The Moskowitz Report (BA, XOM, GS, NFLX, GLD, FB, APC, JPM, AAPL, CVX, TSLA, XLE, GOOGL, AMZN) - Stock Market Commentary For Thursday, March 09, 2017
Today’s action in oil was typical of a market that was heavily non-commercial (speculators) driven with someone (Saudi’s) trying to support prices ahead of the huge prospective offering of the ARAMCO stock. This should stand as an example that no one is bigger than the market and that corners, or bogus support never works. While the rig counts and the storage numbers should have been at least partially outweighed by the continuing growth of demand, this artificially supported market showed cracks and ultimately failed, taking with it XOM -1.34, APC -1.76, CVX -2.06 and the XLE -1.86 or 2.6%.
The good news is that in the “old days” (a year ago), this would have collapsed the rest of the market, and while we were down 70 in the Dow, only .33% it was nothing extensive.
The big names were again mixed with GOOGL +3.84, AAPL -.48, AMZN +4.48, TSLA -1.70, BA - .17, NFLX - .93, and FB +.55. Financials were little changed after the ADP numbers blew away all expectations with new hires +298,000 vs. 189 expected. This drove the 10 year up almost 8 basis points and helped the yield curve bend higher. GS was -.50, JPM unch, and BAC +.11.
The gold was lower again after breaking thru the 1220 support. This leaves the round number $1200 as a line in the sand. Our position in the GLD calls was down, but has not come to the 50% Down Rule trigger. I still believe we have a bounce coming.
Tomorrow is another day...CAM
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