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“It’s not supposed to be easy. Anyone who finds it easy is stupid.” – Charlie Munger

Morning stock market summary

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

Crude oil is back below $90 this morning after President Trump suggested that a deal with Iran could be reached in the next 2-3 days.  Equities are rallying as well with SPY up 40 bps pre-market and QQQ up double that at 80 bps.

Semis, AI, and quantum names are dominating the list of pre-market winners as investors rotate back into the areas that got hit hardest late last week.

After a 4%+ drop on Friday, the Nasdaq 100 (QQQ) rallied back 1.5% yesterday to start the new trading week.  As shown below, the intraday range yesterday looks tiny compared to the huge red bar seen Friday.  QQQ still needs to gain 3.3% just to get back to its closing level last Thursday.

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