The bond market continues to be held up, possibly in anticipation of COVID-19 being a bigger factor in the economy than it is right now. Investors are digesting this morning’s International Trade in Goods and Services report to see how inflation and COVID-19 are affecting trade. This is a time to trade pullbacks, not breakouts. And I’ve picked out my top 3 for today — and more in Wednesday’s stock market recap.
But first…
Stock Market Recap
In this stock market recap, global stocks are mostly higher after positive U.S. jobs data.
Jobless claims for the previous week came in at a new pandemic low of 340,000. And Thursday’s ADP jobs report also provided a positive outlook though, it doesn’t take government jobs into account.
The Institute for Supply Management found manufacturing employment declined in its survey. The Jobs Situation Summary report on Friday will give us a more complete picture of how much the delta variant affected jobs in August.
The Consumer Discretionary, Health Care and Information Technology sectors are my favorites right now. For tech stocks, I specifically like business-to-business, not business-to-consumer names. Considering market capitalization issues and a fragmented market, the market needs to cool off in order to reset.
Roger’s Radar: Top 3 Pullbacks
Nike Inc. (NYSE: NKE) has pulled back to its 50-day moving average and could bounce even higher. NKE has a one-year return of about 40%. If the delta variant continues to spread and we return to the work-from-home environment, people will likely buy more casual, athletic clothes.
The second stock on my radar is a casual footwear and apparel company. This name would also benefit from people spending more time at home. The third pick is a pharmaceutical company that’s made major headlines the past year. The stock is pulling back toward its 50-day MA. While it’s not exactly ready yet, it could bounce soon.
In this video, you’ll learn which Federal Reserve data is driving bonds… whether the put/call ratio is bullish or neutral… the best way to trade stocks in this choppy market… a full analysis and review with highlights of the top sector… and three pullbacks that are ripe for upside gains during the next sessions.
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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.
