DailyPlay Update – Earnings Season – April 17th, 2020
Market Overview: Markets were flat yesterday despite U.S. Jobless claims reaching a record of 22 million. Oil prices dropped as global demand for oil is forecasted to drop by 6.8 million barrels a day in 2020 with the sharpest drop in April. Liquidity continues to improve with over 190 symbols on our Liquidity Tracker. Earnings season is coming in full swing with banks starting off. Morgan Stanley, J.P. Morgan, and Wells Fargo all posted a decline in profit. Keep an eye out on upcoming earnings by using our Earnings Calendar.
DailyPlay Update: We maintain holding our short positions in AMD, GM, NKE, SQ, SPY hedge and INTC, GLD, GILD long until we can establish that the market has bottomed.