The Moskowitz Report (FB, RIG, JCP, BAC, TSLA, APC, DDS, AAPL, CVX, JWN, JPM, NVDA, MPC, WMT, NFLX, PSX, KSS, C, GOOGL, BP, XOM, M, BA, MRO, SHLD, GS, AMZN, COP, ANF, HES, XRT) - Stock Market Commentary For Wednesday, June 28, 2017
Todays’ market was soft from the open and rallied to around unchanged until after lunch and then we had a downdraft back to test the lows around 2425 (S&P500) and rallied off that test. We have several bottoms around 2420-2415 from the last several tests of the breakout at the end of last month. As I noted in the video released with the Weekly Strategies letter Sunday night, all of these consolidation lows and tests have occurred ABOVE the point of breakout last month.
Oil had another good day and I continue to feel that the trading range bordered by $42 and $53 remains in effect. The oil names were mixed to lower with CVX -.43, XOM. -.27, APC -1.12, OXY -.38, COP -.44, BP +.15, PSX +.30, RIG -.15, MPC +.17, MRO -.31, HES - .72 and XLE -.16.
Retail was mixed to higher with M+.56, JWN -.13,KSS +.89, WMT+ .1, DDS +.73 RL -.01, SHLD +.36, ANF +.20, JCP +.11 and the XRT..unchanged.
Financials were stonger with GS +.06, JPM +.96, BAC =.43 (almost 2%) C +.12 and + .12.
The weakness in the “FANG” is finally bleeding into the overall market. Most of todays loss occurred late in the day when the NASDAQ names. And they accellerated the big names all closing down hard. GOOGL – 21.09, AMZN -16.98, AAPL – 2.42, FB – 3.08, NFLX – 6.41, NVDA -6.15, TSLA -14, and BA- .96.
Tomorrow is another day...CAM
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