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Was June 8 "It"?

Daily Rap 06-24-2020

The market opened weaker, the apparent proximate cause appearing to be the increase in COVID-19 cases in Texas, California, etc. Whether that was really the case, it is impossible to say. However, it is possible that the action we've seen since the Nasdaq experienced a peak on June 8 with record volume indicates the functional top of a bear market rally (for reference, you can see what I wrote on June 9, quoting Milton Berg, who summed it up quite well).

Just Summit to Consider Despite the fact that the Nasdaq made another new high yesterday, neither of the other major indices have even come close. Thus, given the record volume, combined with the insane speculative behavior that we've been witnessing (even as the Dow/S&P have sort of labored), it is...more


Last year's posts for Ask Fleck

Q: ...a couples of decades ago I spent $25 grand getting a Wharton MBA and in 1 quant class we spent a week determining how to arbitrage backwardation and contango...so I could have learned easier ways to make more money playing "Twister" or "Candyland"? Damn...

Fleck: What a waste of a week.
(posted: 6/23/2020)


Q: ...NASDAQ 10,000 and some bonehead on the net picking scrabble letters for stock tickers...forget investment theory, economics, monetary and fiscal analysis we know all we really need to know...

Fleck: Epic mania on top of a huge bubble.
(posted: 6/23/2020)


Q: Good morning Bill,
I noticed that Greg Gibson has just joined KL. KL's website says Gibson latest position was CEO at Bonterra. Bonterra's website still lists him as President & CEO. Does the fact that Bonterra has not made an announcement about it's CEO call into question it's management and board decision making. Additionally, they generally provide very limited news flow. Does this concern you as an investor?

Fleck: I'm not sure what to make of him going to KL, but, yes, I'm less keen on BTR and I'd look to sell it on a rally and buy something else.
(posted: 6/23/2020)


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