Today’s pick is an ETF that pulled back from a recent swing high. I like trading pullbacks in choppy markets — and I especially like this one. This mining ETF has been on a strong upward trend since the COVID-19 pandemic began — and more in today’s stock market recap.
Global markets mostly higher this morning after Wall Street recovered a portion of last week’s losses. Tech stocks led the markets Monday after Treasury yields slid.
The Consumer Confidence report is out this morning. Analysts expect a number in the range of 118 to 124.2. The Federal Reserve expects inflation to “run hot.” A deviation from this range will likely move markets as this index is an indication of what the GDP report will be on Thursday.
The S&P 500 bounced off its 50-day moving average and is in a bullish mode. I expect some movement higher but price levels indicate a cool-off period is coming. The Russell 2000 has been consolidating since February. And we can expect similar movements in the other indexes until we cool down.
There’s a strong correlation between the bond market and the stock market. The bond market has moved sideways after its downward trend ended. There isn’t a lot of room for a directional trend when a market trades this way. I don’t expect a lot of movement from the bond market until we get to the end of summer.
Trending stocks remain the same as Energy, basic Materials and Financials lead the market.
My favorite ETF is involved in global copper mining. It’s invested in the Materials (91.9%) , Financials (5.2%) and Industrials (2.9%) sectors. These are the hottest sectors right now and the main ones I’ve been talking about for weeks.
This ETF pulled back from a recent swing high and is approaching its 50-day MA. It has established a strong one-year upward trend with a return of 169.48%. It has momentum, exposure to the right sectors and will benefit from infrastructure needs. The pullback marks an excellent opportunity to jump in.
In today’s video, I’ll go over why the Consumer Confidence Index is a key report ahead of Thursday’s GDP report… the relationship between stocks and bonds… whether it’s safe to enter the QQQ again… and the Top ETF that has a strong opportunity for profit.
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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.