The Moskowitz Report (BGNE, LB, YUMC, BP, NVDA, GILD, GS, M, SONC, CELG, MPC, TSLA, C, RL, RICK, THC, APC, AAPL, BAC, DDS, JACK, REGN, XOM, AMZN, XLF, WMT, BIIB, PSX, NFLX, SHLD, RRGB) - Stock Market Commentary For Friday, July 07, 2017
Todays’ market was soft right from the open with the move in German Bund rates reaching a new recovery high, effectively doubling off the lows. Futures were lower last night and this morning calling for a down market early. Unfortunately even a strong rally in the Oil couldn’t help as we hit lows in the S&P500 around 2415 and the bounce couldn’t move thru the top of the gap down open around 2425. The next trip to the support failed and we moved to 2408 or so and got no rally from there either. While the summer is known for thin, erratic trading, the market internals were horrid with NYSE volume almost 5:1 down and A/D 4:1. Over on the NASDAQ the numbers were 4:1 and 3:1 respectively. Looking at my screen there is nothing but a sea of red.
L Brands (LB), already down from $75 to 54 (30%) fell another $7.62 or 14% more. This didn’t help the down beaten retail sector with M-.67, JWN-.74, KSS-1.02, WMT+.15, DDS-2.56 (4.4%), RL-2.58, SHLD-.76 (8.8%), ANF-.56, JCP-.17 and XRT-.87.
YUMC missed and was down just over 5, but it didn’t seem to matter to the rest of the group with SONC, RICK, RRGB, and JACK were right around unchanged.
BGNE was the only standout in the Bio-Pharma group on a collaboration with CELG pushing it higher by $14 to 66.28. This stock is up from just 30 YTD, and 44, 3 days ago. CELG could only muster a smaller loss than the rest of the group at 132 -1.25, with the rest of the group looking very red; HCA-2.41, THC-.87, REGN-6.81, ALXN-3.96, BIIB-5.75, GILD-1.38 and the ETF, IBB-4.84 or 1.54%.
It looked like the oil was going to bounce this morning with the futures indicating an up open of about $ .50, but after a great rise against some bad news early, it went on to trade as high as 46.50, only to break back down just after noon moving to as low as 45.20. The only good thing I can say is that it was an “inside” day and they tend to be inconclusive in the grand scheme of things. Needless to say, with the exception of BP +.02 and MPC +.13, the rest of the list was in the red. CVX-.84, XOM-.57, APC-1.39, OXY-.87, PSX-.19, MRO-.15, HES-.52 and XLE-.75 or 1.2%.
The only NASDAQ big name up was NVDA +.53 with GOOGL-4.57, AMZN-6.26, AAPL-1.50, NFLX-1.51, and TSLA -18.39 or 5.62%. TSLA has fallen into bear market territory with its drop from $386 to $308 or 21% in just 8 trading days.
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The last group to reverse its up day was the financials with GS -1.64, JPM-.29, BAC-.22, C-.78 and XLF -.19. This group has already had a good pullback from the Election Day rally thru March and is well supported around $23. My problem with the group is that it is running into overhead resistance around today’s highs @25.20 and is overbought. This doesn’t give me a positive risk/reward since it can come down 5-8% and still be bullish.
Tomorrow is another day...CAM
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