The Moskowitz Report (LABU, FB, AAPL, GS, TSLA, GOOGL, JPM, IBM, AMZN, NFLX, BA, BAC) - Stock Market Commentary For Tuesday, February 28, 2017
Today was a bit stronger than the indices looked. The DJIA and S&P500 were barely changed while the internals were stronger than in recent days. The NYSE volume was solidly 2:1 and the A/D 1.7:1. NASDAQ was 2:1 on both. The Russell was the outstanding performer up $13.44 or just under 1%.
Most of the big names had minor changes; GOOGL + .32, AAPL + .06, AMZN +2.95, BA +2.23, IBM -1.99, NFLX + .09, FB + .93, GS + 1.98, JPM + .03, BAC + .36, while the biggest loser was TSLA -11.20 on a Goldman downgrade. Metals were just slightly lower but my work shows support in the $1,246-48 range (where prior resistance was) and if we consolidate above that, I’d be looking for $1,280-1,300. Silver, copper and platinum also were just slightly lower.
The biggest sector move looks like the Bio/Pharma group. LABU, the leveraged Biotech ETF has made a roughly 50% move in the last 4 weeks. This ETF really whips around and was as low as $30 in January, $34 in early February and today closed @ $50.87 Up almost $6.
The oil is pressing the top of its recent range and needs a close over $55 to set it higher, Although the oil stocks are beginning to dig in and hold on to recent gains. This is particularly encouraging. If we can hold here and move higher we would set a new higher trading range.
Tomorrow is another day...CAM
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