Market Report for Aug 06 2020
For me trading is the opposite of having a job. When I worked, I was always late, disliked missing out on the day by being inside an office and couldn’t wait to leave. In contrast, with trading, I get up early and check for new challenges and opportunities in the market, have the day free to do as I please and dislike weekends as the markets are closed.
Not looking for new trade set ups as we approach NFP
Nasdaq Composite +22.6% YTD
S&P 500 +3.0% YTD
Dow Jones Industrial Average -4.7% YTD
Russell 2000 -7.3% YTD
NYSE Vol: 900 mln
Nasdaq Vol: 4.0 bln
NYSE volume levels have returned back to normal but Nasdaq is still high indicating there is still a lot of interest in this area. Another record high for the tech index.
Money seems to be moving from bonds to equities and we saw stocks pop early and keep their gains throughout the session.
With NFP tomorrow, there is little need for trying to trade new opportunities so enjoy the long weekend.
Lets go trade!