Later, midnight, January 14, 2021: before President Biden spoke, laying out his $1.9 trillion program to save the country, Dow future were down a bit; after he spoke, futures fell further, faster. It must have been the minimum-wage stuff.
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Ludicrous: CNBC keeps talking about "value" and
"growth" stocks. They need to re-vamp this discussion. Two categories:
legacy industries; millennial industries:
- legacy industries:
- value (JNJ)
- growth (QDEL)
- millennial industries:
- hyper-growth (AMZN)
- ludicrous (TSLA)
- beyond ludicrous (Bitcoin)
The major indices, for the archives:
- Dow 30: +136, at 31,196
- S&P 500: +12, at 3,822
- NASDAQ: +70, at 13,200
- Russel 2000: +35, at 2,147
Selected stocks:
- MAXR: up 28% up $11; trading at $50
- AAPL: down a bit; trading at $130
- CVX: up 2%, trading at $95
- EPD: up about 3/4th percent; trading at $23; pays 8%
- TSLA: up a bit; trading at $860
- GOEV (Canoo): down a bit; trading at $18
- JNJ: up 1.65%; trading at $160
Most under-reported energy story: electricity demand generated by Bitcoin mining.
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Syria: CNBC has a video-report that Jordan has begun vaccinating in Syrian refugee camps. Again, no numbers. Just a video and some superficial reporting, as if the photo-journalist had never seen vaccinations given before.
Unemployment numbers: another day where the unemployment numbers are reported and no one seems to care. Much like the Fed's minutes reported by Steve Liesman. At best there's an immediate reaction on Wall Street to these reports, and one hour later, the report is forgotten.
Biden: prime-time address tonight -- watch for:
- $2 trillion Covid-19 stimulus program
- $2,000 checks -- but more focused than in the past
- college debt: change, delay, waive repayment
- payroll withholding: extend the program initiated by Trump
- focus on minority communities (reparations)
- state aid on loss tax revenue (New York big winner)
- increase in unemployment aid
- another round of financial support for small business
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