Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Testy Tuesday – Back to the 10% Line on S&P 500

3,135 or bust! 

That's the mantra of the day as the S&P 500 tests our 10% level, again.  As you can see on the chart (click to biggerize), we bounced right off the 200-day moving average at 3,011 last week and we consolidated for 2 days and now we're going to take another run at the 10% line but I doubt we make it today – unless more stimulus is announced and that happens every other day anyway.

You wouldn't know we need stimulus in DelRay Beach, where I live, as the restaurants are packed and the streets are crowded.  That's why Florida has added 1,300 new virus cases per day in June and 1,700 yesterday (so it's accelerating) and there's 30 days in the month so maybe 45,000 new cases is half as many cases as all of China's total in a single month and la di dah – NO ONE FREAKIN' CARES!!!

WTF is wrong with you people?  I mean really!  Florida already has 77,326 Covid patients so 45,000 more puts us well over 100,000 – and Disney hasn't even opened yet – what a party that's going to be!  Please people, fly from all over the World to the airport in Orlando and let's re-infect every country from Florida's petri dish!

So far (it takes time to go critical), 12,015 of the 77,326 infected people have had to be hospitalized so I guess this is a make-work program for hospitals or is our goal to save the Social Security Program by eliminating the recipients?  Before the re-opening, Florida had 700 new cases per day so, for you Fox fans, 1,700 per day is more than that.

This is what I keep telling you guys – re-opening is a disaster when you haven't actually controlled the virus!  We are starting the re-infection process from a MUCH larger base than the 15 us cases we had when the virus first began spreading here in February and now we're STARTING AGAIN but from a base of hundreds of thousands of actively infected people standing next to you in the supermarket.  How do you THINK that is going to go?

The US leads the World with 2M of the 8M infections but Brazil is catching up to us with 888,271 followed by 544,725 in Russia, 343,091 in India and 298,315 in the UK – ALL countries run by populist leaders who "go with their gut" and ignore the scientists.  Great job team Apocalypse – 4 more years!!!  

As you can see from the chart, infections are going parabolic again and nobody seems to notice, nobody seems to care… I literally feel like an idiot talking about it because I seem to be the only person who thinks it's bad to allow this virus to continue to spread with only the smallest of effort being put forth by our Government to contain it.  

The ECONOMY, on the other hand, they HAVE to save but save our citizens from the virus – not so much.  Corona infects and kills twice as many poor people as rich people and that's easy to understand as I, for example, only shop in Whole Foods, where they are fanatical about keeping it clean and safe and I only dine outside at very nice (and not crowded) restaurants which I feel are taking extra care to be careful – I can afford to make those choices, others cannot.  I don't have to take a public transportation, I don't live in a crowded place, I can afford good PPE equipment – of course the rich are less likely to get infected and we can afford the best care if we do get infected while many of our fellow citizens have no care at all.

Still, unless something worse happens (and whatever happened to poor Dr Fauci, by the way?), Americans have gotten used to dying by the thousands every day (how do you think we got to 116,127 deaths in 3 months?) for the cause of Capitalism so let's enjoy it while we can (or until we run out of citizens). 

Cartoons

We'll see how the S&P holds up at 3,135.  As long as we can stay over 3,000, the 50 dma will continue to climb and then we're about two weeks away from a bullish cross over the 200 dma and the market would officially be back on a bull track.  I think $1.5Tn ought to get it done….

Powell is speaking to the Senate at 10, I have no idea why the Futures think that's going to go well…

And we have a 20-year Bond auction tomorrow – that will be interesting and Powell speaks to Congress just ahead of that (12) and that too, will be interesting because he has to scare some people into bonds or the auction could be a disaster.  

 


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!



Comments (reverse order)


    You must be logged in to make a comment.
    You can sign up for a membership or log in

    Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

    Click here to see some testimonials from our members!


  1. A literal Top of the Morning/Market to you all … biggerize is now my new favorite word. 


  2. Good Morning.


  3. JPH/Phil/Solar Panels (from yesterday's post)

    great bit of advise and important to know it before you engage in this.

    jph… unfortunately I am in MA else it would have been very helpful.

    appreciate your inputs.

    regards


  4. Phil, your report is astounding. I have lived in FL. for 10 years of my life, and there are a lot of older people. That they are so relaxed about corona is amazing. Look at Sweden, they have a similar attitude, and the infection rate is very high only now they are worried about their way they have handled corona so far.
    Corona is still the same as the first day it started. Until we find a useful vaccine, there is no change in the situation. Just my small opinion.


