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Daily Commentary

October 22nd, 2020

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Headline News:

U.S. stock futures are lower after the weekly jobless claims report showed a slowing recovery in the labor market.  The number of Americans filing for state unemployment benefits dropped last week more than expected to 787,000. Also, major concerns about the timing of a new stimulus bill still exist and it does not appear it will be passed until after the election. Meanwhile, Tesla (TSLA) jumped 4.4% in pre-market trading after reporting its fifth consecutive quarterly profit, and Coca-Cola (KO) gained 2.2% after beating quarterly results expectations.

Markets:

The S&P 500 again traded higher to start the day only to sell off late and close lower at 3435.56. The volume was lower, with 2,063,016,320 shares traded, and RSI closed lower at 52.31, still above the important 50 level.  We continue to believe the index will form a base after profit-taking and the index can potentially continue the recent uptrend. Another encouraging sign is the volume has trended lower during the pullback. Potential support could come in at 3498.92 and then at the 3399.96 level.

We are currently long-term bullish and short-term bullish.

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John N. Lilly III CPFA
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Partner, DJWMG
Windsor Wealth Planners & Strategist

 

Futures trading is speculative, leveraged, and involves substantial risks. Investing always involves risk, including the loss of principal, and futures trading could present additional risk based on underlying commodities investments.

 

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 buy or sell any company’s stock mentioned above.

 

New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time. An increasing (decreasing) trend suggests a deteriorating (improving) labor market. The four-week moving average of new claims smooths out weekly volatility.

 

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