Market Report for Jun 06 2020
Video length 41 mins.
Nasdaq Composite +9.4% YTD
S&P 500 -1.1% YTD
Dow Jones Industrial Average -5.0% YTD
Russell 2000 -9.7% YTD
NYSE Vol: 1.5B
Nasdaq Vol: 6.5B
The S&P 500 rose 2.6% and the Nasdaq Composite rose 2.1%, setting a new intraday high in the process. The Dow Jones Industrial Average (+3.2%) and Russell 2000 (+3.8%) outperformed again.
Futures were rallying prior to NFP on Friday and surprisingly, NFP increased by 2.509 million. Numbers that were unheard of but we have also been living through very unusual times so these figures may actually appear quite normal in years to come.
Volume levels are unusually high once again but we have to assume the majority of that is buyers. In less than 6% and the S&P can set new ATHs once again. For the Nasdaq Composite, it just needs another 0.25% and it will print new ATHs.
It was 42 days ago when our outlook was bullish on April 6 2020, going against the majority. In 2019 we were also against the majority on Jan 4. Both times the market was in a furious state and many traders were panicking while the media guests were predicting the worst bear market in our lifetime…again.
As yet and also for each pullback since 2009 when similar bear market conditions were being thrust upon us by certain parts of the media, they never transpired.
A reminder to everyone that price is our primary indicator.
Lets go trade!