The market appears to be rebounding after Monday’s dip. We might enter another period of bullish trading, but the market continues to be vulnerable. There are two breakouts in the car industry, and 3 pullbacks providing great short-term opportunities — and more in today’s stock market recap.
Stock Market Recap
In the stock market recap, global markets are mostly higher after this week’s volatile start.
The market seems to have settled down a bit after recent COVID-19 spikes. If stocks climb higher in the next couple of days, they might resume their bullish trend. Large caps continue to hold the market. Other factors like inflation, however, will continue to pressure Wall Street.
Bonds are trading lower this morning. There’s been a huge impact from the Federal Reserve’s bond-purchasing program, and the economy has strengthened because of it. But the Fed has already said stimulus efforts would slow down sooner than expected. Interest rates could go higher and bonds lower by the end of the summer, or early Fall.
If the market stabilizes from recent delta variant news, investors could give more weight to corporate earnings… And so far, earnings have been positive.
Roger’s Radar: 3 Pullbacks and 2 Breakouts
Copart Inc. (Nasdaq: CPRT) provides online car auctions and vehicle marketing services all over the world. We’ve all heard about how hot the auto industry is right now… especially for used cars. It has a one-year return of 64.15% and is breaking out.
I’ve identified another company in the auto industry dealing in aftermarket parts. It’s a dominant retailer and will benefit from the recent car craze.
For pullbacks, I have an industrial instrument manufacturer and a pharmaceutical company I’ve mentioned before. The third pullback is a metallurgical producer for the steel industry with a one-year return of 103.56% and a market cap of less than $1 billion.
In this video, you’ll discover which sector is overvalued… whether bonds are ready for a correction… which sector is prime for upside movement… which stocks are pulling back… and which stocks are breaking out.
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Check back each morning for Roger’s Radar and the most important news and numbers in the WealthPress stock market recap.