  5. Good morning. Just a little hint of what's happening with the airlines. We have a classmate flying in from the Netherlands for a high school reunion this fall and she notified us that all flights were canceled from Europe to the US. So now comes the fight to get $ back. It seems a coordinated effort to get everyone's money upfront and then shaft them with giving "credits." It happened to me and I could get NO resolution with DAL or Axp and the so called "insurance?" Nothing but a rip off. I sure won't book a flight commercially again unless it is last minute.


  6. Big Chart in real-time with today's prices!


  7. The Fed has basically said that they can expand their balance sheet to infinity and buy, buy, buy whatever the market is selling. These guys don't care about fundamentals! P/E at 55 – BUY, no profits – BUY, bankrupt – BUY, junk bonds – BUY….

    Dow 50,000 here we come!


  8. that kudlow on tv saying we have the apparatus to manage outbreaks so nothing to worry about I wonder if he can taste trumps golden toilet when he speaks.


  9. Covid/cavalier/CA

    It's not just Florida where people are in denial.

    Pistoling/Avilla beach in Central CA this Sunday…saw almost no masks and people milling about without a care, young and old.

    I have a great pic of a young gal serving shaved ice and things to a line of customers…no mask! If she is infected, watch out a couple hundred people!

    Phil May be wrong about worrying about infections….no one else is concerned! And now we just reduced our chance of dying by a 1/3….carry a little dexamerhasone around with you!


  10. Maya/steroids – wait, what? Now we're using steroids? Before we're hospitalized, or is this just the usual ARD protocol?


  11. Maya/roids – many years ago, some friends and I did an RCT of altitude sickness prevention. The usual acetylzolamide vs. dexamethosone vs placebo. Ran a bunch of nurses & physicians up Mt. Rainer. The dex worked better, the diamox gave people headaches even before they got on the mountain. When we went to publish it, a couple of reviewers said, well yeah, they feel good – they actually have altitude sickness, but they don't care because they have a steroid high! Heh!


  12. SJ, we will never see rates rise again. Mathematically it CANT happen. CBs will forever have a hand in the markets.


  13. Roids/Snow

    so true! Have seen people 'high' on hypoxia in non pressurized planes..


  14. Roids/Maya – maybe Trump will try roids now that he's done plaquel and insulin. Can't wait to see Sarah Cooper's take on that!


  15. You are right Kustomz! People here used to bet on TBT thinking that rates would have to go up eventually but they have not! Look at Japan… We are all Japan now. Debt that will never get repaid, balance sheets expanding to infinity! It should not end well but it might be well after I don't care about the markets anymore.



  16. What happened? /ES from 80 to zero up to 50 again. Did the clown get a golf ball in his eye?


  17. Thanks, 1020 – okay, I'm not a clinician, but I would've thought some sort of steroids would be standard treatment (and dex is as good a choice as any) for ARDS. Hmm.


  18. Apparently, the CDC and WHO amongst others suggested, in the beginning, to not use steroids as a treatment….


  19. Phil/All – how do we long-term protect against a declining dollar?

    malsg – I was reading Narnia to my daughter and came across "breakfasted." It's a favorite word candidate:

    After we breakfasted, we went for a walk.


  20. Good morning!

    Wow, this market is incredible.  So glad we had hedges so we didn't feel forced to sell our longs though now we're back to where I feel maybe we should cash out again.  LTP $880,425 and STP $522,355 so $1.4M now – another great week of doing nothing!

    3,135 rejected so far.

    Good article, Snow.

    Airlines/Pirate – That happened last week or so?  AXP doesn't help?  That's BS!  

    Big Chart – Back to the more aggressive one, I guess…

    50,000/StJ – And then falling back to 40,000 will be a "crisis" that requires another bailout only that one will cost $20Tn to prop up wall st.  Well, better buy stocks, I guess….


  21. Sorry, forgot to hit send before on the first comment.  

    Declining Dollar/BDC – Just buy stocks, you buy stocks with Dollars so blue chips charge and make more (inflated) dollars as inflation goes higher.  Let them manage the nonsense for you – some of the best currency traders in the World work for Coca-Cola.


  22. Solar panels/pat – I am now in MA as well, and with the rebates, the panels (while not San Diego where I previously was with solar on our house) should be well worth the cost.  I figure the solar will pay for the air conditioning in the summer….and help a little in the winter.  Roof needs to be clear of trees…as there are more here than in SD!  


