I picked out five plays that look promising in our current market environment. This is a time to identify stocks showing strong momentum and pullbacks to their 50-day moving averages. I have four such stocks — and more in today’s stock market recap.
These stocks are in the strongest sectors. Although the Energy sector is currently leading, we’re going to skip over it for now because it has yet to break out above of February 2020’s high.
In today’s stock market recap, global markets are trading higher this morning as investors await April’s nonfarm payrolls report.
China reported a 32.3% surge from a year earlier in trade surplus with the U.S. and the rest of the world. This further strengthens the idea that global economies are bouncing back.
Japan extended its state of emergency to the end of the month. Its medical system has become strained with only a 2% inoculation rate amid rising COVID-19 infections. The Tokyo Olympics are scheduled to kick off in July. Opposition continues to increase as the global event could further complicate Japan’s current COVID-19 state.
Analysts believe the unemployment rate for April will be reported at 5.9% (it ended up being 6.1%). Traders hope for a lower unemployment rate as it is a lagging indicator of our economic rebound.
Wyndham Hotels & Resorts Inc. (NYSE: WH) has recently pulled back near its 50-day moving average. I’ve talked about this stock a lot recently, but this summer is setting up to be a blockbuster… And travel stocks like WH are great opportunities. And they’re even greater when stocks show a strong upward trend and pull back to a solid entry point.
WH has grown around 32% in the last six months, rebounding from the $25 low last year. It’s currently trading around $73 per share and I expect it to bounce back even higher.
The other stocks include a food service distributor, a drug wholesale company, a furniture retailer and my favorite ETF right now. Mid-cap stocks are not at overbought levels like large-cap names… and this mid-cap ETF has just pulled back to its 50-day moving average.
In today’s video, I’ll go over how the unemployment data is impacting the price of stocks… an update on current momentum levels on the S&P 500… which sectors remain bullish… the top pullback ETF… and the best medium- and large-cap pullback stocks.
Today’s stock market is showing the exact same signs it did back in 2017.
The markets were making new highs… turning over every month… for the whole year.
Most traders rode the temporary highs, but eventually they retreated in fear of a potential crash…
And boy did they miss out…
This time, there’s a high probability for a healthy pullback… And earnings and economic data have shown us that our economy is bouncing back — and so are stocks!
Check back each morning for Roger’s Radar and the most important news and numbers in the WealthPress stock market recap.