GWO Daily Note 3/25/2020
Market Strategies Newsletter - Special Daily Edition
For Trading March 26th
Sanders Foils Rally
BA Drives the DJIA
Today was driven early by BA and the statement that it would not need to accept the kind of share dilution that would be part of a government bailout. The market seemed to take that as a good thing, at least for BA, which has rebounded from $89.00 to a high of $174.77 in the last week. This dragged the DJIA higher but left the S&P and NASDAQ down at the open. We had a great deal of enthusiasm in both directions but by late in the day everyone was in the green. While there were selloffs in all the indexes on the news that Bernie Sanders would oppose the current relief legislation because it gave corporations to easy a time, and Ms. AOC saying that she MAY oppose the unanimous consent resolution, which would delay financial relief, we finished with the DJIA +495.55 (2.39%), NASDAQ – 33.56 (.45%) and S&P 500 +28.23 !.15%), the Russell +13.83 (1.26%) and the DJ Transports +184.07 (2.44%) the biggest winner, but off 424 off its high. Market internals were okay, with NYSE 4:1 and NASDAQ only 1.7:1 up. The DJIA was 18:12 higher but the biggest 5 gainers, BA +210, UNH +100, UTX +63, V +50 and AXP +24DP’s added up to a gain of $465.
This the link to my closing comment: https://youtu.be/BW3S_KKvjAo
Unfortunately we bought some SPY puts (a small position) at $3.20 that closed @ $2.91, and were stopped out @ $1.58 today.
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, and we’ve grown to almost 800 members.
SECTORS: Other names in the news:As mentioned above, we had the BA announcement, and after falling in the last 2 months from $350 to a low of $89, (75%), it was as high as $174.77 today but closed $155.00 +27.32 (21.4%). NKE had earnings after the close last night and after falling from $95 to $60, has rebounded to close today $79.01 +6.68 (9.24%).
BIOPHARMA:wasMIXEDwith ISRG the big gainer +28.41 (6.58%) and ICPT +3.97 (6.84%). VRTX was the biggest loser -13.04 (5.84%). The IBB was $102.00 -.57 (.55%).
CANNABIS:This group finally caught a bid on the news that several reported big jumps in revenues in California with TLRY + 1.38 (34.33%), still not impressive after falling from $300, CGC +1.02 (7.86%), CRON +.20, GWPH +1.25, ACB +.04, PYX +.14, NBEV +.05, CURLF -.38 (9.79%), KERN +.78 (18.13%) and MJ $11.45 +1.04 (9.99%).
DEFENSE:wasHIGHERwith none up less than 5% and several gainers like LMT +33.34 (11.54%), TXT +3.05 (13.27%), UTX +9.43 (10.87% and 63 DPs), TDY +21.17 (7.97%) with ITA $147.97 +16.80 (12.81%).
RETAILwasMIXEDwith the retailers mixed but the brands all higher. M +.91 (16.06%), JWN -.26, KSS +1.25, DDS -2.29 (4.87%) and WMT -5.53 (4.81%) while RL +1.13, UAA +.14, LULU +2.51, TPR +1.18 (8.6%), CPRI +1.78 (16.02%) and XRT $30.26 +.52 (1.75%).
FAANG and Big Cap:were MIXEDwith GOOGL -26.01, AMZN -46.10, AAPL +.18, FB -3.88, NFLX -14.71, NVDA -.95, IBM +.52, TSLA +35.00, BABA +4.25, BIDU +.82, BA +37.07, CAT +2.66, DIS +3.00, and XLK $77.50 -.11 (.14%).
FINANCIALS wereHIGHERwith only TRV lower -2.05 (2.19%). AIG was the biggest gainer +2.79 (12.17%) followed by AXP +6.59 (7.84%) and JPM +3.07 (3.47%). XLF was $20.33 +.48 (2.42%).
OIL, $24.49 +.48.The stocks wereHIGHER with the price of Oil trading up slightly but the stocks trading with the overall market. MPC was the leader +3.85 (22%), BP +2.35 (10.62%), CVX +2.74 (4.12% and XLE $28.33 +.98 (3.58%).
METALS,GOLD: $1,633.40 -27.40After the biggest I’ve ever seen in 50+years of trading. We sold our calls yesterday and after trading down to $1615, I am interested again. I put out this short video this afternoon… https://youtu.be/2vCymNxtNA4
BITCOIN: closed $6630 -95.We traded in a short range again today and finished mid-range on the day. 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 $7.35 -.20 today.
Tomorrow is another day.
CAM
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