EB Daily Market Report - Monday, December 28, 2020

I just wanted to send out a quick note about today's market action. That's the reason for the brief report and limited activity this week.

The stock market is turned a bit on its head today. Areas that have been strong, especially online retail, are seeing profit taking, while other areas are being accumulated. Overall, our major indices are higher, led by the S&P 500's 0.98% rise.

The Dow Jones is being lifted by Apple (AAPL, +3.70%) and Walt Disney (DIS, +3.32%), while Boeing (BA, -0.71%) lags. Meanwhile, ETSY, Inc. (ETSY, -6.03%) is the biggest loser on the S&P 500. Cruise lines are having a very solid day, trying to break the downtrend that has gripped these stocks throughout December.

Three aggressive sectors - communication services (XLC, +1.83%), consumer discretionary (XLY, +1.45%), and technology (XLK, +1.27%) are the only three sectors rising more than 1% today. The XLK continues its ascent after breaking out on its daily chart above its September high. Energy (XLE, -0.76%) is the only sector in negative territory.

One sleeping giant that is coming to life today is Amazon.com (AMZN, +3.95%). After a couple months of consolidation, AMZN is rising today on excellent volume. The combination of AAPL and AMZN having a strong day will almost always lift technology and the NASDAQ because they're both so heavily-weighted.

I'll be back with one more brief report later this week, likely on Thursday.

I hope your holidays are going well. Please be safe!

Tom