D&D Note (6.9.2020) ~ DOW And S&P 500 Rally Pauses While NASDAQ Gains ~
The recent rally reversed today and what had been getting bid up took a pause. Instead today the Mega Cap Tech stocks found bids and rallied the NASDAQ to all time highs and briefly traded over 10,000 for the first time ever.
Days like today is why D&D has found it hard to trim any profits in our Mega Cap stocks.
When other stocks rallied the Mega Caps only paused. When other stocks fall the Mega Caps rally.
Both Amazon and Apple hit all time highs today.
Both yesterday and today Gold and the VIX gained which is not a bullish trend.
Many stocks are seeing extreme speculation with companies like Hertz gaining over 100% yesterday even though the company has already announced its going into bankruptcy.
It is best for investors to stick to stocks that have solid balance sheets and are poised to thrive over the coming years.
DOW down -1.09%
S&P 500 down -0.78% (3207.18)
NASDAQ up 0.29%
VIX up 6.35% to 27.45
Oil up 1.47% to $38.75 a barrel.
Gold up 0.90% to $1720.50 an ounce.
New Jersey has lifted its stay-at-home order.
In San Francisco starting this Friday restaurants can offer outdoor dining.
Texas has seen two consecutive days of record Covid-19 hospitializations.
In Paris France the Eiffel Tower is set to reopen June 25th, this has been the longest the iconic tower has been closed since WWII.
Global Virus cases: 7.17 million+
Global Virus deaths: 408,482+
US Virus cases: 1.96 million+
US Virus deaths: 111,491+
~ Dave James / Principal Trader and Market Strategist