Daily Covid and Markets - Tuesday August 11
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 11 August 2020
⏱️ 13 minutes
🔗️ Recording | Apple Podcasts | RSS
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Summary
Market futures were screaming higher yet again when I woke up at 3:30am PT this morning, and if the headlines were to be believed (they often aren’t in financial media), it was because the market was reacting to Russia’s claim to have a working vaccine for COVID-19. The market opened 300 points or so, stayed up most of the day, but then sold off late in the day (dropping from +300 to -100).
The Nasdaq and Big Tech were actually down all day today, even when the Dow was up 300, and the Nasdaq ended off 1.7% today. Energy, Financials, and REIT’s were still positive on the day. The market was not rallying on Russia vaccine news, in case you were wondering, and today was an extremely mixed bag of conflicting signals and confusions. COVID Health Information
• So speaking of that Russian vaccine registration, here are the facts. First, we are talking about Putin and Russia. Let’s just leave that out there as the fact on which all other facts sit. Second, the registration is conditional; trials are actually still ongoing. Third, production has not yet begun. Fourth, no trial details or doctor/scientist reports have been released, let alone peer-reviewed. Fifth, would you take this vaccine?
• The total number of Americans hospitalized WITH COVID-19 (which is categorically different from being hospitalized BECAUSE OF COVID-19) has dropped to below 50,000 people nationwide.
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. |
| 0:12.6 | Hello and welcome to today's COVID and markets podcast. It is Tuesday and I'm going to walk us through the market first and then go through some of our daily |
| 0:21.2 | COVID info because it actually was quite an interesting day in the market. |
| 0:24.5 | If you haven't been paying attention, the market was up seven days in a row, which is just |
| 0:29.5 | stunning. |
| 0:31.6 | And the rally not only was, you know, long in terms of market indices going up that many days in a row. |
| 0:39.2 | You recall that it had really been quite rare to even get three days in a row up until just recently. |
| 0:45.7 | And then to have this kind of winning streak is historical in any context, little alone right now. |
| 0:52.0 | But actually, you know, eight looked like a foregone conclusion that we |
| 0:55.8 | would actually have an eighth day in a row earlier today because the market was up 350 points |
| 1:01.5 | shortly after the open. And yet the market petered out near the end of the day and in fact closed |
| 1:07.6 | down about 100 points, which wasn't that big of a deal in the Dow, |
| 1:18.6 | although the NASDAQ was actually down, I think, 1.7%. So quite a significant percentage move for big tech, Dow down a little, but actually from its |
| 1:24.7 | intraday high quite a bit. |
| 1:26.7 | Now, look, there's this talk that, oh, the market was, |
| 1:29.3 | I was up at 3.30 this morning to headlines of market rallying in the futures on Russia vaccine. |
| 1:35.6 | And I don't really know what to tell you. |
| 1:39.3 | Very quickly on that Russia vaccine front, maybe you can tell me if you would take it. |
| 1:46.7 | Okay, we're talking about Putin, first of all. |
| 1:51.6 | The registration that they've applied to it is conditional. |
| 1:56.2 | The trials are actually ongoing. |
| 1:59.3 | So it's sort of like they approved a vaccine before it was tested and ready. |
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