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Afternoon Note

Robinhood Stumbles

By Charles Payne, CEO & Principal Analyst
7/29/2021 1:33 PM

Stocks are higher in today’s session as investors looked beyond a weak set of economic data and mixed earnings results. The star of the day is Robinhood’s (HOOD) IPO, but it has struggled on its debut. The stock was down as much as 12% from its IPO open of $38 before moving its way back up, now off just 2%.

Pending home sales (signed contracts) came weaker than expected, falling -1.9% and below consensus of +0.1%. Prospective buyers are still being challenged by low inventories and high asking prices.

May Pending Home Sales Regional Breakdown

June saw the West and South retreat on a month-over-month basis.

The American Association of Individual Investors (AAII) updated its weekly sentiment survey and there was a sharp increase in bullishness. The intriguing part is how investors are shifting to a neutral sentiment when things get rough rather than rushing to bearishness. This could indicate that investors are rejecting panicky message of Wall Street and the financial media.

 


Comments
Bulls are still around!

Lorin K on 7/30/2021 10:58:59 AM
Hopefully we have been saving and keeping a reserve and most will be able to weather what ever comes. Then we won't be tempted to sell into any sell-off that might come, but be ready to invest.

Lorin K on 7/30/2021 12:26:45 PM
 

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