D&D Note (6.19.2020) ~ Nation Celebrates Juneteenth And Markets See Quadruple Witching ~
Today July 19th is Juneteenth, the holiday celebrating the liberation of those who had been held as slaves in the United States.
In the markets today was Quadruple Witching when options and futures contracts expire the same day which elevates volume and volatility. Today volume was up 45% in trading.
Indices gapped up on the open and paired gains in morning session then took a big leg down after Apple announced closing 11 stores in Florida, North Carolina, South Carolina, and Arizona due to rising cases of Covid-19.
California, Arizona, and Florida all set new records of Coronavirus cases weighing heavily on investors minds leading into the weekend.
However, while some states are having rising cases and possible shutdowns other states like New York are seeing declining cases and reopening. This is telling markets that a nationwide lockdown is not likely over the summer but rather specific states, counties, and cities.
D&D took gains today in V (20% gain locked in) and in TSLA (162% gain locked in and position closed).
DOW down -0.80%
S&P 500 down -0.56% (3097.74)
NASDAQ up 0.03%
VIX up 6.62% to 35.12
Oil up 1.88% to $39.57 a barrel.
Gold up 1.40% to $1755.50 an ounce.
Global Covid-19 cases surpass 8.5 million with 1 million new cases in just over a week.
Black-owned business has been hit hardest from the pandemic with actively working owners falling 41% from February through April, compared to an overall drop of 22% nationwide.
AMC theaters requires all movie goers to wear masks.
Global Virus cases: 8.55 million+
Global Virus deaths: 457,190+
US Virus cases: 2.20 million+
US Virus deaths: 118,894+
~ Dave James / Principal Trader and Market Strategist