GWO Daily Note 3/17/2020
Market Strategies Newsletter - Special Daily Edition
For Trading March 18th
Finally, A Range!
Yields Rise
Oil Defensive
HAPPY ST. PATRICK’S DAY!!
I can’t believe that I had to search around to find a restaurant that was open for me to pick up dinner since I wasn’t spending any time in a grocery store to buy the ingredients.
Today’s market was the first day that we had any real “horizontal” action, and frankly, it was a much calmer day. We had a day that was higher at the open, fell back to -200 or so, but then something different happened, it went back to the plus side. Here’s the video I did this evening: https://youtu.be/coWMsic-3xU . Unfortunately, I also did one on the Oil, which concerns me since it looks to me as if it may be setting up for another down leg. But for the day, we were higher across the board with DJIA +1048.86 (5.2%), NASDAQ +430.19 (6.23%), S&P 500 +143.05 (6%), the Russell +69.09 (6.66%), and the DJ Transports +444.79 (6.33%). Market internals were also tame (disappointing) with NYSE a subdued 1.5:1 up and the Naz. only slightly better at 2:1. The DJIA was 27:3 with only 4 single digit movers and, surprisingly only 1 triple-digit gainer, UNH +130DPs. The biggest loser, as usual, was BA -40DPs.
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:The news of the FED commercial paper facility was helpful, but the fall in retail sales was a disappointment and the direct payment to taxpayers or tax cuts helped, but Mayor De Blasio’s comments about residents going to “shelter in place” status, like San Francisco, was not taken well. Energy concerns and defensiveness that is unknowable at this point sent MAR – 11.18 (12.9%) as it started to furlough workers. DKS -2.59 (12.22%) got several downgrades in price objectives and after touching just under $40 last week on earnings has fallen all the way toward being a teenager at $18.60. Housing starts, building permits and mortgage applications come tomorrow.
BIOPHARMA:wasHIGHERwith most rising only slightly, and the major multipoint gainer being REGN +56.17 (12.74%), BIIB +23.60 (8.38%), ABBV -2.32, ISRG +21.19, MYL +.22, TEVA +.19, VRTX +1.83, BHC -.76, INCY -1.23, ICPT +1.45, LABU +.18, and IBB $100.01 +5.62 (5.95%).
CANNABIS:stocks wereMIXEDwith TLRY -.11, CGC -.23, CRON -.26, GWPH, the big gainer, +9.52 (13.13%), ACB +.01, PYX +.23, NBEV +.05, CURLF -.17, KERN +.54 (12.98%), and MJ $9.95 +.51 (5.4%).
DEFENSE:wasMIXEDwith LMT +22.06, RTN -4.58, GD +1.20, TXT +1.20, UTX +1.04, NOC +27.41 (9.7%), BWXT -1.11, TDY +6.02, and ITA $133 -1.18 (.88%).
RETAILwasMIXEDwith M-.31, JWN +1.17, KSS -2.40, DDS +2.24, JCP -.07 (12.28%), WMT +10.42 (9.76%), TGT +7.21 (7.69%), TJX unch., RL +1.91, UAA -.12, LULU +5.02, TPR +1.62 (14.11%), CPRI -1.69 (17.49%) and XRT $30.14 +1.48 (5.16%).
FAANG and Big Cap:were HIGHERwith GOOGL +45.06, AMZN +76.85, AAPL +1.79, FB -2.01, NFLX +11.16, NVDA +14.60, IBM +1.92, TSLA -37.50, BABA +3.21, BIDU -2.51, BA -17.31, CAT +1.60, DIS -3.76, and XLK 76.35 +3.79 (5.22%).
FINANCIALS wereMIXEDwith GS -.66, JPM +2.54, BAC +.69, MS +1.35, C -1.96, PNC +3.03, AIG -1.25, TRV +7.90, AXP -2.87 and XLF $20.20 +.31 (1.56%).
OIL, $26.95 –1.75The stocks wereLOWER with the price of Oil trying to hold $30.00 initially but turning back down and breaking $29.00. This puts it back near the 2016 lows just under $27.00. Today’s move to below $27.00 is ominous. XLE finished $28.00 +.19 (.68%). Today’s Video https://youtu.be/D4QXK21NMAs
METALS,GOLD: $1,1525.80 +39.30.After the liquidation of the past few day’s gold worked its way higher today. I expect a move back toward $1,600 to unfold.
BITCOIN: closed $5,380 +450.We broke to the downside overnight and fell to a low of $4390, and for the first time in days did not make a new recent low. Today was another “inside day” which is generally indecisive. While I want to add the 350 sold just over a week ago, I want to wait and see some stabilization. We still own 400 GBTC with an average of $8.06. GBTC closed $6.10 +.56 today.
Tomorrow is another day.
CAM
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