EB Daily Market Report (Abbreviated) - Friday, June 25, 2021

Tom Bowley - June 25, 2021

ChartList Updates

The following ChartLists have been updated and should be available for download from our website shortly, if not already:

Strong Earnings ChartList (SECL)
Strong Future Earnings ChartList (SFECL)
Strong AD ChartList (SADCL)

Once they've been updated on our website, you'll see that the "Last Update" will read June 25, 2021.

Weekly Portfolio Report

I'll try to send this out when I can over the weekend. It might be out a lot earlier than normal, or it could be out very late Sunday night. I'll be unavailable during much of the weekend, so I appreciate your understanding and flexibility.

Brief Market Update

I'm traveling today after a family emergency throughout the night last night. All is well, but I have little time, so here's a very quick update on today's action.

Perhaps the biggest development is the surge back to the upside in the 10-year treasury yield ($TNX) to 1.54%, up 5 basis points. That's sent traders rushing back into financials (XLF, +1.15%), easily the best performing sector today. Consumer discretionary (XLY, +0.69%) has continued to perform well as Nike (NKE, +14.96%) has gapped up to an all-time high after blowing away its revenue and EPS estimates. The gain in the XLY comes despite profit taking in its largest holding, Amazon.com (AMZN, -1.20%). It dropped nearly 130 points in the past 24 hours, nearly testing its rising 20-day EMA, which I believe is going to hold this time - that is, if the current uptrend is real and sustainable.

The dollar (UUP) started in negative territory, but has since recovered and turned position, putting a damper on gold's (GLD) early gains.

Technology (XLK, -0.04%) is the only sector in negative territory today and is weighing on the tech-heavy NASDAQ, which trails the other major indices. The Volatility Index ($VIX) is trading down nearly 4% to 15.36, which would be the lowest VIX close since February 2020, just before the heavy selling that resulted from the pandemic.

In other earnings-related news, Carmax, Inc. (KMX, +6.64%) trails only NKE as the best performer in the S&P 500. Both soared past expectations, as did Jinko Solar (JKS, +10.94%), which is helping to lift renewable energy ($DWCREE, +1.37%), one of today's best industry groups.

I'll be back on Monday with a regular Daily Market Report.

Happy trading!

Tom