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5/21/2020 - My thoughts by TradesAfterWork

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My thoughts... I would look at today as a very constructive day in the market. Yes we did see volatility come in to play again with the Nasdaq Composite Index along with the S&P 500 Index both opening higher than yesterday's open but closing lower than yesterday. One of the things that I always look at is volume, and both indexes had lower volume than the previous day. In my mind that lends more toward a healthy day in the market.
There is not much to say about the Composite; it continues to look fine on its chart, working toward that all time high we had in February.
On the other hand, the S&P 500 Index, as I have said many times before, still needs to clear above that 200 Day Simple Moving Average which is 2999 and backed up by that 3000 round number. Hopefully, we will not get any surprises in the news tomorrow as we have a 3 day weekend with the Memorial Holiday and many traders will not be in.
Our stock pick for tomorrow is a company headquartered in Denmark. Genmab ($GMAB) is in the Medical/Biomed/Biotech arena. The company develops antibodies for the treatment of cancer and other disease. GMAB's activate price is $29.31. See above for stop and target information.

Have a great evening and happy trading!

- Bernard

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Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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