Look out, Amazon! David Dennison is on the loose!
Earlier today, Bespoke Investment Group noted that “Turnaround Tuesday” is actually a thing. To wit:
If we only look at average weekday returns when the day was preceded by a +1% down day, Tuesdays have posted the strongest gains at 0.21 percent.
And look, that might well be borne out today, but because we’re cynical, opinionated bastards over here at Heisenberg Report, and because some mornings we just can’t get enough of the Trump humor, we weighed in on “Turnaround Tuesday” as follows:
"Turnaround Tuesday"… lol.
Trump is somewhere thinking: "oh is that right? ok, well let ol' Dennison think for a few minutes on this Amazon 'problem' and he'll let you know whether it's safe to buy this dip."
— Walter White (@heisenbergrpt) April 3, 2018
Note the timestamp.
Fast forward exactly 17 minutes and “heeeere’s Johnny!”
I am right about Amazon costing the United States Post Office massive amounts of money for being their Delivery Boy. Amazon should pay these costs (plus) and not have them bourne by the American Taxpayer. Many billions of dollars. P.O. leaders don’t have a clue (or do they?)!
— Donald J. Trump (@realDonaldTrump) April 3, 2018
He can’t let it go, and he’s not going to let it go, even after sending the stock careening to its worst day in over two years on Monday on the way to tanking the entire market.
And as for the broad market, both futs and cash S&P dipped below their 200-DMA (again) on Trump’s Amazon tweet. Do note the cryptic “or do they?!” at the end of that latest absurd broadside.
“Or do they?”
[to be continued…] https://t.co/TxKXJSEb2b
— Thornton McEnery (@ThorntonMcEnery) April 3, 2018
Meanwhile, it’s worth noting that the average of the tech heavyweight VIX equivalents is at a two-year high (of course you already know this if you follow L.K.):