GWO Daily Note 3/26/2020
Market Strategies Newsletter - Special Daily Edition
For Trading March 27th
HIGHER AGAIN
BA Drives the DJIA, Again
DJIA +4339 Off Low
24% Off Monday’s Low
Today was another blockbuster of a day, and while I didn’t expect it, clearly, I seemed to be in the minority. Everything that I have learned over the many years of participation in the market’s tells me that this is not sustainable. Even with the dramatic influx of money from all the central banks can not possibly keep this going for any period of time. The health of any country is built on its currency and when you generate the kind of deficits that we are creating, there is a bill to pay. While we have a leader whose answer to over leveraging a business is bankruptcy, it does little to engender stability. Those are my thoughts. Now on to what happened today. Futures were mostly lower all night and early this morning they started to turn to the upside. By the time we opened, the S&P had moved from 2402 to 2550. Of course, by then, Fed Chairman Powell had made a successful appearance on the Today Show, telling the public that the Fed “would not run out of ammunition. After hitting 2575 we fell back $40 or so we moved up to the 2600 level by noon and then fell back another 60 to 2540. But by 2:50 we had made another new high at 2625, and we spent the rest of the day and this evening between 2600 and 2625. At the close the DJIA was +1351.62 (6.36%), NASDAQ +413.34 (5.6%), S&P 500 +154.51 (6.24%), the Russell +69.98 (6.3%) and the DJ Transports +320.60 (4.15%). Market internals were NYSE 6:1 and NASDAQ 4.8:1 while volume was lighter than the past several days. All 30 DJIA stocks were higher with the leader’s BA +148 and UNH +142 DP’s.
Here is the link to tonight’s link to my closing comment: https://www.youtube.com/watch?v=iH7NlMsLJvc&t=127s
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:Since it’s late, I’m going to deliver a quick and to the point summation of the sectors.
BIOPHARMA:wasHIGHERwith ABBV +6.23 (9.17%), ISRG +40.69 (8.84%), REGN +30.22 (7.03%), ICPT +5.69 (9.18%) and the IBB was $106.79 +4.79 (4.7%).
CANNABIS:This group finally caught a bid yesterday on the news that several reported big jumps in revenues in California and today had a bout of short covering that drove prices dramatically higher with TLRY + 3.21 (64%), CGC +1.05 (7.51%), CRON +.77 (13.68%), GWPH -1.91, ACB _.29 (39%), PYX +.59 (21.22%), NBEV +.21 (16.28%), CURLF +.49 (14.16%), KERN +.86 (17.06%) and MJ $12.11 +1.11 (10.09%).
DEFENSE:wasHIGHERwith none up less than 5% and several gainers like LMT +30.33 (9.48%), RTN +11.91 (8.32%), GD +12.38 (10.15%), TXT +3.18 (12.22%), UTX +8.57 (8.91%), NOC +32.64 (11.32%), BWXT +4.23 (9.45%), TDY +14.84 (5.17%), and ITA $162.00 +17.43 (12.06%).
RETAILwasMIXEDwith the retailers lower but the brands all higher. Only the discounters were higher with WMT +.55, TGT +4.96 (5.45%), TJX +3.77 (8.55%) and RL +4.40 (6.3%), UAA +.36 (3.88%), LULU +2.33 (1.2%) and XRT $31.20 +.94 (3.11%).
FAANG and Big Cap:were HIGHERwith GOOGL +61.38, AMZN +68.16, AAPL +13.41, FB +7.29, NFLX +19.86, NVDA +12.28, TSLA -12.25, BABA +6.79, BIDU +4.98, BA +26.27 (16.55%), CAT +5.83, DIS +4.68 and XLK $82.31 +4.80 (6.19%).
FINANCIALS wereHIGHERwith PNC +11.95 (12.98%) and C +4.36 (10.42%) and XLF $21.67 +1.28 (6.28%).
OIL, $22.60 -1.89.The stocks wereHIGHER even with the price of Oil trading down 7%, but the stocks trading with the overall market. MRO was the big winner+.46 (12.85%), MPC +2.09 (9.9%) and XLE $30.39 +1.75 (6.11%).
METALS,GOLD: $1,651.20 +17.80After the selloff yesterday and last night the Gold moved higher on the words of Fed Chairman Powell on the Today Show telling the interviewer that the Fed would not run “out of ammunition” to help with the relief money and the whatever is needed to help the economy.
BITCOIN: closed $6675 + 45.We traded in another 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 $7.41 +.06 today.
Tomorrow is another day.
CAM
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