News on the Economy Remains Good, Covid News is Not So Good and a Company Set to Thrive in a Healthy America
New gig economy NASDAQ report coming tomorrow 8/9/21 at market open.
Good day everyone,
Here we are in August, a traditionally weak month for stocks due to vacations and leisure activities, and the bears are playing the August blahs like a symphony. The bears get a good amount of media coverage, and they are going to get plenty of coverage this month.
Stocks seem to be looking for a momentum builder, something to give them traction. While neither gaining nor losing much of their value, stock indices have been mired in a finite range the past couple months. While economic news remains good on earnings, jobs etc. the bear pundits seen to have investors remaining hesitant.
Covid just won’t go away. New cases are rising dramatically due to the Delta variant with daily cases exceeding 100,000 some days. The mildly good news is that we are much better at treating covid infections and hopefully fatalities will be far below where they were in previous spikes.
This week’s employment figures seem encouraging. According to the U.S. Bureau of Labor Statistics:
Total nonfarm payroll employment rose by 943,000 in July, and the unemployment rate declined by 0.5 percentage point to 5.4 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in leisure and hospitality, in local government education, and in professional and business services. The Federal Reserve considers a base unemployment rate of 5.0 to 5.2 percent as “full employment” in the US economy.
Crypto currencies seem to have rebounded but we will wait to see if the upswing continues. If we ignore the brief spike earlier this year based on comments and policies made by Tesla and CEO Elon Musk, Bitcoin is now at a high. Ethereum has also returned to lofty levels. While regulators scramble to find ways to place controls over cryptos investors keep getting a reminder that they are risky investments.
We are going to report on a company we believe could thrive as the US economy continues to indicate gains. It appears the shares have been oversold and the chart set up indicates the potential for a near term swing. The company shares are trading significantly below their recent high.
This company also is revenue positive, and revenues have grown over the past two quarters. It also has a modest share structure with a tiny float. Insiders hold a very high percentage of the outstanding shares giving them a vested interest in the company’s success.
Stay tuned and stay informed.
The Traders News Group
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