The Moskowitz Report (BBBY, MRK, XOM, ANTM, SHLD, GOOGL, JPM, SONC, BMY, RL, CVX, HUM, IBM, XLF, INCY, PSX, M, TSLA, UNH, BAC, GSK, RIG, KSS, BA, GILD, BP, AAPL, C, BIIB, COP, WMT) - Stock Market Commentary For Friday, June 23, 2017
Today's market was a boring example of a market that really had no news of any substance to drive it higher (at the open) or lower (at the close) by much. The oil had an overnight and early morning rally but while closing up, it didn’t hold the gain of up $ .80 and closed $42.73 +.20 and near the lows. The sector (XLE) was -.05, and the individuals were mixed with CVX -.04, XOM-.36, OXY +.33, COP-.14, BP-.03, PSX +.02, RIG +.08, MPC- .56, MRO- .02, and HES +.70.
Retail was a bit stronger with M +.40, JWN +1.40, KSS +.74, WMT- .72, DDS +1.39, RL +.52,SHLD +.39, ANF +.15, JCP +.01, and XRT + .26.
The focus was on healthcare and it moved higher as the news of the new (and improved?) healthcare act making its debut in the Senate. The biotech’s continued their move higher with REGN +4.51, ALXN +2.65, BIIB +1.97, GILD +2.98, CELG +.85, INCY +2.17, ICPT +2.17, and IBB + 3.95. However, they were joined by drugs and hospitals today with THC +1.22 (7%), GSK +.54, PFE +.18, MRK +.56, LLY +1.67, and BMY +1.26; HCA +2.09, UNH +1.58, ANTM +1.29, and HUM + .79.
The financials all passed the new “STRESS” test and were mostly higher with GS-2.02, JPM +.08, BAC- .01, C-13with the XLF -.13. These will probably edge higher in the morning when retail investors read tomorrow’s headlines.
Something else to consider for tomorrow will be the Re-balancing of the Russell. This happens only once a year when some of the Russell 1000 move to the 2000 or 5000 indexes or up from the lower market capitalized to higher ones. This may not have any major effect on price, but it usually increases the volume dramatically.
The big names were only slightly changed with the exception of TSLA +6.25, GOOGL- 1.97, AMZN- .93, AAPL- .19, FB- .41, NFLX- .1.32, NVDA-1.32, BA +.27, and IBM +.61.
The internals were both on the positive side with NYSE volume 4:2.5 up and A/D 4:3 and over on NASDAQ 5:4 and 1.7:1. A.A.I.I. Sentiment numbers still favor the bears, but these were little changed and will be included in your Weekly Strategies letter on Sunday night.
Lastly, there were some earnings reports after the close and BBBY was a miss and went from a $34 close to trade as low as 29.25 -4.25 but has recovered to 30.75. SONC missed and traded from $28 down to $25.25 but has regained some to $27.10.
Tomorrow is another day...CAM
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