The Moskowitz Report (GD, VRX, TSLA, XOM, GLD, HON, AAPL, GS, APC, FB, NUGT, BAC, GOOGL, CVX, AMZN, OXY, JPM, NFLX, NOC, BA, LMT, IBM) - Stock Market Commentary For Friday, March 17, 2017
Thursday was the typical follow-thru and sell-off for most of the averages. NASDAQ and the Russell managed minor gains while the rest had minor losses. The internals on the NYSE A/D was 4:3 and volume was even and on NASDAQ we saw more strength with the A/D 4:3 but volume also 5:3.
The A.A.I.I. Sentiment numbers today show the Bulls still 20% under average and the Bears with a dramatic decline still 20% over average. These are a contrarian indicator and show that there are still more bears than bulls. While not a black and white issue, they are an indicator of more upside to come.
Another day of mixed results for the big names; GOOGL +2.36, AAPL +.15, AMZN +.03, BA -.24, TSLA +6.27, IBM +1.60, NFLX -.57 and FB+ .20. Some of the Defense sector were weak with LMT -.44, GD -1.01, HON -.61 and NOC -3.56.
Oil followed the DJIA (or the other way around) and was weak after the follow-thru with APC -.71, XOM +.07, CVX -1.02, and OXY -1.24. Financials were also mixed with GS +1.91, JPM -.13 and BAC +.09.
The best trades of the day for us were the sales of NUGT @ $9.76 (closed 9.04) and the GLD calls @ $2.32 (cost $ .90), and the purchase of some more VRX @ $11.08. After the close ($11.20) Value Act came out with a filing for purchase of 5.2% stake and after trading 11.87 it is 11.68 tonight.
Tomorrow is another day...CAM
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