The market today was the mirror image of yesterday, opening and moving lower and making the lows by 10:15 am. It then spent the next 2 hours working back to unchanged, tested and made a higher low before moving to the upside and closing +81.28 (.40%) while S$P500 closed up a meager .49, and NASDAQ -1.59. AND THEN AAPL REPORTED . It had helped the DOW by $8.40, but now trading @ $173.50, it would add $40 to the Dow at the open tomorrow.
Other names in the news, (earnings), Notable in their numbers, today was very busy. On the beat side was ESIO +4.75 (29%), BABA -.88 after a new high, SFM +1.61 98.53%), NBIX +11.85(19%), OCRX +.72 (72%), AN+7.05 (14.8%), RL +2.28 (2.55%) after trading up as much as $8, JUNO reported late last night and was +11.60 (24%) and got 2 upgrades this morning, OLED “crushed the numbers and traded to $154.90 then down to $147 but is now $149.90 +5.50 (4.4%). There were plenty of “misses” included NWL -10.99 (26.8%), W -11.57 (15.5%) after a low of -17, SYMC-2.78 (8.6%), APRN -.87 (18.6%, and 65% from its IPO on June 29), SBUX – 3.37 (6.3%), DISCA -1.85 (9.6%) with a miss and poor guidance on subscribers, CLVS -1.22 but closed 6 off its low after MS lowered their price target but kept its rating at overweight, DATA -9.83 (12%) and AXDX – 3.20 (16.5%).
Oil, $54.54 +.24, last night I said that today would be important and although it was a fairly short inside range day, it did hold $54 again and closed up. Tonight it is trading+ .34 and that leaves only 55.24 as the new highest price since June 2015. I’m not sure if it will make it or not, but I will be buying another 400 or 500 share lot of SCO as close to that top since it is the percentage play since this level has turned oil back to the downside 6 times in the last 13 months. Several of the stocks are overbought and a pullback to midway between the highs and lows would generate a 10% decline and the SCO is 3X leveraged ETF.
RETAIL, was mostly higher and helped by impressive consumer confidence +47, ANF +.1 +.14, LB +3.48 (7.9%) TJX +.77, TGT +1.01, TPR +.36 (formally COH), UAA -.23, RL mentioned in the earnings section and XRT +.46.
FAANG, heavily covered over the past week and as seen in the headlines above was clearly the star of the day +6.49 (4%), GOOGL +1.34, AMZN -8.68, FB -3.61 (hurt by Zuckerberg stating that the amount they are spending on security to avoid the Russian fake news debacle would hurt earnings), NFLX +1.75, TSLA -21.64 (6.7%), NVDA-.29, and although they aren’t FAANGs, BA+4.12, IBM-.68, and BABA -.23.
FINANCIALS, were slightly higher again with rates moving slightly higher. GS +2.72, JPM +.75, BAC +.36 C +.85 and XLF +.25.
METALS, GOLD held $1,270-75 and closed +.80 after trading as high as 1,285, and is +$.80 tonight. Silver held $17.00 and closed $17.13 -.03 and broke the sharp downtrend line I mentioned last night and is trading +$2.30 tonight. Copper was an inside day and closed basically unchanged and is +$ .01 tonight.
Tomorrow is another day...CAM
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