The Moskowitz Report (BP, FOSL, NUGT, APA, AMZN, DDS, RIG, HD, BAC, CXO, NVDA, JWN, MPC, COH, SLV, RDS.A, AAPL, RL, APC, NKE, JPM, PXD, TSLA, ULTA, XOM, DKS, GLD, OAS, NFLX, SHLD, COP, KORS, XLF, HES) - Stock Market Commentary for Tuesday, August 22, 2017
Well, today’s market was weak from the start and try as it might we just couldn’t really get going in either direction. While the DJIA had a short range day, it closed on the highs, as did the S&P500 and NASDAQ, although the Dow was the only one that has not broken the 50 day moving average. The internals were not any help with the NYSE 1:1 in both volume and A/D and the NASDAQ was 4:3 negative in both.
Oil couldn’t hold the $49 and fell back to close -$1.10 with the gold and copper markets moving higher with GLD +.46, NUGT+1.50 while SLV was unchanged. The 10 year bonds were up a couple of ticks but nothing to be concerned about. This put a little US$ decline.
The oil stocks were lower with CVX-.70, XOM-.26, APC-.12, OXY -.31, COP-.61, BP-.09, RIG-.15, MPC-.66, MRO-.10, HES-.36, PXD-4.45 (3.37%), APA-.79, OAS-.26, CXO-.02, RDS.A-.41 and XLE-.31.
ULTA continued to fall (-9.99 or 4%) based on the move to discounted makeup in retail, while M +.08 was higher on a new president, JWN-.56, KSS+.06, DDS-.19, SHLD-.10, JCP-.03, WMT+.39, while the brands we RL+.58, PVH-.99, KORS-.01, COH+.77, FOSL-.31 and XRT-.25. HD (also a member of XRT, was +1.71 after testing Friday’s earnings low and moving to the highs and closing there. In the shoe and sports retailers NKE -1.34 on a downgrade with FL-2.56 (40% in the last 3 days) and DKS slightly lower, -.53 but also down 33% in the past week.
The big NASDAQ names were lower again with GOOGL-5.31, AMZN-5.94, AAPL-.42, NFLX- .24, NVDA -2.74, TSLA-10.36 (tepid response for a bond offering), BA-.27, and IBM +.87. Financials were also lower across the board with GS-1.16, JPM-.11, BAC- .24, C-.58, and XLF -.07.
We bought some M and NVDA calls today and I have very close stops on both positions
Tomorrow is another day...CAM
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