+38% From the Low

The stock market closed at another new high, although our Buy List trailed the market. Energy stocks had a very good day, and since we don’t own any energy, that hurt our relative strength. The Buy List may soon be positive for the year. We’re not far away.

Stocks tied to the reopening of states outperformed once again. Citigroup, Wells Fargo and Bank of America all rose at least 0.9%. Gap climbed 7.7%. Southwest gained 2.6%.

“This is a healthy reversion as you’re seeing some of the laggards come back in line,” said Jeff Kilburg, CEO of KKM Financial. “If anything, this is going to help sustain a more bullish stance in the marketplace.”

Tomorrow, we get the ADP payroll report. Then on Thursday, there’s another jobless claims report. Of course, Friday is the big jobs report for May.

Posted by on June 2nd, 2020 at 4:28 pm


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