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1. Yesterday, the market rallied higher across the board. It seems that when we get a Monday rally the rest of the week will see some backing and filling. Today, the major stock indexes are pulling back a little. Encouraging that we’re not down too much.
2. Earnings season is underway, there are lots of stocks that will be on the radar after reporting earnings. Earlier today, McDonalds (MCD), 3m (MMM), NXP Semiconductor (NXPI) and Martin Marrietta (MLM) reported earnings and are all down today.This is weighing on the markets today.
3. Dollar has been getting crushed recently. Until 3 months ago it started to stall out. We’ll probably go down to 92 and that should be the low. The Fed is printing a lot of money but so are all the other central banks.
4. Gold is up and a new all time high on the futures. Silver down a bit. Nick wouldn’t be a buyer at this point. Silver resistance big one is $26.25, it’s backed off. From 2011 top to the low it made. After this it’s $30.70. When you go up in straight line, you’re going to get a pullback. It’s making these highs from a low.
5. Restaurant sector, McDonalds reported earnings and is down $5. As long as it holds trend it could go higher. 3M reported earnings and has taken a hit.Airlines are up but probably need to pull back a bit more. Lots of negative news about Covid, but if stocks hang in then there could be a big move. Homebuilders are slightly lower. DR Horton reported. This sector is overbought.