  23. pat – I'm in San Diego and as Pharm stated, it can cover most of your electricity costs from day one. Including air conditioning and all other electrical needs for 4 in a 3800 sq.ft. home, my total cost for the year is less than 1k.

    Trees and the orientation of your home to the sun will be important and don't go bananas with more panels than you need. A reputable contractor will consider your previous bills and your use before recommending the number of panels you will need.  :)


  24. I'll admit, having the panels encourages me to keep a lower temp in the house during the summer, otherwise, I may not owe the power company a dime… ;)


  25. And, BDC, don't forget our Stock of the Year:

    That was an easy pick.

    ROFL – I told you, here's an extra Trillion to get you through the rest of June.

    • A fourth stimulus bill reportedly under consideration by the White House could contain more measures than just spending on infrastructure, according to Fox Business.
    • The White House “is in ‘deep discussions’ (for a) 4th stimulus of $1 trillion-plus,” Fox’s Charlie Gasparino tweeted. “Infrastructure likely part of bill. Other measures: State aid; liability protection; unemployment extension. Administration also pushing ‘return to work incentives’”.
    • Bloomberg reported earlier that a $1 trillion stimulus bill was under discussion, citing people familiar with the plan, which would include money for roads, bridges, rural broadband and 5G infrastructure.
    • The report of a further stimulus plan helped Wall Street jump at the open, although investors would be forgiven for being skeptical. Hopes of potential infrastructure bills have been consistently dashed in the past few years, despite both sides of the aisle expressing support for such spending.

     

    • Gainers: ClearSign Technologies (NASDAQ:CLIR+171%.
    • Urban One (NASDAQ:UONE+116%.
    • Mid-Con Energy Partners (NASDAQ:MCEP+84%.
    • IDEAYA Biosciences (NASDAQ:IDYA+69%.
    • Wah Fu Education (NASDAQ:WAFU+49%.
    • NTN Buzztime (NYSEMKT:NTN+33%.
    • ClearOne (NASDAQ:CLRO+29%.
    • Koss Corporation (NASDAQ:KOSS+29%.
    • CPI Aerostructures (NYSEMKT:CVU+28%.
    • Net Element (NASDAQ:NETE+28%.
    • Losers: The9 Limited (NASDAQ:NCTY-29%.
    • Chesapeake Energy (NYSE:CHK-19%.
    • China HGS Real Estate (NASDAQ:HGSH-19%.
    • Birks Group (NYSEMKT:BGI-17%.
    • Brickell Biotech (NASDAQ:BBI-16%.
    • Monaker Group (NASDAQ:MKGI-16%.
    • Genius Brands International (NASDAQ:GNUS-14%.
    • XTL Biopharmaceuticals (NASDAQ:XTLB-14%.
    • BioCardia (OTCQB:BCDA-13%.
    • Wins Finance Holdings (NASDAQ:WINS-13%.
    • The number of hospitalized COVID-19 patients in Texas has risen to 2,518, up 66% since Memorial Day, although the number represents only 0.009% of the population (29M) there.
    • The state was one of the first to relax its sequester-at-home rule which expired on April 30.
    • At least 10 states are reporting increases in said hospitalizations, a metric medical researchers use to gauge the severity of the pandemic.
    • Public health officials are watching the trends closely, hoping that the coronavirus does not mutate into a more virulent pathogen before a vaccine becomes available, expected to be in Q4 at the earliest.
    • Chevron (CVX +3.3%) and Royal Dutch Shell's (RDS.A +1.8%) upstream portfolios are the most resilient at $30/bbl Brent crude, while Exxon Mobil (XOM +2.6%) is least resilient, among the seven global oil majors, according to analysts at Wood Mackenzie.
    • Chevron and Shell also offer the highest cash margins at $70/bbl, and neither portfolio has much exposure to high-cost assets, the analysts say, noting that Shell sold most of its oil sands in 2016.
    • BP's portfolio also performs "well" at $30/bbl, helped by large domestic gas projects in Egypt and Oman, according to the analysis.
    • But for Exxon, "the problem is its exposure to high-cost, low-margin assets, principally oil sands but also other areas such as Alaska," WoodMac says. Exxon "owns 60% of the majors' 30 lowest margin assets by production at $30/bbl," including Kearl, Cold Lake and Prudhoe Bay.
    • Alcoa (AA +4.4%) pushes higher along with most raw metals names, despite a Deutsche Bank downgrade to Hold from Buy with a $10 price target, citing limited free cash flow and an oversupplied aluminum market.
    • Deutsche Bank's Chris Terry sees "limited free cash flow post all liabilities with a greater dependence on the aluminum price recovery, which will likely take sustained smelter cuts to balance."
    • AA's average Wall Street analyst rating, Seeking Alpha Authors' Rating and Quant Rating are all Neutral.
    • Netflix (NASDAQ:NFLX) is up 2.1% and reclaiming more of the lost ground over the past few days amid the broader rally and after SunTrust Robinson Humphrey reiterated its Buy rating.
    • There's not much visibility on the company's Q3 content slate, but SunTrust is expecting Q2 paid member additions to be trending ahead of expectations, and that the company will report improved churn.
    • It has a $475 price target, implying another 9.4% upside.
    • Regarding that slate: On the company's last earnings call in April, content chief Ted Sarandos suggested worries were overblown, saying "we work really far out relative to the industry" and noting the 2020 slate is "largely shot and in post-production," with the company "pretty deep" into its 2021 slate as well.
    • Hilton Worldwide (HLT +1.3%) says it plans to reduce its corporate workforce by about 22% globally and extend corporate pay cuts, reduced employee hours and furloughs for up to three more months.
    • Naturally, CEO Christopher Nassetta pointed to the devastating impact of the pandemic on travel demand in the company's  decision. The industry as a whole isn't expected to see demand return to 2019 levels until 2022 at the earliest.
    • Everyone seems to be sidelined on Hilton for the short term, with the Seeking Alpha Quant Rating, SA Author Rating and average rating on Wall Street all stuck at Neutral.
    • Macau casino stocks aren't participating in the broad market rally today on more COVID-19 headlines out of Beijing. The emergency response level was raised to level two in the city and some activities cut off.
    • Authorities suspended on-campus classes for all primary, middle, high school students and reinstated closed management in communities with temperatures scans and health checks for access to these public areas. Libraries, museums, art galleries and parks are limiting visitor flow to 30% of their full capacities and trans-province group travel is banned.
    • The focus on containing COVID-19 could push back the timetable on Macau border restrictions and traffic flow for casinos operated by Wynn Resorts (WYNN -0.3%), MGM Resorts (MGM +2.6%), Las Vegas Sands (LVS +0.1%) and Melco Resorts & Entertainment (MLCO -0.2%).
    • The Seeking Alpha Quant Ratings on all four casinos stocks is at Neutral, even with shares down sharply for the year.

