AUTHOR: TOWNE SCHERER.COM/BLOG 8/6/2020: Towne Scherer Private Wealth Management BLOG:
Unemployment Applications Falling
Unemployment applications came in below expectations, although historically high, reports The Wall Street Journal, 8/6/2020. Approximately 1.2 million filed new claims for the week ending 8/1/2020, down from the previous week’s claims of 1.4 million. Getting a little bit better….
Support and Resistant Levels Looking Good
Latest support levels on the Dow sit at 27,010.31 while the resistant levels start to kick in at 27,307, says Bartchart 8/6/2020. This channel wraps around the current Dow level of 27,320, just 2,231 points below the Pre-Covid highs set earlier this year. So far so good….
Optimistic Economic Signs
Stocks are rising on the eminent government deployment of more stimulus to offset the economic damage caused by the Covid pandemic, reports The Wall Street Journal, 8/5/2020. This is seen as an optimistic sign for the economy and the core cyclical sectors: like industrials, materials and financials. Bit by bit….
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The opinions expressed in this material do not necessarily reflect the views of LPL Financial and based on the political content of this material are for general information only and are not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in this material may not develop as predicted. All indices are unmanaged and may not be invested into directly.
Russell E. Towne, LPL Financial Advisor, is a registered representative with and Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.
The opinions expressed in this material do not necessarily reflect the views of LPL.