Market Strategies Newsletter - Special Daily Edition
FOR TRADING SEPTEMBER 12th
Well, today’s market was higher on the open and spent the next hour climbing to the +200 range and consolidating those gains and pressing on to +250. Market internals were strong across the board with NYSE volume and A/D both 4:1 up and NASDAQ 3:1 higher. The main excuse was that No. Korea didn’t do anything untoward over the weekend, but the fact that the sentiment numbers leaned to the bearish or at best neutral, just primed the pump and minds were changed. Earnings have been good and that is a hard fact to argue with, as the VIX continues to stay down day after day in the 10-12 range. The US$ was higher and while the lack of war hurt the gold market (GLD -1.87) the oil continued on its march higher.
Oil settled higher (+ .58) and took the oils higher with CVX +1.74, ACP +.06, COP +.46, BP +.24, PSX+.29, MPC -.07, MRO +.20, RIG +.02, OAS +.05, OXY +.16, XOM +.43 and XLE +.72.
Retail, with the exception of JWN -1.38 on the news that they are going to try a “mini” version was the only one lower with M +.13, KSS +1.38, DDS +1.66, JCP +.05, WMT +.02, GPS+.24, ANF +.12, LB +1.01, TJX +.45, TGT+.02 , and XLE +.26.
Bio /Pharma was mixed to mostly higher with BIIB +.21, AMGN +6.86, ALXN +1.74, VRX +.57, ISRG +2.89, CLVS +1.59. SRPT +1.58, AZN +.59, and ABBV +1.66. The losers were REGN -26.38 based on some disappointment on Dupilumab, VRTX -1.02, ICPT -3.43 for no reason in particular, INCY -4.51 on a BMO lowering of price objective down to $159 (closed 125) and the IBB was +.16. One more name that was strong today in this group was TEVA +3.29 (21%) after the announcement premarket that they have found a new CEO.
Financials were also all higher with the US$ strength with GS +3.81, JPM +1.36, BAC +.48, C +1.59 and XLF +.42.
Last, but not least were the big names which were all up led by GOOGL +1.82, AMZN +12.12, FB +2.56, AAPL +3.03, NFLX +5.46, TSLA +20.11 (5.8%) on the news out of China that they will do away with all fossil fuel autos, NVDA + 5.51, BA +1.87 and even IBM +1.78.
Tomorrow is another day.
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