Apple announced today it is closing some stores due to Coronavirus.
You can see the immediate impact on the stock market here:
Case data will still matter. If the state doesn’t shut down things, businesses will from a fear of liability. Casinos in AZ are also closing due to a spike in cases.
The data in AZ and other states is getting much worse.
This has serious implications for the economy if it continues.
Yesterday I documented that the number of Robinhood accounts has soared. Here is the annualized position turnover of Robinhood users.
Before this year, position turnover was somewhere around 100-200%, which is not that much different than most actively managed mutual funds.
However, since March, turnover has soared – hitting close to 1000% annualized. Today the 30 day average is close to 400%.
Again, this is not investing. This is trading. We’ll see later whether the RH users or the house is winning.