Your Monday Blip 6/22/20

Your Monday Blip 6/22/20

Stocks reversed higher today and the Dow closed up 153 to 26,024. Trading volume was lower. Tech stocks did well led by Apple Computer. Both IBD and BTS remain positive regarding the current rally.
The Supreme Court declined to hear a legal challenge to steel and aluminum import tariffs. The American Institute for International Steel filed the suit in June 2018 and lost in an Appeals Court ruling and the Supreme Court referred the lawsuit back to this same court which means the ruling stands. Steel companies will be reporting earnings soon and Nucor last week issued an upbeat earnings outlook citing resilient demand led by a rebound in automotive steel.
Alaska Airlines said it expects June revenue to improve as the economy slowly opens up. The company forecasts that its load factor will improve to 55% up from 40% in May. Even while signs of recovery are seen, Alaska expects to report horrible earnings. They currently have 156 mainline aircraft parked on the tarmac and permanently removed 12 Airbus jets from their fleet.
The Troop 100 Crew hike into the Glacier Peak Wilderness was great. It rained a bit but all 12 lunkheads finished the 11 mile in good time. The trail we went to was not crowded and there were no Forest Service rangers around which was also good since we were well over the group size limit of 12 when you included the adults and crew leaders. The scouts were happy to get out for their first hike in over 3 months.

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