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Liftoff For Lyft

Daily Rap 03-29-2019

The market was modestly higher early on, led by the Nasdaq, which gained about 0.5%, as folks appeared to be infatuated with the combination of the end of the quarter and the anticipated launch of Lyft. After being priced at $72 a share, it opened at $87, and from there it traded down to about $80.

In the afternoon, the indices pushed a little higher as of about 30 minutes to go, when I had to leave.

Away from stocks, green paper was mixed, fixed income was lower, and the metals bounced back with silver gaining 0.75% to gold's couple of dollars, while the miners were mixed.

Positions in stocks mentioned: none.

Last year's posts for Ask Fleck

Q: I know you still like PVG. Do you think Jan 2021 calls offer a long enough time frame to capitalize on a gold rally and improvement in perception of their business?


Fleck: Yes, I sure do.
(posted: 3/29/2019)

Q: Hi Bill - ALL the precious metals complex is getting uniformly ' shellacked ' . - Badly hammered . WHY ? - Is the Dollar THAT strong today ?

Fleck: It isn't the dollar, it is the collapse in palladium that triggered the avalanche, IMO. Exactly why, I can't say.
(posted: 3/29/2019)

Q: Hi Bill,

On the inflation subject: The story about people living in RVs is doing the rounds again:

RV Living

None of the commentators make the connection that this is a result of money printing.

Furthermore, as more people abandon traditional housing and move into RVs, the 'owners equivalent rent' portion of the price inflation calculation will be 'subdued' thus there is no inflation. In California there are now 1.7 million people who pay more than 50% of their income on rent.

This is so maddening!

Fleck: Yes, it is.
(posted: 3/29/2019)

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