D&D Note (7.27.2020) ~ Stocks Rise And Gold Hits Intraday All Time High ~
Stocks rose today being led by tech stocks. Apple gained 2.68% and Taiwan Semiconductor continued its climb up 14.48% today.
With the move today in TSM our position has now moved ahead of Amazon as our 2nd largest holding. The big moves in what are now our two largest positions allowed D&D’s portfolio to have an overall gain of 4.21% on the day.
Big Tech is due to report earnings this week and the following week which will give investors a more clear picture of where this market will be headed.
Gold hit a new intraday all time high of $1,943.92 an ounce and closed at $1,930.50.
Senate GOP rolled out their relief plan details aiming to lower the additional $600 in unemployment benefits to just $200. Negotiations with the Democrats in the House now begins.
The GOP also proposes a second round of $1200 direct stimulus checks to Americans.
For now markets are shrugging off the rising tensions between China and the U.S. with no new headlines to cause immediate concern as of today.
The major indices closed at the highs of the day.
DOW up 0.43%
S&P 500 up 0.74% (3239.41)
NASDAQ up 1.67%
VIX down -4.26% to 24.74
Oil up 0.07% to $41.63 a barrel.
Gold up 1.90% to $1931.50 an ounce.
Major League Baseball postponed two games already after an outbreak of positive Coronavirus cases among the Miami Marlins.
New Jersey gym owners were arrested after defying the Governor’s order to stay closed.
Global Virus cases: 16.36 million+
Global Virus deaths: 650,918+
U.S. Virus cases: 4.27 million+
U.S. Virus deaths: 147,303+
~ Dave James / Principal Trader and Market Strategist