Clearly in catch-up mode, the NASDAQ could reach the promised land with another reasonably good advance or two. It has lagged the other main indices since mid-February, only briefly entered correction territory and is again showing signs of speculative excess.
Elsewhere, gold and silver enjoyed a rare upside flight, with gold moving higher by $18.20 by the New York close, at $1755.80, but it gave more than half of that back in overnight trading on the COMEX. Silver closed at 25.44, up 34 cents on the day. It also had priced lower overnight.
Academy Sports & Outdoors (ASO) 29.05, -1.73 (-5.62%), got taken down a peg or two, as expected, but the anti-hedge followers at reddit group, r/wallstreetbets, have clambered into the breach, pushing the stock back up to 31.00 in pre-market trading. It's up +1.95 (6.71%) overnight, turning JP Morgan's block trade of nine million shares into a whole new clown show. While the redditers may have noble intentions of creating a level playing field in the markets, all they're really doing is pushing select asset prices to even more extreme levels and causing distortions, effectively blowing an even bigger bubble.
While Joe Biden was issuing controversial executive orders to restrict gun ownership, Tennessee Governor Bill Lee signed a bill which recently sailed through both houses of the state legislature to allow adults over 21 to carry - open or concealed - handguns without the need of a permit or gun safety training.
That makes it an even 20 states with so-called constitutional carry.
Here's the list in alphabetical order:
Have a fun Friday!
At the Close, Thursday, April 8, 2021:
Dow: 33,503.57, +57.27 (+0.17%)
NASDAQ: 13,829.31, +140.51 (+1.03%)
S&P 500: 4,097.17, +17.22 (+0.42%)
NYSE: 15,886.56, +47.76 (+0.30%)
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