    • Major sports leagues in the U.S. may not return as soon as anticipated with the focus on the racial injustice movement and the risks of COVID-19 front and center with players.
    • In the NBA, All-Star Kyrie Irving and other players are pushing the league for changes before a restart, while MLB Commissioner Rob Manfred has warned that the 2020 baseball season is in jeopardy amid a growingly bitter dispute with the players union. Meanwhile, the NFL is grappling with the potential impact of reports on positive COVID-19 tests for several Dallas Cowboys and Houston Texans players. Also drawing notice is a Wall Street Journal article yesterday outlining the risks for football players in particular from COVID-19.
    • A slow return of pro sports would be a negative for broadcasters NBC (NASDAQ:CMCSA), CBS (VIACAVIAC), Fox (FOXFOXA), ESPN (NYSE:DIS) and to a lesser extent Amazon (AMZN +0.7%), but it's sports pure plays like DraftKings (DKNG -4.7%), Fanduel (OTCPK:PDYPYOTC:PDYPF) and William Hill (OTCPK:WIMHY +0.1%) and casinos like MGM Resorts (NYSE:MGM) that could feel the biggest pinch (dig into the new Roundhill Sports Betting & Gaming ETF (NYSEARCA:BETZ)).
    • Pro sports are also a major sales driver for retailers like Nike (NKE +0.9%), Dick's Sporting Goods (DKS +3.4%), Big 5 Sporting Goods (BGFV +3.0%), Foot Locker (FL +2.6%), Under Armour (UAA +2.5%) and Hibbett Sports (HIBB +0.7%) – as well beverage giants like PepsiCo (PEP +0.4%), Coca-Cola (KO +0.6%) and Anheuser-Busch InBev (BUD +2.9%).
    • DAVIDsTEA (DTEA -9.2%) reported Q4 revenue decrease of 11.6% Y/Y to $73.5M and comparable store sales declined 17.3%.
    • Sales through e-commerce and wholesale channel increased 18.5% Y/Y, driven primarily by greater online adoption in both Canada and the U.S.
    • There was a decline in retail sales of $12.4M, and a decline of 17.3% in comparable same-store sales.
    • Adj. gross margin declined 248 bps to 45.2%.
    • Adj. EBITDA margin too declined 781 bps to 5.3%.
    • At the end of Q4, the Company had cash amounting to $46.3M.
    • “Our success going forward depends in large part on our ability to strategically exit unprofitable retail stores,” said Frank Zitella, COO and CFO.
    • Previously: DAVIDsTEA reports Q4 results (June 15)


