The Moskowitz Report (NKE, TJX, RDS.A, GOOGL, PVH, C, ORLY, APC, DKS, KSS, MRO, AAPL, RL, BAC, AAP, XOM, COH, SHLD, PXD, TSLA, BURL, JPM, AZO, COP, JCP, APA, FB, KORS, XLF, GS, RIG, HD, TGT, OAS, NFLX) - Stock Market Commentary for Wednesday, August 16, 2017
Well, today’s market was up again at the open but had trouble gathering momentum. Retail sales were +.6% vs.4% expected and inventories rose .5% vs.4% and helped a little, but the misses of HD, COH, and DKS were too much to handle and premarket was ugly but it only worse as the day went on. HD -4.09 (2.6%), COH -7.28 (16%), and DKS -8.04(23%) and is down from $52 since May on Nike (NKE) going to a direct to consumer site and declines in golf equipment area. The rest of the group was lower with M -.06, JWN -.69, KSS -.49, SHLD +.02, JCP -.09, WMT +.17, TJX +.70, TGT -1.05, ROST -1.72, BURL -3.18,and the XRT-.95. The “brands” were RL -.32, KORS-.98, FOSL + .04, PVH -.96.
The big names were also lower with the exception of BA +3.14, GOOGL -.93, AMZN -1.08, AAPL +1.75, FB +.15, NFLX -2.64, NVDA -1.40, TSLA -2.10, and IBM -.36. Financials were a bit stronger on a higher 10yr bond but most, while up, closed at or near their lows; GS +.44, JPM +.40, BAC +.05, C +.06 and XLF + .08.
The auto second market stocks were also weak today and while they rallied near the close to the highs of the day, they were all lower. AZO -9.19 was down 27 at the lows as was AAP -22 (low -27), and ORLY -2.42.44 was -12 at the lows. It’s hard to figure with used car prices soft and average age of 11 years that the demand for parts would be much greater. These stocks collapsed in May and again in July and these 3 are down over 30% this year.
The internals were weak all day with NYSE volume 4:3 down and A/D 9:5 lower. NASDAQ was similar at 8:7 and 2:1 respectively. The weakness was also seen in the oil as the futures tested $47 and rallied to close - .05, but the stocks just couldn’t follow and close mixed to lower with CVX +.08, XOM-.10, APC +.55, OXY -.60, COP -.03, BP -.03, PSX -.18, RIG -.44, MPC-.40, MRO -.05, HES +.16, PXD +.86, APA-.05, OAS-.19, CXO-2.00, RDS.A-.14, and XLE -.24.
All in all we had a quiet day after the big move yesterday. I spent all day wanting to sell the strength but could never pull the trigger. It was good because I wouldn’t have been able to make much and we just crept higher into the close…Again, When in doubt stay out !
Tomorrow is another day...CAM
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