MaR Jul 02 2020

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Market Report for Jul 02 2020

Volume and price

New Positions:
None

Trade Zones:
NFP so stand aside

Market Trend:
Up

Market YTD:
Nasdaq Composite +13.2% YTD
S&P 500 -3.6% YTD
Dow Jones Industrial Average -9.8% YTD
Russell 2000 -14.5% YTD

Market Volume:
NYSE Vol: 929 mln
Nasdaq Vol: 4.5 bln

Comments:
A record close for Nasdaq as tech continues to move on up. At some stage, the dumb money will start to pile into this sector when the media make a much bigger deal of it and the dumb money can’t contain their FOMO any longer, at which point we will see a pullback due to profit-taking from the smart money which is the whole tree shaking cycle. The obvious time for this is July when big dogs go on holiday but with the COVID-19 situation, the goalposts have been moved for 2020 so seasonality and cycles may not occur as expected.

NFP today and a US holiday tomorrow so stand aside and enjoy the show. We will resume our trading next week.

Remember, we have our weekly webinar on Sunday 10am BST so please join me for that.

PORT Jul 02 2020

Lets go trade!