The Moskowitz Report (BA, GS, XOM, TSLA, GOOGL, APC, BAC, NFLX, CVX, AAPL, FB, AMZN, JPM, IBM) - Stock Market Commentary For Friday, March 03, 2017
There are days when we just have to sit back and relax after several strong days up, and today was clearly one of those. We didn’t give up much compared to how far we’ve come in the recent past and some profit taking was certainly in order. We had become very overbought, even though the A.A.I.I. sentiment indicators as of Wednesday night were still almost 20% over bearish and just about average bullish. I would have expected the bulls to have taken command after a 300 point up day.
Of the big names, we had pretty much exactly what you would expect, GOOGL -5.15, AAPL - .54, AMZN -4.17, TSLA + .20, BA _.90, IBM -1.42, NFLX -3.12 and FB - .70. The financials followed with GS -1.71, JPM -1.42, and BAC - .28. The metals were under pressure as the gold again fell and unfortunately did not recover to close near the highs this time. Oil fell by $1.20 and although XOM was slightly higher + .33, APC was lower by $1.93, and CVX - .39.
The internals were soft with the NYSE A/D and volume almost 3:1 down and NASDAQ slightly better at 2:1 for both.
I’m keeping this short tonight since I’m in the final stages of moving, and I’m swamped with all the grief and aggravation that goes along with it. Next time I just want to burn down the old place with all of my possessions in it, drive to the new place and buy all new stuff.
Tomorrow is another day...CAM
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