Daily Commentary
Headline News:
Wall Street is set to rally at the open on hopes of the U.S. economy reopening soon, and reports of a potential drug to treat COVID-19. Gilead Sciences (GILD) reported patients with severe symptoms had responded well to an experimental drug. The report also showed patients were showing rapid recovery after being treated. Also, President Trump laid out plans to reopen the economy that has investors hopeful of a possible return to normal soon.
Markets:
The S&P 500 traded flat and within the trading range of 2711.33-2825.60 on Thursday. The trading was a day of base building that we have wanted to see that could set up a new move higher. Volume was near the same of the last three days, and that is a key part of base building. So, we like the recent trading action and continue to believe the index can possibly test potential resistance at 2825.60 soon.
We are currently long-term bullish and short-term bullish.
John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Partner, DJWMG
Windsor Wealth Planners & Strategist
The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum oscillator that measures the speed and changes of price movements.
The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S stock market. Past performance may not be indicative of future results. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investors’ results will vary. Opinions expressed are those of the author John N. Lilly III, and not necessarily those of Raymond James. “There is no guarantee that these statements, opinions or forecast provided herein will prove to be correct. “The information contained was received from sources believed to be reliable, but accuracy is not guaranteed. Investing always involves risk and you may incur a profit or loss. No investment strategy can guarantee success. The charts and/or tables presented herein are for illustrative purposes only and should not be considered as the sole basis for your investment decision. International investing involves special risks, including currency fluctuations, different financial accounting standards, and possible political and economic volatility. Investing in emerging markets can be riskier than investing in well-established foreign markets.
This is not a recommendation to purchase or sell the stocks of the companies mentioned.