  26. DOES NOT MATTER!

    • Fed Chairman Jerome Powell tells the Senate  Committee on Banking, Housing, and Urban Affairs that the country's real GDP this quarter "is likely to be the most severe on record," according to his prepared remarks.
    • He does add that some "indicators have pointed to a stabilization, and in some areas a modest rebound, in economic activity."
    • But still, unemployment and the levels of output "remain far below their pre-pandemic levels, and significant uncertainty remains about the timing and strength of the recovery," he said.
    • As he has before, Powell warns of the potential for longer-term damage from permanent job loss and business closures.
    • Update at 10:20 AM: Inflation is likely to remain low for some time, but should stabilize then gradually increase as the recovery proceeds, he said.
    • 10:39 AM: "What we learned during the last, long expansion is that a tight job market is probably the best single thing the Fed can do to support gains by all low and moderate income communities, and particularly for minority communities who are heavily represented in those groups."
    • 10:55 AM: The Fed's move to buy corporate bonds is a follow-through on its promise it made earlier, Powell said.
    • "It's out of an excess of caution to preserve these gains for market function by following through," he said.
    • The corporate bond purchases are "really going to depend on the level of market function," and the central bank will be reduce purchases as market function improves, Powell said.
    • “I don’t see us wanting to run through the bond market like an elephant snuffing out price signals, things like that.”
    • 11:09 AM: Powell declined to describe the potential effect that the rising government deficit will have on inflation, but said the real effect will be to push the rising debt onto the next generation.
    • "We've been on an unsustainable path for awhile…We need to get back to a sustainable path," and that should be done when the economy is growing, he said.
    • 11:25 AM: The Fed's briefing on yield-curve control was intended to educate the central bank officials; no decision has been made on whether the Fed should add it to its toolkit.
    • He repeats that the Fed "isn't thinking about thinking about raising rates."
    • 11:30 AM: Racial inequality "is a longer-term weakness of our economy" and "it's not a healthy feature of our economy."
    • 11:33 AM: Concerns about mortgage servicers have eased some, but the Fed continues to monitor conditions in the sector.
    • Regarding overall economy, "long run, don't sell the U.S. economy short. Long run, we'll have a full recovery."
    • "It's going to take some time to get all the way back to where we were."
    • 11:39 AM: As he has stressed before: "There's a reasonable probability that more (stimulus) will be needed, both from you (meaning Congress) and the Fed."
    • Powell doesn't see higher inflation as a likely outcome.
    • 11:44 AM: He assures Senator Kevin Cramer that BlackRock's (NYSE:BLK) stance on climate change won't hurt the country's oil and gas industry through its role in the CARES Act. The asset manager is playing "an administrative role; we set all the policy decisions," Powell answered.
    • 12:05 PM: "I think you'll (Congress) want to continue to support workers in some form," Powell said. Even if a lot of jobs come back quickly, "there are still going to be people who don't have jobs" and may be out of work for awhile, especially those who work in the travel and hospitality industries.
    • 12:15 PM: Regarding the Main Street Lending Program, "we feel there's substantial interest on the part of banks" to participate as lenders. Specifically, he mentioned the "generous origination fee."
    • Lender registration is open and banks can start lending as soon as they register.
    • 12:31 PM: Testimony ends


  27. Phil

    Any trade UNG with price drop  ?

