D&D Note (7.8.2020) ~ Mega Cap Tech Rally Lifts Markets While US Reports Record Single Day Coronavirus Spike ~
The China rally continued overnight and U.S. markets opened higher but drifted into the red. Then we had a rally in the final hours of trading to close near the highs made in the morning session.
Rising U.S./China tensions along with rising Covid-19 infections were overlooked in todays trading.
U.S. virus cases passed 3 million and reported single day record spike of 60,021 new cases.
The Trump administration is considering banning TikTok in retaliation against China.
Gold broke through $1800 an ounce to the highest level since 2011 to near all time high.
Apple hits record high of $382.20 a share even while the vast majority of their physical stores have been re-closed due to the surge in virus cases in the U.S.
Tesla breaks its winning streak finishing in the red today down -2.00%.
Chinese tech stocks rally with BABA up 8.95% and TCEHY up 6.60%.
DOW up 0.68%
S&P 500 up 0.78% (3169.94)
NASDAQ up 1.44%
VIX down -4.42% to 28.13
Oil up 0.54% to $40.84 a barrel.
Gold up 0.46% to $1818.30 an ounce.
U.S. Virus cases rise 2% higher than average daily increase.
Mayor Carlos Gimenez of Miami-Dade County blames young people that have ignored the social distancing guidelines for the massive spike in cases and asks for a national face mask mandate.
Global Virus cases: 12 million+
Global Virus deaths: 548,822+
U.S. Virus cases: 3.05 million+
U.S. Virus deaths: 132,256+
~ Dave James / Principal Trader and Market Strategist