MaR Oct 14 2020

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Market Report for Oct 14 2020

Buy from a pessimist and sell to an optimist

Trade Zones:
None

Market Trend:
Up

Market YTD:
Nasdaq Composite +32.2% YTD
S&P 500 +8.7% YTD
Dow Jones Industrial Average +0.5% YTD
Russell 2000 -1.9% YTD

Market Volume:
NYSE Vol: 756 mln (B)
Nasdaq Vol: 3.3 bln (B)

New Positions:
None

Portfolio % of Return:
Stocks: +921.48
FX & Comms: +2.25

PORT Oct 14 2020

Comments:
Nasdaq Composite closed -0.10% while the S&P 500 closed -0.63% lower and Dow Jones Industrial Average closed -9.55% lower. Financials was the weakest sectors and Communications was the best.

JNJ and LLY paused COVID-19 trials yesterday. This took LLY (worst performer) back to the support zone and around 150.

ZM rose more than 5% and looks to be preparing for ATHs once again and SPCE rocketed over 6% and looks to be forming a near term C&H. NET made a new ATH and is now almost doubled in price over the last 25 days.

AAPL released their iPhones yesterday and price ended the session -2.5%. Nothing unusual about that and a few days after dumb money reactive trading, it typically resumes its long term trend. A pullback to the 50ma may provide a C&H.

Lets go trade!