Your Thursday Market Blip 5/7/20

Your Thursday Market Blip 5/7/20

The Dow opened higher and held steady to close up 211 points at 23,875. Trading volume was up significantly. Energy and banks were the big gainers of the day and technology continues to do well with Micropoopie, Apple and PayPal all higher. IBD remains in rally mode and BTS indicators are still looking for a clear market trend amidst all the carnage in the job market. Aprils unemployment rate gets reported tomorrow and it is expected to be a real lulu!
The ibuyers are back! Real estate firms Zillow, Redfin, Offerpad and Opendoor are all in the home flipping businesses. They buy houses, fix them up and sell them and after suspending ibuy operations during the lockdown they are starting to get back to work. These companies have all noted increased traffic to their websites and Offerpad will begin accepting bids on May 8th while Opendoor will open the door for new buys and sells on Monday. Zillow and Redfin have not announced when they will open but with a tight housing supply and rising interest it could happen soon. In regards to home prices, Zillow expects home values during the pandemic to drop 4% while Fannie Mae predicts values will rise.
WTI crude oil prices were up 7% after data showed Saudi Arabia had raised prices to buyers in Europe and that China had imported 8% more crude in April than in March. In the US the latest stockpile build was three million barrels less than expected and this was due to the fact that oil is now flowing into the US strategic petroleum reserve. Other data points show that traffic in major cities is starting to pick up again and among the gurus the feeling is that early signs of a rebound in oil demand combined with production cuts should support higher prices.