Updated: Jun 19
It looks to me like the bears have returned from a brief 2 month hibernation. And in full force I might add. Fed Chairman Jerome Powell’s two days of Congressional testimony is a highlight in the week ahead, and markets will watch him with a wary eye after the Fed’s sober assessment of the economy spooked investors. Retail sales is the most important data point, in addition to jobless claims, that economists will be watching and it may show very slight improvement over April, as states reopened.The bottom line for markets is the status of the virus and whether there are continued outbreaks that threaten economic progress. Fear index (TVIX) – As uncertainty begins to grip the souls of investors again, you can look for volatility in this index fund to continue. I believe we definitely see a higher price on Friday for this stock.
Wynn Resorts (WYNN) – After an epic run on re-opening hopes I believe things have dampened. $WYNN looked like it was heading to all time highs and nothing could stop it. Mr. Powell had other plans. Look for this to settle back into the $60 – $70 range soon.
Dave & Busters (PLAY) – Basically any restaurant that had a bullish run up of the last couple of months can now be looked at as a sell. This one just moves great intra-day giving ample opportunities to short into bullish explosive pops. Someone must be trying to get out as these pops just don’t make sense.
Walt Disney (DIS) – Disneyland is facing push backs on opening up as is the NBA. Both of these will effect Disney this week. Just looking for some volatility and also a sell off.
Target (TGT) – Target’s impenetrable armor finally got cracked at the end of the week. Pressure is on now that we see COVID-19 cases beginning to accelerate worldwide. New concerns (which should’ve been there the whole time) are front and center. Plus maybe store closures during the riot are starting to catch up to them?
Walmart (WMT) – Just a hunch that we will see some downward pressure here too. If $WMT could not push to all time highs while being one of the only stores allowed to remain open during the pandemic, what will happen with other stores re-opening?
