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WFC
Something’s Gotta Give
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The trade we opened at the beginning of the week on Wells Fargo & Company (NYSE: WFC) did not bounce as anticipated.
We are going to exit and preserve capital for trades we have coming up.
Here's what to do...
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As I write this, markets are down from morning highs as traders weigh the potential for another round of coronavirus-related stimulus. When the dust settles, I think we'll see another round of stimulus, it's just a matter of "when" and which side of the political aisle gets to take the most credit.
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Yesterday's session gave us all something to be thankful for: The Dow crossing the 30,000 mark.
While that's mainly of psychological significance, it's a good thing that the Dow held above the 30,000 mark at the close. As I write this though, Dow futures are below 30,000 once again.
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Last Week May be an Omen; Watch Out
Last week was brutal.
Not just because of surging COVID spikes across Europe, or because the U.S. registered almost 100,000 new COVID cases on Friday alone, bringing the total number of infected Americans to more than 9,000,000.
Not just because oil prices collapsed. Or that the Dow fell 5.5% on the week, the S&P fell 5.6%, and the Nasdaq Composite fell 7.1%.
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In last week's Total Wealth, on Tuesday after the Labor Day weekend, I warned the previous week's selling storm which started on Thursday, immediately on the heels of record new highs for the S&P 500 and Nasdaq Composite on Wednesday September 2, 2020, had not yet passed.
And true to forecast, we saw more selling last week, but it wasn't as bad as it could have been.
We ended the short trading week down 1.7% on the Dow Jones Industrials, down 2.5% on the S&P 500, and down 4.1% on the Nasdaq Composite.
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Good morning!
Last Friday, we scored a 48.18% profit on the remaining half of our Alteryx Inc. (NYSE:AYX) recommendation after the company reported Q2/2020 results.
For the quarter, the company reported non-GAAP earnings of $0.02 per share, which beat the Zacks Consensus Estimate by 114.3% and jumped 100% year-over-year.
Revenues for the quarter increased 17.3% year-over-year to $96.2 million and surpassed the consensus mark by 2.4%.
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Markets, equity markets in particular are at an incredibly vulnerable place, today and all this week. What happens, which we'll find out on or before Friday's close, could make or break the market.
Today, the CEOs of Apple, Amazon, Facebook, and Google are in the line of fire as they face, virtually, the House Judiciary Antitrust Subcommittee.
The big deal today will be about what those mega-cap Tech Kings are asked and how they answer.
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With markets working themselves higher last week, higher since the March lows, higher forever for the Nasdaq Composite, you could say the good news is behind us and what's up next will be weightier.
When I say good news, I'm not talking about the bad news all around the country showing dramatic and frightening coronavirus spikes, I'm talking about most of the economic indicators coming out ahead of analysts' expectations over the past four weeks. Not all of them mind you, but most of them.
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