July 27, 2020
More Free Money
Today, Senate Majority Leader Mitch McConnell unveiled the Republican coronavirus relief plan that would give employees unemployment insurance at 70% of their previous wages.
The proposal would also send direct payments of $1,200 and $2,400 to individuals and couples while setting aside $190 billion for Paycheck Protection Program loans.
Additionally, the bill provides $105 billion to help schools reopen and it includes $16 billion to help states boost Covid-19 testing.
If you’re going to be looking for a way to spend that cash, we think that the EVO Analysts might be able to help you out….
The SPY Is Back
Last week, the S&P 500 (NYSE: SPY) broke back into key resistance at $320. Today, The SPY bounced back and used past resistance as support this is a bullish sign that the market is likely to continue in a bullish way.
EVO has been heavily focused on the key level around of $320. Investors will watch if SPY can bounce off this past key level of resistance and use it as support.
Vaccine Or Money Machine?
U.S. drugmaker Pfizer (NYSE: PFE) and German biotech BioNTech (NASDAQ: BNTX) said they began their late-stage human trial for a potential coronavirus vaccine on Monday as pharmaceutical companies race to win regulatory approval for the COVID killer before the end of the year.
The companies announced that the trial will include up to 30,000 participants between the ages of 18 and 85 across 120 sites globally. If successful, they expect to submit it for final regulatory review as early as October.
On another note, Moderna (NYSE: MRNA) bounced back slightly from its sell off last week as shares traded to $79.91, up 9.15% from Friday’s close. The stock’s implied volatility (IV) is still up there at 106.4, which places it in the 73% percentile rank for the security.
MLB Or NO B
Just days after Major League Baseball began its dramatically shortened season, multiple games have been postponed due to a COVID-19 outbreak among MLB players and staff.
In particular, tonight’s games between the Miami Marlins and the Baltimore Orioles, as well as the game between the Philadelphia Phillies and the New York Yankees has been canceled after at least 13 Marlins players and staff members recently tested positive.
The Phillies had to cancel because they had come in contact with the Marlins during the first games of the season.
The news sent shares of fantasy sports leader DraftKings Inc (NASDAQ: DKNG) down 6.48%, bringing the weekly at the money (ATM) puts up 69.11%.
Did Last Week Not Happen?
Last Friday, the EVO analysts were starting to get a little scared for what might happen this week. While one green day doesn’t make them feel safe, it is a bit reassuring that the market closed higher.
With both Apple (NASDAQ: AAPL) +2.80% and Amazon (NASDAQ: AMZN) +1.54% leading tech up, it seems like investors have already forgotten what happened to Microsoft and Tesla after they reported earnings last week.
However, the fact that gold traded to a record high today is proof that not everyone is comfortable maintaining a bullish outlook in the long term.
At the end of the day, only time will tell what happens.
As always, stay hedged and get those returns.
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