 1:57.0 | And then it rallied in the last 15 minutes of the day to close near the high at up 460. |
| 2:02.6 | You know, there was big news around the announcement that Warren Buffett had made his biggest acquisition in years. |
| 2:09.6 | A lot of people have been saying throughout this post-COVID, the peakest area of March that post that period, we had not seen Buffett |
| 2:22.8 | make a major acquisition despite having over $100 billion of cash on hand. |
| 2:28.8 | And my argument has always been that it's actually a lot harder to do a deal when you have |
| 2:33.5 | over $100 billion of cash than when you have over $100 billion |
... |
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