Diamonds and Dogs
GM (GM) is breaking out. GM is up 2% today and up 14% in the last month thanks to an upgrade and pending demand to replace all the cars and trucks destroyed in the recent hurricanes. Over a million cars and trucks will need to be replaced in Texas, not to mention Florida. The analyst at Deutsche Bank upgraded GM saying GM and not Tesla, is a better bet on the autonomous vehicles going forward.
FAANG stocks taking a hit. Its quarter end and money managers seem to be taking profits in the tech sector. Apple is down a percent, Google is down nearly 2%, Facebook down 4%, Netflix down 4%, Amazon down 2%, and chip stock Nvidia is down 4%. Not a good way to start the week.