It was trending ugly on Thursday. The weekly jobless claims had the bulls on the ropes, but then it started happening and kept happening until the market was green on the day and then closed near the high of the session.
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| |  Good morning. It was trending ugly on Thursday. The weekly jobless claims had the bulls on the ropes, but then it started happening and kept happening until the market was green on the day and then closed near the high of the session. This was one of the bigger intraday tests that we've seen for a while, and it passed.
The reason isn't easy to peg and is probably unnecessary. If we run back to $2950 on the S&P 500, we'll have another hurdle to overcome for the market. It would be good to see it pass coupled with a more aggressive reopening of the economy. That will give participants something real to point to. | | | | | |
| | |  | DOW 23,625.34 | +1.62% | | | | S&P 2,852.50 | +1.15% | | | | NASDAQ 8,943.72 | +0.91% | | | | | *As of market close | | | • | Stocks rallied yesterday, despite a disappointing weekly jobless claims number. | | | • | Oil rose 9.6%, as IEA forecasts lower stockpiles in second half of 2020. | | | • | Gold rose 0.86%, as the Fed buys $305 million in corporate bond ETFs is two days. | | | • | Cryptocurrencies traded higher, with Bitcoin finishing 3.6% higher closing at $9735. | | | | | |
| | | 3 High Yielding Small to Mid-Cap Stocks to Own | | | | This can be a difficult climate to be in as a fundamental investor. This is because earnings are such a difficult thing to forecast right now. One of the biggest issues is the fact that many companies are withdrawing guidance. Because of this, balance sheet considerations may be more important that income statement considerations. Identifying quality companies with good balance sheets, dividend income and good cash flow is a lot easier to find right now with small to mid-cap companies.
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| | Option Bulls Keep Coming Back for More on this Semiconductor Stock | | | | As you consider the longer-term prospects of any company right now, it can be pretty difficult. At this point, it may be more about finding a catalyst like high short interest, extreme technical positioning, upgrades and downgrades, or high-volume accumulation. Another consideration is unusual option activity. The call option activity for Micron Technology Inc (MU) surged on Thursday but has been part of a bullish trend recently.
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| | No Fastener is Strong Enough to Keep Insiders from Selling this Company | | | | Fastenal Company (FAST) share price recently hit a 52-week high. The company quickly bottomed in March, announced earnings on April 14, and then it was off to the races. Given the economi9c climate, the movement has been extraordinary. It's possible that insiders in the company are standing in disbelief as well. Since May 1, FAST has had one of the highest number of sell transactions of companies with at least a $10 billion market cap.
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| | | | TOP | | | CTAS | 14.659% | | | | LEG | 9.789% | | | | COF | 9.617% | | | | VNO | 8.39% | | | | LRCX | 8.385% | | | | | BOTTOM | | | COTY | 8.197% | | | | ANET | 3.804% | | | | APA | 3.448% | | | | | KR | 3.418% | | | | FTI | 3.343% | | | | |
| | |  | | Unemployment claims still show continuing devastation for American families… The predicted 'second wave' of layoffs may have started. This is more layoffs building on the initial layoffs, as middle management and those in support industries lose their jobs. | | - Robert Frick, corporate economist at Navy Federal Credit Union, quoted by Reuters  | |
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