Your Tuesday Blip 9/22/20

Your Tuesday Blip 9/22/20

Stocks recovered from yesterday’s selloff with the Dow up 140 points on lighter trading volume to close at 27,288. Tech stocks reversed higher led by Amazon while Tesla pulled back about 5%. Banks stocks were lower today all while consumers continue to hoard cash like no tomorrow. Morgan Stanley now estimates that US consumers have socked away over $12 trillion in cash as economic and political uncertainty keeps people in a low risk mode.
Its Battery Day at Tesla! In a highly anticipated event that is expected to showcase innovations designed to keep the company in the lead of the emerging EV and energy storage business. Elon Musk last night tweeted that new ideas unveiled today however will not see production until 2022 because of the challenges of going from the lab to mass production. He also said that current suppliers like Panasonic will be kept going full bore and that any internal Tesla battery production will be added to what Panasonic and others are doing and is needed in the future to meet rising demand.
U.S. home sales surged to their highest level in nearly 14 years in August as the housing market continued to outperform the broad economy. The National Association of Realtors said on Tuesday that existing home sales increased 2.4% to a seasonally adjusted annual rate of 6 million units last month, the highest level since December 2006. Data for July was unrevised at 5.86 million units. Last month's increase in homes sales matched guru estimates.
Last night I took part of an Eagle Scout board of review. Troop 100 in Ballard has just crowned its 166th Eagle Scout. Its nice to see lunkheads become fine young men.

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