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  1. Home
  2. / Investing
  3. / Stocks

As Covid-19 Cases Hit New Highs, Stocks Continue to Soar

FAANG stocks -- and particularly Apple -- lead the day higher, showing the market continues to defy the headlines.
By JAMES "REV SHARK" DEPORRE
Jun 22, 2020 | 05:04 PM EDT
Stocks quotes in this article: AAPL, GLD, NKLA, NVTA, WKHS, SHLL

The action was a little slow to start the day, but the bears have been unable to gain any traction and strong speculative action continues to provide upbeat sentiment. FAANG stocks led the charge higher today with Apple (AAPL)  hitting yet another all-time high.

Breadth was negative in the early going, but improved nicely and finished the day with around 4,100 gainers to 3,250 decliners. Biotechnology reversed higher after a soft open and groups like special-purpose acquisition companies, oil, and precious metals attracted strong interest. The breakout in gold (GLD)  was particularly interesting and there will be plenty of traders looking for follow-through.

It isn't anything new, but the market continues to be impervious to any worries about either the continued increase in Covid-19 cases or any economic slowing. Logically, it would seem that the Covid-19 case increase would cause some concern about the pace of the economic reopening, but the market seems totally unconcerned at this point.

The lesson of this action is that you can't navigate the market action by reading headlines. Who would have guessed that the market would keep trending higher at the same time that there are a record number of Covid-19 cases?

Ironically, the more anticipation there is of a market top, the easier it for the indexes to continue to work higher. Also do not underestimate how the aggressive small-cap trading is impacting the market move. Traders that are buying stocks like Nikola  (NKLA) , Invitae (NVTA) , Workhorse (WKHS)  and Tortoise Acquisition (SHLL)  aren't paying attention to the overbought conditions of the indexes. They are focused on trading strong price action and will continue to do so, as long as it works.

There is no doubt this market will take a hard hit again at some point but there is no way to know when.

Have a good evening. I'll see you tomorrow.

(AAPL is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells this stock? Learn more now.)

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At the time of publication, DePorre was long NKLA, WKHS, SHLL.

TAGS: Investing | Stocks | Technology

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