However, the S&P fell just short of making a new record close. While it traded above 6,090 much of the day, the last half hour of the session saw serious selling. Thursday morning's stock futures aren't holding out much hope for a rebound. The post-inauguration high seems to be fading, which would make sense. Not a lot of what President Trump has done in his first three days in office have been particularly stock market favorable. If anything, Trump's first few days might be best characterized as "stock market neutral."
Markets are still unaware of what Trump's trade and economic policies will encompass. He's been fairly tight-lipped this first week of his presidency about China, Canada, tariffs, and a host of other issues. Perhaps today's speech to the assembled liberal hangovers at the WEF in Davos will provide some clues.
According to Axios and other sources, President Trump will address the World Economic Forum via a virtual broadcast today, Thursday, January 23rd, at 5:00 pm Davos time.
Since Davos, Switzerland is six hours ahead of the U.S. in terms of time zones, Trump's address should begin at 11:00 am ET. That's likely to cause markets to slow roll the morning and react to anything the President might say that has impact, but it's more likely that Trump's speech will be mostly rhetorical and devoid of actionable detail. It would be nice if he chided the globe-trotting snobs at WEF over some of their policies concerning Ukraine, the climate change scam, high taxes, and disregard for the rule of law, especially concerning elections. Should be interesting.
Outside of President Trump making headlines, a few companies have reported earnings this morning. Maybe the most notable was American Airlines (AAL), which, reported adjusted earnings per share of 86 cents, excluding nonrecurring items, up from 29 cents a share from a year ago. Analysts surveyed by FactSet were looking for earnings of 66 cents a share.
Revenue grew to $13.7 billion from $13.06 billion in the same period last year, but the stock is getting slaughtered in pre-market trading, down more than five percent after the company projected a first quarter loss of 20 to 40 cents per share.
A half hour before the open, stock futures are trending lower, with NASDAQ futures holding below -100 points, though Dow futures are sporting a modest gain. Gold and silver are down (big surprise!), oil continues to slowly leak lower, and bitcoin has also lost momentum, trading between $101,000 and $102,500.
At the Close, Wednesday, January 22, 2024:
Dow: 44,156.73, +130.92 (+0.30%)
NASDAQ: 20,009.34, +252.56 (+1.28%)
S&P 500: 6,086.37, +37.13 (+0.61%)
NYSE Composite: 19,827.62, -65.97 (-0.33%)
Today's note to the wise: Beware of bubble-era stock touters, because, in bubbles, practically anybody can find stocks that are going to go up, even crackpots like Nick Giambruno.
Here are some specific stock recommendations made by Nick Giambruno over the past few years:
One of his top picks in the Bitcoin mining sector is Hive Blockchain Technologies Ltd. (HIVE). He has highlighted this stock for its potential to outperform Bitcoin itself. Well, it hasn't. In 2021, HIVE hit a high over $26 per share. It's currently trading under $4.00.
Uranium Stocks: Giambruno recommended Ur-Energy Inc. (URG) as a potential investment in the uranium sector, anticipating a new bull market. URG is a penny stock. It peaked at $2.00 in February, 2024 and is currently trading at $1.23.
Marijuana Stocks: In 2018, Giambruno suggested investing in Canopy Growth Corporation (CGC), which he referred to as the "Amazon of Pot." It's not. Giambruno must have been smoking some good stuff. CGC rocketed to $429 in February, 2021. Today it's trading for $2.23.
Defense Supplier Stocks: In 2019, he recommended Kratos Defense & Security Solutions Inc. (KTOS), predicting significant growth due to trade war tensions. In 2019, KTOS traded between $14 and $22 per share. In 2020, it fell to as low as $10, and today is above $34. Giambruno actually did OK with this one, but what stocks haven't doubled since 2020?
Nick expects people to shell out a lot of money for monthly picks. He probably gets a few suckers a month to pony up, whch pays the bills and keeps his name out there. Overall, however, he's got no more insight on stocks than the average sixth-grader. Essentially, he's a fraud, and there are many others out there, just itching to get at your money. Don't do it. Educated yourself and make your own choices.
Here's a bit of Giambruno's pitch:
Financial Underground: SPECULATOR$2,499.00 / year
Financial Underground: SPECULATOR is our premium investment research publication.
At Financial Underground: SPECULATOR, we find lucrative investment opportunities in overlooked and misunderstood markets. We specialize in uncovering unstoppable trends ahead of the crowd and getting positioned for outsized profits.
Every month, renowned speculator and international investor Nick Giambruno will send you a new issue delivered to your email inbox.
It’s a perspective you won’t find anywhere else - certainly not in the mainstream financial media nor any other financial newsletter or research publication.
In short, we are more interested in getting the Big Picture right than gambling with short-term trades in rigged markets.
What a crock.
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