D&D Note (8.13.2020) ~ Still No Relief Deal The Rotation Back Into Tech Pushes Markets Near All High Time Highs Before Pairing Gains ~
Markets traded briefly above the all time high (3386.15 on the S&P 500) during intraday trading but pulled back in the afternoon session giving up gains.
Despite which side of the rotation we see on a daily basis the last few trading sessions have seen a rally in the morning towards all time highs then fizzles out in the afternoon.
A strong jobs report (first time below 1 million weekly claims since start of pandemic with 963,000 claims) propelled markets higher at the start but the ongoing stalemate in congress over the relief bill dragged the markets back down.
It could take weeks for congress to reach a deal.
Tech and the NASDAQ saw strong strength throughout the day. Both Tesla and Apple continue to rally ahead of their respective stock splits.
DOW down -0.28%
S&P 500 down -0.20% (3373.43)
NASDAQ up 0.27%
VIX down -0.67% to 22.13
Oil down -0.75% to $42.35 a barrel.
Gold up 1.90% to $1952.15 an ounce.
Joe Biden calls for a nationwide mask mandate saying that masks can save 40,000 American lives over the next 3 months.
Dr. Fauci says, “Bottom line is, Im’m not pleased with how things are going. We certainly are not where I hope we would be, we are in the middle of a very serious historic pandemic.”
Yesterday the U.S. recorded more than 1,500 deaths from Covid-19 making it the deadliest day for America since the end of May.
Global Virus cases: 20.78 million+
Global Virus deaths: 751,448+
U.S. Virus cases: 5.23 million+
U.S. Virus deaths: 166,777+
~ Dave James / Principal Trader and Market Strategist