Gold hit a record high in euros, as the one-two punch of a slowing economy and spreading coronavirus fears continue to weigh on stocks.
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| |  Good morning. Gold hit a record high in euros, as the one-two punch of a slowing economy and spreading coronavirus fears continue to weigh on stocks. The metal has been in an uptrend for nearly a few years now, but is still just over $300 away from its all-time highs in dollar terms, and may continue higher even if the coronavirus fears start to wane.
Given the unique nature of a spreading virus, and how markets can price in how virulent it can be—as has happened in the past with outbreaks of Ebola and SARS—markets will eventually price in a new normal. Until then, the recent market melt-up is more likely going to be replaced with more down days than up ones. Unforeseen events like these are exactly why we want to be cautious—even when we want to profit alongside a raging bull market.
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| | |  | DOW 28,531.32 | -1.58% | | | | S&P 3,242.75 | -1.60% | | | | NASDAQ 9,136.31 | -1.92% | | | | | *As of market close | | | • | Stocks dropped heavily yesterday, as coronavirus news over the weekend remained bleak. | | | • | Oil dropped 2.4 percent, closing at $52.88 per barrel. | | | • | Gold rose 0.7 percent, moving to $1,582 per ounce. | | | • | Cryptocurrencies mostly rallied , with Bitcoin rising 3.5 percent to $8,912. | | | | | | | | |
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| Two Companies to Buy On Coronavirus Fears | |
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Every crisis is different. But each has their own playbook. When there's unrest in the Middle East, for example, oil prices will rise.
The coronavirus outbreak is similar to other major contagions that have spread across the world.
That's why markets have slumped so sharply and so quickly. While the outbreaks of other diseases in the past few years have been short-lived, it can still create a lot of uncertainty.
» FULL STORY |
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| Insider Trading Reports: Fastenal Co. (FAST) | |
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Darren Jackson, a director at Fastenal Co (FAST), picked up 18,000 shares. The buy increased his holdings by an even 60 percent, and the total cost for those shares came to $640,000.
All told, the director now owns 48,000 shares.
This is the first insider buy at the company since August. Insider trading data shows a number of insider sales in the final months of 2019, including some C-level executives as well as directors.
» FULL STORY |
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| Unusual Options Activity: AbbVie (ABBV) | |
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February 21st call options with an $87 strike on AbbVie (ABBV) saw a 30-fold rise in volume, going from 104 open contracts to over 3,100.
The trade, expiring in 24 days, is a bet on shares rising about 3 percent from their price near $84.50.
Adding in the $1.65 the option buyer paid on average, the trade will profit the buyer if shares rally closer to 5 percent.
» FULL STORY |
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| TOP | | | ARNC | 5.359% | | | | BLL | 2.822% | | | | AMCR | 2.669% | | | | DHI | 1.983% | | | | CME | 1.792% | | | BOTTOM | | | WYNN | 8.059% | | | | FCX | 7.939% | | | | RCL | 7.588% | | | | LVS | 6.75% | | | | IPGP | 6.693% | | | |
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| China is the biggest driver of global growth so this couldn't have started in a worse place. Markets hate uncertainty, and the coronavirus is the ultimate uncertainty in that no one knows how badly it will impact the global economy. |
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- Alec Young, managing director of global markets research at FTSE Russell, on the coronavirus outbreak in China and why it will likely continue to impact markets for the foreseeable future.  |
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