Your Tuesday Market Blip 2/4/20

Your Tuesday Market Blip 2/4/20

The markets jumped as virus fears subsided a bit and shares of Tesla surged further as the short squeeze is on. At the closing bell the Dow was up 407 on heavy trading volume at 28,807. IBD now has markets listed as “rally under pressure” but with all the disruption these days you never know. BTS remains on the sidelines however as markets churn in volatile action. The State of the Union speech is tonight.
Google reported earnings which disappointed the gurus and the stock fell almost 3% on the day while the rest of the tech sector surged. The company posted a 17% revenue gain and a 16% net income pop.
The Peoples Bank of China injected $713 billion to stabilize the economy. Meanwhile casinos in Macau have shut down for a couple weeks and rumors are circulating that a factory in Korea has shut down because it gets parts from China and the supply of these has been cut off due to the closure of a component source factory in China. Since the incubation period of the virus is two weeks the gurus are now saying they will need to wait until next week to be able to accurately gauge the effectiveness of all the lockdowns and travel restrictions in curtailing the spread. We shall see.