Since the January low, the market rallied as if the coronavius is nothing to be concerned about even with the ever increasing number of deaths and infected patients in China. Finally Apple came out warned the virus impacting the supply chain and sales in China. The reaction to Apple’s warning was muted, only
What Coronavirus that virtually has shut down the entire second largest economy in the world? It didn’t matter, the market has gone off the rails. It seems that there is nothing right now to stop the rally. The rest of the world is on life support, the US mega cap tech growth companies offer rare opportunities that provide growth and stability.
After the S&P 500 hit 50-day moving average support, it staged an impressive rally to wipe out the entire loss from the coronavirus selloff. All three indices made new highs last week. It appeared to be that the market is discounting the long lasting economic impact from the fast spreading virus.
The recent tech led rally has been nothing but impressive. The DOW index topped on Jan 17th, 2020, finally the S&P 500 and Nasdaq topped a week later on Jan 22nd, 2020. Over the weekend, the coronavirus deaths news has been hitting the wire hard. As we are writing the blog on Sunday evening around
Finally the market is showing signs of a little weakening. Last Friday all three indices made a new high at open, then it just didn’t have the energy to keep pushing higher to pass the open high in the morning. It broke down in the afternoon session and closed near the low of the day. The S&P 500 and the DOW made an outside
