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Quote of the Day: “There is a time to go long, a time to go short, and a time to go fishing.” – Jesse Livermore

Markets are set up for another positive day as US equity futures are firmly in positive territory following some strong economic data out of Europe that followed a weak Services PMI reading out of China.  The ADP Private Payrolls report for July was just released and came in well short of expectations, rising 167K compared to forecasts for a gain of 1.2 million.  That’s a pretty big miss, but this employment data has been pretty difficult to forecast lately.

Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, key earnings and economic news in Europe and the US, trends related to the COVID-19 outbreak, and much more.


Gold is trading up over 1% this morning and putting the $2,000 level further in the rearview mirror.  Today’s gain represents the 13th positive day for gold in the last 14 trading days as investors rotate into the asset class as a store of value.

In a world that has gone increasingly digital in the last several years, bitcoin has served as a form of digital gold.  In the last year, though, bitcoin hasn’t done nearly as well as physical gold. As shown in the chart below, the front-month gold contract is up nearly 40% over the last year while bitcoin is barely unchanged.

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