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“It is said that good things come to those who wait. I believe that good things come to those who work.” – Wilt Chamberlain
59 years ago tonight, Wilt Chamberlain set one of the greatest records in sports by scoring 100 points in a single game against, who else, but the New York Knicks! One often overlooked aspect of the 100-point game was that Chamberlain also set the record for most free throws made in a single game with 28 in 32 attempts even as his career average was closer to 50%. The most amazing aspect of the record, though, is that it wasn’t televised and there’s no video footage. There weren’t a lot of witnesses to it either as the Hershey Arena, where the game was played, was half empty that night, and there was no one from the New York Press even at the game.
In some ways, the night of March 2, 1962, was a lot like the market and investing. It’s usually the little things that often get overlooked (like free throws) that make a big difference in performance, and the biggest moves usually come when nobody is expecting them.
Be sure to check out today’s Morning Lineup for updates on the latest market news and events, earnings reports from around the world, an update on major market trends in Asia and Europe, an update on the latest national and international COVID trends, including our series of charts tracking vaccinations, and much more.
Monday was an encouraging day for the Nasdaq 100. After closing out last week below its 50-day moving average (DMA), there was a decent amount of concern on the part of the bulls over the weekend. Yesterday’s rebound, though, helped to put those concerns at ease, and the longer QQQ can hold above its 50-DMA, the more emboldened the bulls will become.