Market Report for Aug 27 2020
Don’t follow the herd. Take risks where other traders don’t.
Nasdaq Composite +30.0% YTD
S&P 500 +7.7% YTD
Dow Jones Industrial Average -0.7% YTD
Russell 2000 -6.5% YTD
NYSE Vol: 745 mln
Nasdaq Vol: 3.4 bln
New record highs for S&P 500 and Nasdaq Composite. Since the ATH this has been the first bar range over 1% and also the biggest in 10 days indicating this may not have been just the dumb money. A PB to retest the resistance/support would really be helpful now.
Tech stocks had a bit of a rest recently but decided to show their strength yesterday.
CRM added 50 bln to its market cap after surging 26% which is not often seen in one day with a stock that has a market cap of over 100 bln. Pity for the Dow that CRM was not already listed in their index otherwise Dow would have been right up there with the other two yesterday.
We are cautious of taking trades today due to the big move yesterday but testing the water for new positions is fine, just do not take full-size positions at this moment.
Lets go trade!