D&D Note (5.14.2020) ~ Stocks Rally Back And Maintain Bullish Trading Range ~
Markets fall on the open and drift below the technical level of 2792 down to 2766 but then rallied back to the green into the close.
Mega Cap Tech was mostly flat on the day but rallied modestly in the last hour. The Financial sector did rally strong throughout the day and was the leading sector in trading today. The Consumer Staples sector was the only one to finish in the red.
Options volatility is pointing to a summer swoon with traders having extreme uncertainty over the next three months.
DOW up 1.62%
S&P 500 up 1.15% (2,852.50)
NASDAQ up 0.91%
VIX down -7.77% to 32.54
Oil up 9.53% to $27.70 a barrel.
OpenTable says that one-quarter of restaurants won’t reopen and will instead go out of business.
Apple acquires NextVR to gain virtual-reality content. NextVR has contracts with NBA and Fox Sports.
TSM is to announce an advanced chip plant in Arizona with US government assistance. The company is said to announce as early as Friday and the factory could be making chips by the end of 2023.
~ Dave James / Principal Trader and Market Strategist