The Moskowitz Report (GOOGL, SNAP, FB, GLD, TSLA, AAPL, GS, NFLX, BAC, IBM, AMZN, BA, JPM) - Stock Market Commentary For Tuesday, March 07, 2017
Today’s rally from down 93 to down only 20 just before the last minute selloff to close -51 was not very encouraging. To begin with, the internals were poor even though they did improve during the day, but closed weak. The NYSE A/D started out 2:1 down and finished 2.5:1, while volume was as bad as 4:1 and finished solidly 3:1 down. NASDAQ was a little better improving from 3:1 to 1.5:1 volume and 2.5:1 A/D. Really nothing to be pleased about. Transports were down 3 times the DJIA (.75% vs .25%) as was the Russell, while the Dow, NASDAQ and S&P500 were down only .35% on average.
After Barron’s was negative on SNAP, it opened higher and made a new high at $28.25 before trading sharply lower to close $23.74-3.35 or 12.37%.
The big names were slightly lower with GOOGL -1.81, AAPL - .40, AMZN -4.38, TSLA -.21, IBM +.55, BA -1.29, NFLX +2.81 (reported good sub growth), and FB + .19. The financials were also soft with JPM -.95, GS -1.44, and BAC - .20. The metals were a real disappointment and we got stopped out of our GLD position on 50% Down Rule.
While it is to be expected, every fool is coming out and talking about the “coming collapse” of this market and eventually they will be right, at least to some extent. While I am cautious and have been for a while, we are not yet to a point of capitulation where retail just “has to be long or be left behind.” We’ll have to wait until we see what the Fed does, and what the market does with that before I make that judgement.
Tomorrow is another day...CAM
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