Transcript
Hello, everybody, welcome to Monday, kind of a wild ride today, S&P 500 was down .9%. But it was up a lot at the beginning and continued up before about the middle of the day. Two companies Pfizer and BioNTech both got FDA approval for phase three trials, which is great news. And the market seemed to really like that. But the market was running into the resistance that I talked about before, we’re getting to all time highs, we’ve seen the technology stocks, especially really, really pull away. And there’s bound to be some profit taking at some point in time. And we definitely saw some of that today.
But the big news of the day was that California, announced that they were going to be closing bars and in room dining and movie theaters and those types of things, because of the rise of the virus. California is the eighth largest economy in the world. And so that, you know, was a concern. And obviously, that might be something that happens in a lot of other states. And so this is a potential economic hit. Personally, I think a lot of this stuff is actually kind of built in to the pricing that we’ve seen so far. I think a lot of this has to do with just profit taking and some of the normal things that happen. When you get too far ahead of yourself, which is what we’ve seen to have happened.
I was very encouraged that we did hold up in the support levels that we’ve got, we’ve got two of them, we came down to the top of the second one. And I think that’s really good news. As far as that goes. This is really interesting day because we’ve got one side saying, Hey, we got a vaccine that might be on the way markets going up. And he got another side that saying, Hey, we’re having to close down more things than we had previously opened, because the virus is coming up. And so that’s the part is kind of crossing, you know, caught in the crosshairs there as far as that goes. And I think we’re really seeing, you know, some of the increased volatility. And I believe we’re gonna see volatility anyway, because we’re stuck in between support and resistance. So we’re just going to kind of bounce around until we can get out of this. So let’s see what happens tomorrow. I think this is going to be really interesting timeframe here to see how this market might move forward or not. Thank you.