Market Report for Sep 25 2020
Nasdaq Composite +18.9% YTD
S&P 500 +0.5% YTD
Dow Jones Industrial Average -6.0% YTD
Russell 2000 -13.0% YTD
NYSE Vol: 928 mln
Nasdaq Vol: 4.0 bln
Portfolio % of Return:
Stocks: + 350.79
FX & Comms: No positions
As per Anne‘s comments on yesterdays MaR, we did not consider the market in a correction just yet even though the media do. And so far the S&P 500 has managed to escape the correction.
The markets tend to vacillate intraday during periods of indecision. Yesterday the main markets were undecided where they would be most comfortable and finally ended with the session positive. This behaviour might be our first indication of a potential turnaround from this pivot support level. The leading sectors were big cap tech, banks, materials, and consumer goods.
Our biggest percentage gainer was TSLA. On the flipside was ZM which was lower by over 7% from the 500 round number resistance level. ZM is also up almost 350% from our original entry on March 5 2020 so a 7% decline in context is quite minuscule.
As it is Friday, we can stand aside and watch if the markets build on what they indicated yesterday.
Below is the 1 day VIX so you can see how the volatility levels oscillated yesterday. There is nothing unusual and ended the day lower by 0.24%.
Lets go trade!