The market is choppy and mid-flight. It’s already past pulling back and it’s too late to get in on the dip. I’m looking for sideways trading action in stocks near all-time highs without rising volatility. And I’ve identified four stocks breaking out to higher highs — and more in today’s stock market recap.
Stock Market Recap
Global markets are mostly neutral after a two-day bounce back and last week’s unexpected rise in jobless claims.
Jobless claims spiked to 419,000 after a streak of pandemic-low claims had drawn the four-week moving average to 382.50. Analysts predicted the number would be around 350,000. Existing home sales jumped by 1.4% in June, slightly missing consensus. The housing market remains strong as interest rates are expected to rise later this year.
The S&P 500 EW Invesco ETF (NYSE: RSP) gives us a good look under the hood of the S&P 500. It gives equal weighting to the stocks within the index, more accurately reflecting overall performance. When we look at the S&P 500 SPDR (NYSE: SPY), however, we see a strong bullish trend. Large caps continue to lead and outperform other stocks, increasing vulnerability in the market.
Roger’s Radar: The 4 Hottest Breakouts
Eli Lilly and Co. (NYSE: LLY) is one of the hottest stocks right now. It’s in the Health Care sector, so it’s interest rate neutral and has upside potential for rising COVID-19 cases. LLY has been trading horizontally and it looks like it could break out soon.
Other stocks on my radar include a global research and advisory firm, and a leader in pet health care. The fourth stock is a well-known developer and retailer of sports apparel, accessories and equipment. It recently had a strong vertical move, followed by low volatility and new all-time highs.
In this video, you’ll learn the biggest factors driving the stock market right now… whether the S&P 500 is stable… whether it’s time to jump back into breakouts… and four sizzling breakout stocks to buy right now.
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Check back each morning for Roger’s Radar and the most important news and numbers in the WealthPress stock market recap.