Your Monday Market Blip 5/18/20

Your Monday Market Blip 5/18/20

The stock markets surged on news of a potential virus vaccine and a positive 60 Minutes interview with Fed Chair Powell. At the close the Dow jumped 911 points to close at 24,597. Trading volume was heavy. IBD still has markets listed in rally mode even after last week’s thumping.
Oil prices continue to move higher which is not good news if you own a Suburban. West Texas Intermediate (WTI) futures for June delivery jumped 8% and settled at $31.82 per barrel. Supply cuts combined with more states reopening along with countries around the globe put a significant dent in the supply demand imbalance and are starting to alleviate storage concerns. Phil “Fearless Freep” Flynn at Price Group expressed concern over a possible shortage of gasoline because US refiners are not ramping up production to keep pace with rising demand.
US biotech Moderna reported on its Phase 1 vaccine trial saying all 45 patients developed antibodies in the early stage trial. While this is good it is a small sample size. Heck even our local boy scout troop has more than 45 people. Another company called Sorrento Therapeutics said its antibody treatment showed a 100% cure in lab tests of cells. Shares of both companies were higher on the day.
In sad news the Boy Scout Troop 100 this weekend had to cancel summer camp in Oregon at Camp Meriwether. A collective groan rose from the ranks of the home bound lunkheads and I don’t blame them. They are going nuts. We are having a meeting tomorrow to discuss it. I might have to take a load of scouts to Lake Chelan as a backup trip where we would hike in the hills, rent jet skis and most likely vent some of that pent up energy on the poor town of Chelan.

Comments are closed.