The major indices are all trading considerably higher at midday with the Nasdaq leading the way higher, erasing yesterday's steep drop in the tech sector. Long-dated Treasury yields pulled back overnight, easing the selling pressure on the previous leaders of the rally, and the likes of Nvidia (NVDA), Tesla (TSLA), Amazon (AMZN), and Apple (AAPL) all bounced back hard as the selling panic subsided.
The fact that House Democrats plan to pass the President's stimulus package tomorrow added to the buying pressure on Wall Street, with small-caps, as measured by the Russell 2000 already getting close to testing their all-time highs.
Stock Pick Summary:
With our portfolio showing a sharp recovery today and we being extremely confident of its continued long term success, today, we add another promising stock to our portfolio. The stock has been under immense selling pressure over last 2 weeks, but we believe it has a path to long term success. A key, growing player in the telehealth market, it offers a range of services from acute and primary care to mental health support.
While there are concerns, that their business will slowdown post pandemic, we believe that the virtual care market could actually continue to expand and cross $275 billion annually. The company is projecting doubling its revenue by end of 2021 and we believe the earnings could also continue to grow over 60% annually. While most investors see this growth stock as just a pandemic play, we believe this is a long term trend that can continue to grow and build.
In addition, a recent acquisition of a promising applied health signals company late last year could offer significant growth in the long term. We maintain our aggressive risk taking approach and add another growth stock to our portfolio today that could reward patient investors.
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