Market Recap

Dow: +618.34…
Nasdaq: +180.66… S&P: +72.39…

There were no Monday blues for the stock market. Instead, stock monitors were generally awash in green figures as market participants succeeded in maintaining the momentum of Friday’s late rebound effort.

Oversold bear market rallies can be powerful.

JPMorgan Chase (JPM 124.58, +7.28, +6.2%) raising its net interest income outlook, reports that Broadcom (AVGO 526.36, -16.83, -3.1%) is in talks to acquire VMWare (VMW 119.90, +24.19, +25.3%) in a cash-and-stock deal, and an acknowledgment by Biden that he is considering lifting some Chinese tariffs to help ease inflation pressures played a supportive role in today’s rebound-minded trade.

Entering today, the Nasdaq Composite had declined 20.1% since the end of March, the S&P 500 had dropped 13.9%, and the Dow Jones Industrial Average had fallen 9.9%.

Last night’s watchlist names did very well today except for STM, which was flat.

Energy was +2.65% today. Watch SWN for a potential move to 10. Also, watch WEAT as a long trade which I highlighted a couple of weeks ago.

I don’t trust much here but energy. End of month rebalancing is helping put a bid under things here.




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