    Thanks


  28. UNG/QC – I have to look into it a bit but it is a good thing to check out.  Usually I'd jump right in but how has the Global Recession affected the demand and supply of /NG?   It's not rhetorical – I have no idea!  cheeky


  29. Friggin TSLA!  What a crazy stock!


  30. CV19 – DR. Haseltine on Bloomberg – very good video on outlook and treatments 

     

    https://www.bloomberg.com/news/videos/2020-06-16/herd-immunity-for-covid-19-is-a-fantasy-dr-haseltine-video


  31. above intro 

    Herd Immunity for Covid-19 Is 'a Fantasy': Dr. Haseltine

    June 15th, 2020, 9:06 PM PDT

    William Haseltine, who designed the strategy to develop the first treatment for HIV/AIDS and is now chair and president of consulting group ACCESS Health International, talks about the coronavirus outbreak. He speaks with Haidi Stroud-Watts and Shery Ahn on "Bloomberg Daybreak: Asia." (Source: Bloomberg)


  32. 1020/Pharm/solar panels,

    appreciate your inputs information. I will do some research and check it. My couple of friends are installing the Tesla Solar panels (not the roof!) along with the power walls. Will let you know how their experience is.

    thanks and regards


  33. Google Sunroof is a pretty good resource for guesstimating the value of a solar system. 

    As to the solar tiles--my dad installed the first solar tile system in San Diego with GAF's version--his company was founded for roofing but they've been doing solar as well for the last 10 years or so.  The project was such a mess, despite the project being sponsored/subsidized by GAF that he swore his company would never do a solar tile install again.  Not only that, but they pose a HUGE fire hazard because the fire department can't readily break through the ceiling to get into your house in case of an emergency.  With traditional solar, they flip off the breaker and then just cut the mounts out of the roof and push the panels off.  Not the same with the tempered glass solar tiles!


  34. jph/solar panels

    great resource of Google sunroof…I will start evaluation providers.

    regards


    • Chesapeake Energy (CHK -13.5%) opens sharply lower following reports it is preparing to file for bankruptcy in as soon as a week, but shares are still ahead of where they have traded during most of May-June.
    • Chesapeake reportedly missed a $10M payment to bondholders due yesterday, which would start a grace period allowing the company to continue to talk to creditors.
    • The company has hired Alvarez & Marsal as restructuring adviser, along with law firm Kirkland & Ellis and investment banker Rothschild, according to WSJ.

    • T-Mobile (NASDAQ:TMUS) falls about 2% as the main gauge soars in early trading as CNBC's Faber reports that holder Softbank is seeking to sell 2/3 of its stake in the cellular network operator next week.
    • The transaction would amount to $20 billion, and amount to 15% of TMUS's market capitalization.
    • Other key stocks in the red include video game makers, like Activision (NASDAQ:ATVI) and Electronic Arts (NASDAQ:EAafter a strong showing last week, while Nvidia (NASDAQ:NVDA) is lower after cautious analyst commentary.
    • T-Mobile is also suffering from recent reports of a network outage yesterday and that the FCC Chair was starting a probe.
    • June NAHB Housing Market Index58 vs. 44 consensus and 37 prior.
    • Checking subindexes … Future single-family sales rose to 63 from 42; buyer traffic 43 vs. 21.
    • Also worth noting is Lennar results last night - the move out of downtown apartment into suburban single-family homes is real.
    • The iShares U.S. Home Construction ETF (BATS:ITB) is up 2.9%, while the S&P 500 rises 2.6%.
    • The SPDR Homebuilders ETF (NYSEARCA:XHB+2.6%.
    • The retail sector is jetting higher after the May retail sales report topped expectations.
    • Department stores are higher led by Macy's (NYSE:M+10.00% and Kohl's (NYSE:KS+10.95%.
    • Mall names Gap (NYSE:GPS+7.88% and L Brands (NYSE:LB+7.33% are participating.
    • Restaurant stocks like Fiesta Restaurant Group (FRGI +4.0%), Brinker International (EAT +6.9%), Ruth's Hospitality Group (RUTH +5.1%), Bloomin' Brands (BLMN +4.6%) and Noodles (NDLS +2.9%) are breaking higher,
    • Casino names Boyd Gaming (BYD +8.3%), Monarch Casino & Resort (MCRI +2.4%), Penn National Gaming (PENN +4.3%) and Golden Entertainment (GDEN +4.8%) are the big movers in the sector.
    • The good news in the retail sector is enough to float some boats as well, with Carnival (CCL +8.5%), Royal Caribbean (RCL +6.2%) and Norwegian Cruise Line Holdings (NCLH +8.7%) all higher.
    • The gains are more subdued for Walmart (WMT +1.5%), Target (TGT +1.0%) and Costco (COST +1.3%).
    • Previously: Retail sales blast through estimates (June 16)
    • Previously: Internet still the retail hero (June 16)