July 20, 2020

Aw, Snap

Shares of (NASDAQ: SNAP) fell as much as 11% before rebounding after the social app announced better revenue, in-line adjusted losses while declining to provide a forecast. The company lost $326 million, or 23 cents a share, compared with a loss of $255.2 million, or 19 cents a share, in Q2 of 2019.

Snap has always had an issue with its advertising business model. Today, investors are shown once again that SNAP is still hurting. 

Off To The Races

$SPY finally broke through the $320 resistance. Investors have bought in as SPY pushed up but as the day continued the market came right back down.

Now investors will watch and see if SPY can break its previous high of $330.