1. Weekly jobless claims was +2.43 million. This number is now decreasing and that is a good sign for a recovery. As the economy starts to slowly open up and people get back to work this number should fall even further.
2. Many retails stocks are holding up very well right now. Home Depot, Lowes, TJC Co’s, BBY, WMT, COST, TGT and others are all doing very well. Just think about if the economy was allowed to fully open up. Things could get much better. Keep an eye on Dicks Sporting Goods, LuLuLemon
Now there have been some retailers that have filed for bankruptcy too, but these companies were already in trouble. The virus shut down just put the nail in the coffin for these stocks such as JC Penny, Pier One, J Crew, nieman Marcus and several others.
3. Gold and silver are correcting today. Don’t chase it. They’re setting up for the next entry point. Don’t buy highs. Buy when they’re on sale. SLV down nearly 4 percent. Mining stocks selling off as well.
4. McDonalds pulling back slightly, it could retreat for a few days but here’s a pretty good point to go in. Hotel stocks also pulling back today. It’s doing exactly what Nick expected. Marriott and Hilton forming great patterns. Be on the look out. It’s all about the chart pattern and patience.
5. Airlines have taken off. Southwest nearly $30. Alaskair up a buck. Delta looking good. United up $1.18. Oil is up again. We passed Nick’s $33 target and are currently at $34. Look for the sideways pattern.
Always remember, the charts don’t lie. If you know how to read them they’ll take care of you. Insider buys/sales can be worth paying attention to.