Happy SUPER Saturday y'all: And just like that, it's the final big shopping day of the year known as Super Saturday. Malls will be packed with wealthy investors buying $1,000 Canada Goose (GOOS) parkas and also shopping online at the same time via a new iPhone X. Average folks will be buying a new 70 inch TV from Walmart (WMT) on their charge card ahead of a tax law driven raise early next year. Fun stuff. What's also fun? Seeing stock prices of good old-fashioned bricks-and-mortar retailers outperform the monster known as Amazon (AMZN) . Since Black Friday, Amazon's stock has dived 3.53%. Walmart, Target (TGT) , Nordstrom (JWN) , Costco (COST) and Macy's (M) have notched an average price gain of 12%. Struggling J.C. Penney (JCP) has seen its stock drop 4.3%. The read off this? It's threefold. First, the market is finally given bricks-and-mortar retailers credit for better online shopping experiences and faster shipping. Two, with the onset of cold weather people are buying merchandise on demand in stores. And three, the stock market is higher and wages are up, and people are likely spending both online and in stores this holiday season. In the end, this may not have been an Amazon only holiday season.
Bitcoin talk, because why not: So much for the bitcoin correction, or as Overstock (OSTK) CEO (and early bitcoin adopter) Patrick Byrne told me Friday a possible "flash crash." As of 9:20 a.m. today, bitcoin prices were back over $15,000. A note from Fundstrat's Tom Lee in my email box perfectly captures the bullishness that still surrounds bitcoin, even after it being under pressure for most of the week. "Think about it, adoption of bitcoin is still in the earliest stages, in the U.S. and globally (its more than a millennial story outside the U.S)," Lee says. "If wallets double in the future, the value of bitcoin would on a log basis (square) to that growth." Lee hiked his price target on bitcoin to $20,000 from $11,500. No discounted cash flow analysis used in this call. Sorry, financial modelers.
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Don't laugh, the Dow could hit 30,000 next year: Forget waiting on pins and needles for Apple (AAPL) to be the first company to hit a trillion dollar market cap, the real story of 2018 could be Dow 30,000. Yes, Dow 30,000 -- about a 21% rise from current levels. Based on some of the profit forecasts coming out following the tax law news, Dow 30,000 is achievable. TheStreet tasked our markets columnist Stephen Guilfoyle with outlining how the Dow would get to 30,000. Enjoy, and happy shopping this weekend.
Retail Exec vs. Stock Trading Platforms
Overstock CEO Patrick Byrne has had enough of internet retailing, and now wants to blockchain-ify Wall Street.
"We built a blockchain version of Wall Street," Byrne told TheStreet of his latest venture tZero (video above), which is a blockchain rooted alternative trading system. "A lot of the mischief that happens on Wall Street goes away in a blockchain securities market because it reunifies the trade with the settlement - a lot of mischief is created when you separate those things."
Maybe this will be the exchange Uber goes public on in 2019.
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