Market Report for May 04 2020
Stand aside so there is no webinar
Nasdaq Composite -4.1% YTD
S&P 500 -12.4% YTD
Dow Jones Industrial Average -16.9% YTD
Russell 2000 -24.5% YTD
NYSE Vol: 923M
Nasdaq Vol: 3.7B
Key U.S. News:
With AMZN earnings failing to impress, TSLA shares dropping spurred on by comments from Elon Musk and President Trump threatening new tariffs on China for the way it handled the coronavirus outbreak, the weekly gains were completely erased in the last 2 sessions.
The S&P 500 shed 82 points, the Dow 30 lost 622 points and Nasdaq Composite gave back 284 points on Friday, injecting fear into the markets after loitering around their DVIs.
Since the emergence of this uptrend (April 6 2020), we have always known the DVI zone is where the main decision will be made by the markets. While we are still bullish at present, we do have a rocky road ahead so we need to wait for price to tip its hand before we can make our next move.
- Above DVI = bullish bias
- Below 2727 = weakness
We will continue to look for stocks that offer opportunities but will be applying more caution.
Our current holdings are MSFT, NFLX, ZM.
Lets go trade!