The Moskowitz Report (SPY, ARNA, RIG, KORS, AAPL, OCUL, CVX, JCP, GOOGL, FOLD, BP, JWN, FB, INCY, XOM, WMT, TSLA, ALXN, HES, DDS, NVDA, CELG, APC, RL, NFLX, BMRN, MPC, SHLD, BA, IBB, OXY, ANF) - Stock Market Commentary for Wednesday, July 12, 2017
Todays’ market started to the downside in a minor way and tried to rally but couldn’t get past yesterday’s close for very long and we got long the SPY 242 puts just above the lows of the day only to watch the cascade down by $1.50 in just under 15 minutes on a Trump Jr. reveal of some emails during the campaign. We then rallied back from DJIA -130 to close unchanged and little changed S&P500 and NASDAQ. The market internals were almost identical with both roughly 15:14 up, but the NYSE ran behind NASDAQ with 1.3:1 A/D vs. 2:1.
The oil had a great day with a start to the upside and moved $1.40 to $45.20 and then consolidated until the Crude drawdown was reported and it flew up to $45.80. Tonight it is trading $44.77+.73. The stocks rallied with all but 1 on my list, PSX -.11. The rest were CVX +.96, XOM +.72, APC +.52, OXY +.73, COP +.43, BP +.19, RIG +.13, MPC +10, MRO +.25, HES +1.14 and XLE +.63.
The big names were up, with the exception of AMZN (+18 yesterday) -1.97, GOOGL+2.53, AAPL+ .49, FB+ 1.70, NFLX +1.85, NVDA+2.63, TSLA+11.75, and BA +2.63. The Bio / Pharma group was mostly higher again with ARNA continuing yesterday’s move to close +7.38 or 40%. CELG +.32, ALXN+.56, BMRN +1.12, VRTX +3.51, INCY +2.38, and IBB +2.17. Another Pharma name, although much smaller, OCUL was +1.11 (17%) during the day was sued for misinforming the public traded -2.45 (32%). The FDA is asking for more information. On the other end of the spectrum, FOLD +2.39 (23%) on positive FDA info.
Retail was finally “mostly” higher on the day with M+.10, JWN+.22, KSS+.12, WMT+.37, DDS+1.09, RL-.68, SHLD+.14, ANF-.33, JCP +.09 and XRT+.04. The biggest loser in this group is KORS -2.73 (7.6%) on a downgrade by MKM.
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Tomorrow is another day...CAM
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