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D&D Note

D&D Note (6.18.2020) ~ Markets Struggle For Direction End Day Flat ~ #StockMarket

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D&D Note (6.18.2020) ~ Markets Struggle For Direction End Day Flat ~

Economic data is trending better but will it continue or deteriorate? Unemployment remains high but will congress extend unemployment benefits? Covid-19 cases are increasing in many states but will we see lockdowns again?

There are so many questions right now that could go either way the direction of the market seems like a coin flip right now.

D&D is getting a bit greedy waiting to see if we get a further break to the upside before taking further profits. Holdings we are still looking to lock in further profits on include: SHOP, PYPL, TSLA, DIS, V, AAPL, FB.

Today was a second consecutive day of light trading volume in the markets.

The major indices swung between losses and gains all day with a leg up in the final hour of trading allowing the S&P 500 to barely close in the green.

DOW down -0.15%

S&P 500 up 0.06% (3115.34)

NASDAQ up 0.33%

VIX down -1.58% to 32.94

Oil up 2.56% to $38.93 a barrel.

Gold down -0.27% to $1730.90 an ounce.

Tesla price target gets doubled at Jefferies to $1,200 with a buy rating sighting transition to EVs, and renewables.

PayPal price target raised at Citigroup to $186 with a buy rating sighting positive payments data.

California, Arizona, and Florida all reported an all-time high daily spike in Coronavirus cases. This caused California Governor Newsom to require everyone in the state to wear masks (which has already been required in San Francisco by Mayor London Breed).

New York is considering required quarantine on travelers coming from Florida (the same thing that Florida required months ago on New York travelers to the the state).

China continues to see surging Covid-19 cases leading many to believe the country might be forced to go back into lockdown.

Global Virus cases: 8.41 million+

Global Virus deaths: 450,835+

US Virus cases: 2.17 million+

US Virus deaths: 118,175+

 

~ Dave James / Principal Trader and Market Strategist

About ddinvestments

Trading Partner for D&D Investments

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