“New Highs For Nasdaq & S&P 500, Jerome’s Testimony, COVID-19, & Sprint + T-Mobile Jump On NY Fed Court Approval”

Tuesday’s trading session saw the Nasdaq and the S&P 500 achieve new highs even though the second half of the session came in a bit after an early morning charge. The S&P 500 closed at 3,357.75, +.17% as the real estate, +1.2%, and the energy, +1% sectors led the charge while the communication sector was off -.4%. The tech-heavy Nasdaq closed at 9,638.94,.11%. The Dow Jones Industrial Average closed at 29,276.34, flat on the day. The Russell 2000 also moved higher by +.59% ending at 1,677.51, +.59%.

Sprint (S) closed at $8.52/share up a whopping +77.5% & T-Mobile US (TMUS) closed at $94.49 up a respectable +11.8% as the federal court in New York approved its merger. Sometimes the best investments or trades are being advertised daily right in front of us.

The FAANG’s finished  abit mixed as follows:  Facebook (FB) closed at $2071.19/share, -2.76%, Alphabet (GOOG) closed at $1508.79/share, +.01%, Amazon (AMZN) closed at $2,150.80/share, +.79%, Apple (AAPL) closed at $319.16/share, -.60% & Netflix (NFLX) closed at $373.69/share, +.71%.

Fed Chairman Jerome Powell gave testimony to the House of Financial Services Committee today and relayed that the U.S. economy is in a “very good place,” and sees that the expansion can continue and went on to downplay the impact of the coronavirus. He will also speak to the Senate Banking Committee at 10 am EDT. on Wednesday, February 12th.

The World Health Organization named the coronavirus disease, COVID-19, which is thought to avoid stigma…I hope they find a treatment…

The “fear gauge” Vix (TVIX) ended at $42.60/share pulling back by -.42% and traded in $40.72 – $42.90.

Economic Reports

On Monday we did not receive any significant macroeconomic data.

On Tuesday, we received the NFIB Small Business Optimism Index Report for January which showed a move up to 104.3. The December Job Openings and Labor Turnover Survey Report confirmed that job openings slid to 6.423M.

Investing & Inspiration

“There are old traders and there are bold traders, but there are very few old, bold traders.”-Ed Seykota

“Let this scenario play out on its own, in its own fashion. As you watch it unfold, you will soon be grateful that you choose the peaceful path. Remember — those who live by the sword, die by the sword.”

“As long as you enjoy investing, you’ll be willing to do the homework and stay in the game.” -Jim Cramer

“I rarely think the market is right. I believe non-dividend stocks aren’t much more than baseball cards. They are worth what you can convince someone to pay for it.” -Mark Cuban

“Michael Marcus taught me one other thing that is absolutely critical: You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money.” -Bruce Kovner

“The policy of being too cautious is the greatest risk of all.” -Jawaharlal Nehru

“The only true test of whether a stock is “cheap” or “high” is not its current price in relation to some former price, no matter how accustomed we may have become to that former price, but whether the company’s fundamentals are significantly more or less favorable than the current financial-community appraisal of that stock.” -Philip Fisher

“I learned to avoid trying to catch up or double up to recoup losses. I also learned that a certain amount of loss will affect your judgment, so you have to put some time between that loss and the next trade.” -Richard Dennis

“The four most dangerous words in investing are: ‘this time it’s different.” -Sir John Templeton

“Money doesn’t make you happy. I now have $50 million but I was just as happy when I had $48 million.” -Arnold Schwarzenegger

Tomorrow

Tomorrow’s significant economic data report schedule will include the following:

• The weekly MBA Mortgage Applications Index &
• The Treasury Budget for January

A few notables that many of you may own that will be reporting their earnings this week:

• Cisco Systems, Inc. (CSCO)
• UnderArmour (UAA)
• Nvidia Corporation (NVDA)
• PepsiCo, Inc. (PEP)
• Kraft Heinz Co (KHC)
• Alibaba Group Holding Ltd (BABA)
• Roku (ROKU)