D&D Note (8.17.2020) ~ S&P 500 Flirts With Record High But Closes Just Shy ~
The S&P 500 flirted with all time highs throughout the day trading above the record high multiple times intraday. Volume was low as usual during August. The Index failed to close above the all time high.
Tech powered the rally today while Financials lagged. Usually you need to see Financials rally as well to get to all time highs.
The DOW fell into the red out of the gate and remained in the red throughout the day.
The NASDAQ rallied strong gapping up to open and rose into the close.
Gold rallies along with the miners on the back of Warren Buffet buying stock in Barrick Gold. The miner under ticker GOLD rose over 11% today.
Homebuilders rallied today after the housing index jumped to 78 in August from 72 in July.
There is still no deal in congress but Nancy Pelosi has called the House back from recess.
The DNC kicks off today, all be it virtually and not in person. Some of the speakers include Michelle Obama, Bernie Sanders, Jim Clyburn, Andrew Cuomo, and former Ohio governor and GOP presidential candidate John Kasich.
DOW down -0.31%
S&P 500 up 0.27% (3381.99)
NASDAQ up 1.00%
VIX down -3.17% to 21.35
Oil up 1.90% to $42.81 a barrel.
Gold up 2.25% to $1993.80 an ounce.
The U.S. is averaging over 50,000 new Covid-19 cases a day.
New Zealand has delayed their election after seeing cases rise after their early success in containing the virus with going more than 100 days without a new case.
Global Virus cases: 21.77 million+
Global Virus deaths: 776,819+
U.S. Virus cases: 5.42 million+
U.S. Virus deaths: 170,317+
~ Dave James / Principal Trader and Market Strategist