July 31, 2020, 4:44 pm EDT
Market Review: Intraday Reversal to the Upside
It was another surprise that stock markets made an intraday reversal to the upside today. DJIA closed with +114 points higher to 26,428 or +0.44% instead of down a couple hundred points from the opening bell.
As shown the intraday chart that DJIA began to change the downtrend to uptrend about 1PM EST.
AAPL +10%, FB +8% AMZN +4% were the driving force but Merck (MRK) +1.6%, Cisco (CSCO) +1.4%, and Nike (NKE) +0.8% participated the intraday rally from pharmaceutical, network, and retailer industries as well. It demonstrates that stock markets show confidence with these areas. Communication services sector stood out with +1.4% gains from CHTR +3%, ATVI +1%, TTWO +3%, CABO +2.7%, etc.
Gold is another shining spot from gold miner giant NEM +5%.
Staying cautiously bullish might be a proper attitude in August. Watching out these big tech (AAPL, AMZN, FB, GOOGL, MSFT, NFLX, TSLA) is helpful to determine if the engine can keep up with high speed and power.