Your Weekly Blip 2/12/21

Your Weekly Blip 2/12/21

Stocks closed out the week with a slight gain as the Dow ticked higher by 27 points to 31,458. Trading volume was lower than a snakes belly in a wagon rut. For the week the Dow was up 1%. Both BTS and IBD remain positive on the current market rally.
Disney reported better than expected results yesterday as revenue did not fall as much as feared while net profits easily topped expectations. While theme parks remain under a covid cloud Disney + is picking up subscribers like bees to honey. The streaming service added 8 million subscribers in the quarter and now has 94.9 million paying customers which is above the original target that Disney set 3 years ago and is one year ahead of schedule. Revenue came in at $16.2 billion down 22% while net income fell 79%. Some gurus are suggesting that shares of Disney are too pricey but others anticipate that theme parks and movie theaters will eventually open and that Disney make serious bank on these assets.
Oil prices moved up 5% this week as tensions rose in the Middle East between Iran and Saudi Arabia. Since the Saudi’s are the linchpin for balancing global oil supply the commodity traders are getting a bit nervous given that oil demand has recovered to within 5% of pre-covid crisis levels. Both India and China have already exceeded pre-pandemic oil demand levels and the rest of the world is not too far behind. WTI crude finished the week at $59.60 per barrel.
Well…….its off to a fun filled weekend of camping in the wind, snow and rain with a bunch of lunkhead scouts!