We had some negative corona related news and speculation today. You may remember that yesterday the hotels, cruise ships, and airlines had a good day on optimism. Today that narrative reversed.
Cruise lines closed near the lows today because the CDC confirmed an extension of the “no sail order” to September 30.
JETS falls into the cruise ship, hotel, casino category, so hopefully the news doesn’t worsen in the days ahead or we may have to kick it pre-stop.
Also, the NCAA said “need to get a much better handle on the pandemic” to resume college sports in fall. Fall sports were looking pretty good, not so much now.
So just call it a big wet blanket on yesterday’s positive action. Things can change fast when you have a headline market.
The Nazzy is still holding that 21-day moving average. Until it breaks it, the bulls are still in charge.
Biotech still hangs around all-time highs which tells me the bulls are also still hanging around. FPRX still looks very solid on all time frames and FLDM as well.
Have a great night.