D&D Note (8.10.2020) ~ Rotation In Stocks The Relief Bill Talks Stalls And Questions Surround Executive Orders ~
Today we saw a rotation in markets out of Tech stocks and into Industrials and Retail stocks.
There is still no bill yet in Congress for Stimulus Relief, but Munchin says deal could be reach this week.
Trump signed Executive Orders Saturday but most see those as unconstitutional by bypassing Congress and likely will go to court.
The DOW saw a strong rally today led by Boeing and Nike.
The S&P 500 closed within less than 1% of its all time high.
While the NASDAQ saw its second day of closing in the red.
Airline stocks surged after TSA reports numbers have hit a pandemic high.
Mohamed El-Erian says the biggest threat to the stock market is a possible wave of corporate bankruptcies.
CGC rallies 6.73% with raised price target post earnings with their cannabis drinks boosting sales.
Berkshire Hathaway does a major stock buyback with Warren Buffet buying a record $5.1 billion of the companies shares.
Apple will do its 4 for 1 stock split on August 31st.
DOW up 1.31%
S&P 500 up 0.27% (3360.47)
NASDAQ down -0.39%
VIX down -0.36% to 22.13
Oil up 1.99% to $42.04 a barrel.
Gold down -0.49% to $2025.67 an ounce.
Due to the ongoing Coronavirus pandemic many college football conferences are voting to cancel the season in the fall including the Big Ten.
Global Virus cases: 19.95 million+
Global Virus deaths: 732,889+
U.S. Virus cases: 5.07 million+
U.S Virus deaths: 162,282+
~ Dave James / Principal Trader and Market Strategist