This should be a relatively quiet week despite some key economic reports set to hit as we have the 4th of July weekend approaching. Monday was volatile but not in a very wide range; the S&P 500 fell 0.04% while the NASDAQ added 0.23%. Housing had a decent day as the National Association of Realtors reported signed contracts to purchase existing homes surged 6.1 percent last month from April, the largest monthly gain since April 2010. Please note the monthly employment data from the government usually falls on the first Friday of the month but will be released Thursday this week.
The NASDAQ continued to build on its breakout over March highs which finally happened Friday.
Shares of General Motors (GM) fell after the auto manufacturer said it was recalling another 7.6 million vehicles. Despite the huge recall note the stock did not fall off the cliff as there has been a lot of bad news priced into the stock by now.
Gold is looking interesting here – if it can break out of this bull flag it might have a nice run in it. That said, it can move randomly on completely different news items than stocks.
Here is the ETF for the housing stocks – as noted above, it reacted decently to a good housing data point.
The online real estate companies simply won’t stop – we are now officially in extreme overbought areas for a stock like Zillow (Z)!
GoPro (GPRO) continues its recent hectic activity since its IPO last week – rising 13% today to get back over $40.