I’m excited to tell you about my top pick for today as it is on two of my top scanners. This company is in the basic Materials sector and just finished a three-day pullback. This stock stands to gain with the White House focused on infrastructure and world economies building back — and more in today’s stock market recap.
Stock Market Recap
Global markets are mixed this morning as Wall Street opened with higher-than-normal gains.
This is a big week for economic data. New home sales are reported today. The Consumer Confidence Report is out on Tuesday and will give us a good idea of what Thursday’s GDP report will look like. Weekly jobless claims also report on Thursday, followed by the Personal Income and International Trade in Goods on Friday.
The bond market has continued to move sideways. I’ve said it will likely move this way until July. If the GDP quarter over quarter annual rate misses the consensus number of 6.5% growth, we would likely see the bond and stock markets move.
The Olympic Games are set to go on in Tokyo while only 5% of Japan’s population has received a first dose of the COVID-19 vaccine. Pressures are rising in Japan as the government is considering extending the “state of emergency” beyond the May 31 end date.
Central Banks around the world like New Zealand, South Korea and Indonesia are considering altering stimulus efforts for economic growth. The Federal Reserve believes that increases in inflation will be temporary. This week’s GDP report and decisions from other central banks could pressure this stance.
Roger’s Radar: Top Stock for Today
My favorite stock for today is a steel and steel product manufacturer. This company sells goods in the U.S. and internationally. Its one-year return is 155.32%. This company is trading around the $102 level and could soon test its recent all-time high of $110.
Today’s pick is a top stock in my cumulative strength scanner, and also got pinged on my four-by-four pullback scanner. The pullback scanner identifies stocks making new highs following three-day pullbacks.
Make sure to check out today’s video as I also go over Energy and Financials sector stocks on my pullback scanner.
In today’s video, I’ll go over the biggest catalysts for this week… the hottest stock opportunity right now… which sector is prime for gains… and which index remains choppy.
P.S. Trading expert and Wall Street legend Chuck Hughes has been helping traders bank huge profits for a while…
But now he’s trying something different… A new method that was able to turn $5,900 into $212,217 — in just two years.
So how does Chuck want to spend his summer?
Teaching everyday traders how to use his Triple Threat strategy to dominate the market. Chuck’s going even further by revealing the biggest project of his entire career: The Triple Threat Challenge.
Tuesday, May 25, will be the last chance to get in on Chuck’s challenge before we kick off…