GWO Daily Note 11/14/2019
Market Strategies Newsletter - Special Daily Edition
For Trading November 15th
WMT Beats But Sells-Off
POT (CGC) CRUSHED
AAPL Gets a Sell!
CSCO Falls Further
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Today’s market started out lower, but not by much and it spent the first 90 minutes +/- 25 until 11:45 -12:00 when it moved down and made the low -107, rallied by about 80 and turned back down to these the low (successfully) and rallied back to up pennies and closed -1.63 (.01%), NASDAQ -3.08 (.04%), S&P 500 +2.60 (.08%), the Russell -.39 (.02%) and the DJ Transports having a meager rally +3.21 (.03%). A/D finally had a positive reading on the NYSE at 4:3 but with Volume 1.5:1 Down. NAZ stayed negative 7:8. The DJIA was 12 up and 18 down without much in the way of major movers, but CSCO was the big loser -24DPs followed by AAPL -13 and DIS -11. The winners were BA +34, UNH +15 and HD +12DPs.
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 the earnings parade continues we had a beat at WMT and while the stock advanced to trade $125.38, a new all-time high +4.40 (3%), it fell back to close $120.65 -.33 (.27%). CSCO, which I wrote up last night, which finished $45.98 – 2.48 (5.1%), continued lower for today, trading $44.60 and finishing $44.91 -3.55 (7.33%). The CEO cited weakness on the enterprise (big business) side based on uncertainty on trade. Also on the downside today, Kraft: KHC got a downgrade from Goldman, and the stock, which has fallen steadily from a high of $97.77 in Feb 2017 to trade under $25 in August had rallied from $28 to $33 on a surprise earnings report finished the day $30.96 -2.34 (7.03%).
AAPL got a surprise downgrade from Maxim from hold to sell with a price target of $190. It has been on a recent run from $237 to 264 in the last 10 trading days and finished $262.64 -1.83 (.69%).
Opera: OPRA, the Oslo-based browser developer beat on top ($.27 vs .11) and revenue (93.7MM +119%) and gave even better guidance, and the stock, up from $5.00 in January to a high of $14.94 in September closed the day yesterday $9.71 + .55 and traded up to $12.18 before closing $11.36 +1.65 (17%).
Axonics Modulation: AXNX missed on earnings and revenues, but the FDA came to the rescue with an approval of the Company’s Sacral Neuromodulation System for urinary indications. The stock has had a range of $15 last December when it got listed and has moved as high as $43.37 in July had fallen to $19 in October and closed yesterday $25.49 +.53 and traded as high as $30.33 and closed $28.96 +3.47 (13.61%).
Canopy Growth: CGC missed on earnings and revenues and the stock was decimated. This is the company that Constellation Brands (STZ) invested $4 Billion in last year. The rest of the group reported and CRON was also a miss. Altria (MO) put $1.8Billion in Cronos. TLRY missed and the whole group has fallen as much as 93% for TLRY, 73% for CGC, and 72% for CRON. The ETF (MJ) has fallen from $45 to 17, or 62%.
And for what will probably be the HOMERUN OF THE DAYtomorrow, a name you’ve seen here often, Amarin: AMRN, did not trade today due to a halt for news pending from a vote by the FDA on its Fish-based cardiovascular drug, Vascepa. After the close it was reported that the vote was unanimous, 16-0, in favor of the drug. I wrote this up as recently as 2 days ago when it moved from $16.70 to $20.96 on Tuesday. Last September the stock was $2.50 and ran to $23.44 in 4 weeks and fell back to $12.00 by year-end. With a close of $21.49 Wednesday and no trading today, I expect we’ll see new highs tomorrow in early trading. The all-time high is $23.91 on 7/5/19.
BIOPHARMA:wasMIXEDwith CELG -.39, BIIB -6.64 (2.36%), ABBV +.85, REGN -9.91 (2.85%), ISRG +3.91, MYL +.09, TEVA -.44 (4.5%), VRTX -2.10, BHC +.37, INCY -1.64, ICPT -.88, LABU -1.04 and IBB $109.85 -.73 (.68%).
CANNABIS:stocks wereCRUSHEDagain (see above) with TLRY -1.52, CGC -3.07 (16.59%), CRON -.55 (7.58%), GWPH -5.39, ACB -.69 (19.3%), PYX -.45 (4.89%), APHA -.24 (5.38%), NBEV -.26 (10.44%), ACRGF -.30 (6.56%), and the two medical dispensaries, CURLF +.22 (4.2%) and KERN +.20 (5.56%) and MJ $16.87 -1.14 (6.33%).
DEFENSE:wasHIGHER with LMT +2.47, RTN +1.33, GD +.47, TXT +.09, UTX +.54, NOC +1.97, BWXT +.28, TDY -.28 and ITA $231.85 +1.93 (.84%).
RETAILwasHIGHERwith a surprise beat from DDS, and M +.17, JWN +.64, KSS +.86, DDS +9.60 (14.10%), JCP +.01, WMT (see above) -.34, TGT +2.77, TJX +.93, KR +.01, RL +.73, UAA -.11, LULU +2.11, NKE +.21, TPR +.06, CPRI -.07, and XRT $44.42 +.29 (.65%).
FAANG and Big Cap:were MIXEDwith GOOGL +12.82, AMZN +2.39, AAPL -2.67, FB -.04, NFLX +6.74, NVDA -1.32, TSLA +2.97, BABA +.15, BIDU -.01, BOX -.38, IBM -.28, BA +5.33, CAT -.89, and XLK 86.14 -.50 (.58%).
FINANCIALS wereMIXEDwith GS + .11, JPM +.03, BAC -.11, MS +.22, C -.06, PNC -1.80, AIG -.53, TRV -.18, AXP +.70, and XLF $29.67 +.06 (.20%).
OIL, $56.77 -.35. Today’s action was another almost inside day. We’ve been stuck trading to a new recent high at $57.85 before coming back to support on a daily basis. The weekly report showed another build of 2.2 million barrels after last week’s 7.2 build. The stocks were mixed with the XLE finishing $59.62 -.16 (.27%).
Prices for Natural gas were higher today and closed $2.647 + .047 and have come down from the recent peaks. We have already tested support on the bounce from 2.40 and we have rallied to hit just under $2.90 and if we close that gap I think we can work higher.
METALS,GOLD: $1,473.40 +10.10,We were stopped out of our long position last week and we have fallen right back down to the most recent, and most important area of support around $1,450. We re-entered the 11/22 138 calls right at that $1450 level for $ .60 and sold the first half of the position today on the 100% Up Rule. Gold was also outside the Bollinger Bands for a couple of days, an occurrence that rarely lasts long. If the metal holds the gains, I think we can see another test of $1,490 -$1,500 again.
BITCOIN: closed $8,675 -110.We broke to the downside recently but turned sharply higher recovering over $2,655 since breaking $7,500. After the rally to just over $10,000 we have been flagging out in a bullish manner and we got stopped out last week. A close above $9,565 is need to send us higher. I am looking for a good spot to re-enter GBTC, probably after another day or two in this area, or if we dip back to $8,500.
Tomorrow is another day.
CAM
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