June 1, 2020, 1:58 pm EDT
Another Strong Opening for June 1st
Despite riots with the death of George Floyd at some major cities in the US, the stock markets open strong again for the first day of June. Dow is up about +100 points at this moment with Nasdaq rises +0.8%.
As revealed from the sector map, consumer discretionary, financial, energy and REIT dominates the gains. COTY +16%, GPS +12%, NCLH +9%, DVN +8%, APA +7%, CCL +7% are previously beaten down stocks but carry hope for re-opening. Markets could be overly optimistic so buyers need to be aware of the risks.
Zoom (ZM) +12% has a strong earning report that boosts its stock price to new high. Indeed, many technology stocks re-surge to new high as yesterday’s article “Watchlist in Software, Security and Cloud” mentioned. FEYE and PING are breaking out in the morning so we added them to the portfolio.
Defense is another highlighted industry we mentioned in the last 1-2 weeks. Not only TDG quickly took off, many others are in the pipeline: RTX, GD, TEX, TXT, etc
Finally, Dominos Pizza (DPZ) broke out as expected so we added to our portfolio as well.
