Daily Covid and Markets Podcast - Tuesday June 23
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 23 June 2020
⏱️ 18 minutes
🔗️ Recording | Apple Podcasts | RSS
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Summary
Well this was one of the crazier 24 hours in quite some time, more so for what happened last night than today. Futures opened up about 100 points last night, and slowly inched higher for the first couple hours into the evening. Around 6:30pm pacific/9:30pm eastern, my devices starting blowing up that futures had collapsed 400 points (so a net swing of over 500 points) after “White House advisor, Pete Navarro, announced that the phase one China trade deal was over.”
Well, it turns out, not for the first time, Navarro was speaking hyperbolically. Within 30 minutes futures came roaring back to even. President Trump took to the airwaves to say that the trade deal is “fully intact.” I decided to watch the replay of Navarro’s Fox interview, and it was rather obvious that it was a long-winded question and the answer was disconnected from that portion of the question. Regardless, by 3:30am this morning futures were up 300 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. |
| 0:12.5 | Hello and welcome to today's COVID in markets brought to you by Dividing Cafe of the Bonson Group. |
| 0:19.0 | My name is David Bonson. I'm the chief investment officer here at the Bonson Group, and we have quite a few things to go through with you today. |
| 0:26.8 | What a weird 24 hours. |
| 0:29.4 | It started right, yeah, literally about 24 hours ago, is the futures market was opening going into Monday evening. |
| 0:38.4 | I think we opened up about 100 points in the Dow futures. |
| 0:43.2 | And it kind of inched higher a little bit for the first couple hours. |
| 0:46.5 | And then around 630 Pacific time last night, so well, you know, past 9 o'clock Eastern, |
| 0:57.3 | all of a sudden my devices are all blowing up. I'm getting texts and tweets and pop-ups and all the things, saying that futures had |
| 1:02.7 | collapsed 400 points and so a net swing of over 500 points that White House advisor, Pete Navarro, |
| 1:09.7 | announced that the phase one China trade deal was |
| 1:11.8 | over. Well, it turns out that that is only said, and to the extent that he kind of said it, |
| 1:17.6 | there was a little combination of hyperbole and an awkward sentence, but I'll get to that in a minute. |
| 1:24.9 | It was not even 30 minutes later. Futures had come roaring back to even. |
| 1:29.0 | And so I put a chart up at COVID and Markets.com just showing how those lovely algorithms worked last night where they printed down so dramatically and just seconds and printed right back up. |
| 1:40.6 | And it had done the same thing with bond yields and and you know, Dow futures, S&P futures, |
| 1:46.6 | the whole thing. President Trump came out a little bit later to say no, the trade deal is fully intact. |
| 1:52.9 | And as a matter of fact, I had this Fox News interview on in my office and I was sitting at my desk |
| 1:59.4 | working and heard it live and it was such a |
| 2:02.4 | profound moment that I didn't even hear it when he said it. It wasn't even anything that kind of |
| 2:09.2 | stuck out. So I went back and listened to it again and I would just simply say it was a pretty |
| 2:16.3 | long-winded question, and then that answer was |
... |
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