GWO Daily Note 9/19/2019
Market Strategies Newsletter - Special Daily Edition
For Trading September 19th
MSFT at All-time Highs on
Buyback and Div. Hike
Bitcoin Has a Big Range Day
CHECK NEW GOLD VIDEO
Join Us Every Day, Link Below
Today’s market was kind of anticlimactic after all of the excitement from the oil and the Fed meeting, not to mention the 250-point rally from the low to the close yesterday. We opened higher and topped out around 11:45 at +125 before the slow but steady decline into the close. While we didn’t finish on the low, we weren’t far away in the DJIA at -52.29 (.19%), while NASDAQ was +5.49 (.07%), S&P 500 +.06 (.00%), the Russell -6.87 (.44%) and the DJ Transports, again the biggest loser -72.60 (.69%). Advance / Declines were close to even again for the 3rd day with NYSE slightly positive at 1483:1367 while NAZ was again slightly negative at 1404:1672. The DJIA was the reverse of yesterday with only 12 up and 18 down. The biggest movers on the downside were DIS -23, HD -19, BA-15, and AAPL & GS -13 DPs, while the only double digit gainers were MSFT +17 on the announcement of a dividend increase and new $40Billion buyback and UNH +15 DPs.
Our “open forum” on Discord, which allows me to interact with subscribers and others to allow direct questions and chart opinions on just about any stock, continues to grow with more participants every day. It is informative and allows me to share insights as the market is open and moving. The link is:https://discord.gg/ATvC7YZ and I will be there and active from before the open and all day. It’s a great place to share ideas and gain some insights.
SECTORS: Other names in the news: as mentioned above, the biggest mover of the day was MSFT. After that, most of the names in the news were lower. U.S. Steel (X) fell on lowered guidance for Q3. The stock traded as high as $196 in 2008 has fallen steadily making lows around $6.15 in early 2016 has risen to over $47 by early 2018, but spiraled lower again on Chinese dumping and the shrinking demand in the U.S. auto industry. It had closed yesterday $12.45 and gapped down to $10.86 and managed to rally slightly to close $11.06 -1.39 (11.16%). California Resources (CRC) sold off hard late this afternoon on rumors that the energy company has been looking for a restructuring advisor. The stock was $98 in 2015 and $50 this time last year has fallen steadily and in the last 3 days have come down from $16.36 to close today $9.89 -4.13 (29.46%). This has been a recurring story lately with Mc Dermott (MDR) a similar company seeking the same kind of help earlier this week. MDR has been reversed 1:3 last year and has fallen from $27 and yesterday fell to $2.16 -3.72 (63.27%) and to $1.58 today, another 26.85%.
Scholastic, SCHL, the global publisher of children’s books and media narrowed their loss, $ .21 better than expectations on greater sales. The stock, which has declined from about $47 to a low of $31 in June has steadily climbed back to close today $37.84 -1.20, has gained to trade $43.81 and is trading $41.65 +3.71.
Costco, COST, received a downgrade from Bernstein citing “Membership exhaustion” taking the stock down to underperform from market perform. The stock, up from the Xmas eve low of $189.80 to $307.34 10 days ago finished the day $287.83 -4.60 (1.57%).
We had 2 IPO’s today. DataDog, DDOG, a cloud based monitoring and analytics company was priced $27 and opened $40.35 and traded $41.44 before trading back down to close $37.61 +10.61 (39.3%). Ping Identity, PING, a software identity management company (manages internal employee identification) was priced at $15, opened $18.75 and traded $20.73 before closing near the high @ $20.25 +5.25 or 34.7%.
And, the HOMERUN of the Day,AIM ImmunoTech, AIM, over doubled premarket on the news that it received a 4-year $8.4MM award from the Defense Department for its clinical study on therapies, including Ampligen for patients with brain-metastatic breast cancer. As is the case in many of these type moves, AIM had a 1:44 reverse in June and had an adjusted high of $14.96 in May, opened $3.36, traded to $3.60, but fell back to close $2.20 +.54 (32.53%).
BIO/PHARMA:stocks wereMIXEDwith CELG +.28, BIIB +.45, ABBV +.26, REGN +1.06, ISRG -1.32, MYL -.29, TEVA -.21 (2.7%), VRTX +1.62, BHC -.04, INCY -.42, ICPT +.01, LABU -.17, and IBB $104.63 +.19 (.18%).
CANNABIS:stocks wereLOWERwith all the names lower. The biggest loser was CGC, which got an upgrade along with 3 others from Alliance Global, but fell in active trading. CGC finished -2.38 (8.27%), TLRY -.51, CRON -.72 (6.57%), GWPH -.81, ACB -.13, PYX -1.20 (7.43%), APHA -.21, NBEV -.05, ACRGF -.21, CURLF -.05, KERN -.05 and MJ $23.58 -.42 (1.75%).
DEFENSE: wasLOWERwith all down. The biggest loser was again TXT -.63 (1.2%) and ITA $230.03 -1.09 (.47%).
RETAIL:wasLOWERwith brands following. The stocks were M -.54 (3.32%), JWN -.44 (1.35%), KSS -1.29, DDS +.97, JCP -.03 (3.74%), WMT -.08, TGT +.90, TJX +.19, RL -2.69 (2.73%), UAA -.58 (2.79%), LULU -1.75, NKE -.38, TPR +.07, CPRI +.28, and XRT $42.10 -.23 (.54%).
FAANG and Big Cap:were MIXEDwith GOOGL +6.10, AMZN +4.99, AAPL -1.65, FB +1.85, NFLX -5.23, NVDA _3.05, TSLA +3.00 on a top rating by IIHS for the Model 3, BABA +.99, BIDU -.51, BOX unch., IBM +.75, BA -2.15, CAT -.95 and XLK $81.58 +.30 (.37%).
FINANCIALS: wereLOWERwith the stocks settling down after the short-term turbulence of a Fed day. GS -1.85, JPM -.54, BAC -.20, MS -.24, C -.40, PNC -.20, AIG +.24, TRV +.47, AXP -.76, and XLF $28.39 -.13 (.46%).
OIL, $58.19 +.15Oil had made the round-trip from $57 to $63.38 and then back all the way to $57.67. We were fortunate to have been in the right place at the right time, and it shows that if you keep working and making the percentage plays, you WILL hit a home run every once in a while. After trading as high as $59.49 we sold off and closed near the lows. This is an area that should provide some support.
Prices for Natural gas were also lower, closing $2.569 - .096, and I am still looking for a place to buy UNG to participate. The stocks on my list were mixed with the little ones suffering again. The XLE was $61.82 -.13 (.21%).
METALS, GOLD: $1,506.20 -9.60.We bought the GLD 10/139 puts today at $ .90 -.91. I think we may be headed between $25 and $50 lower before returning to the long-term bull market. There is support from here down to $1,490, but a close below $1,492.90 should get us started lower. The puts closed $ .97. NEW VIDEO #113 https://youtu.be/32qlOrun09c
BITCOIN: closed $10,155 – 50.Today’s action was quite a change from the quiet, small range days. We were down to $9,605, over $500 lower than where we finished. We still need a close over $10,945 to break us back to the upside. We own two positions of 250 GBTC @ $9.36 and 500 @ $12.10. We closed out 250 of the $9.36 shares at $16.78 for a gain of $1,855 and GBTC finished $12.65 +.05.
Tomorrow is another day.
CAM
Subscribers to The Moskowitz Report
Receive free texting of all new or
closing trades with their subscriptions
GO TO: www.GreatWizeOZ.com TO SUBSCRIBE or for questions
Call 617-827-1296.