11Jun10:45 amEST

Open for Business; Customers a Different Story

As we saw with this morning's jobless claims it may be a bit presumptuous to declare that unemployment has already peaked for this cycle. Even as businesses reopen across the country, therefore, the issue of whether consumers are in a full-blown spending mood after some initial pent-up demand to celebrate life and summer remains to be seen. 

So what is there to do with the Dow down 900+ points as I write this amid small caps, banks, and airlines threatening to roll back over after some recent "laggards' rallies," you might ask? 

Well, there is always the concept of sitting on one's rear end at home during a downturn and watching Netflix. 

As you can see on the NFLX weekly chart, below, the leader is remarkably green and unperturbed so far this morning by broad market weakness. The weekly bull flag pattern looks explosive if Netflix can sneak through the bear claws reappearing for the first time in a while. 

In addition, we are eyeing a few shorts with Members, and on the long side we also want to see gold hold its own amid the chaos this morning. 

Stock Market Recap 06/10/20 ... A GDP Play, Socially-Distant...

 
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