Market Report for Jul 02 2020
NFP so stand aside
Nasdaq Composite +13.2% YTD
S&P 500 -3.6% YTD
Dow Jones Industrial Average -9.8% YTD
Russell 2000 -14.5% YTD
NYSE Vol: 929 mln
Nasdaq Vol: 4.5 bln
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.
Lets go trade!