The Moskowitz Report (SNAP, GOOGL, XOM, FB, GS, TSLA, IBM, AAPL, JPM, NFLX, AMZN, BAC, BA) - Stock Market Commentary For Wednesday, March 29, 2017
Today was picture perfect for a follow through day after a major break followed by a close near the highs. Our position in GS could not have acted better with an unchanged open followed 10 minute run from $225.50 to $227.80 and some consolidation for the next hour or so for its move to $229.50. It spent the rest of the day between $228 and $229.75 and closed just under the highs +$4.12. A near perfect setup for tomorrow. Next real resistance around $233-234 range, above our strike.
The oils also rallied and the XOM calls bought @ $ .74 yesterday closed today at their highs of $1.06 +.22. The oil tested the $47 level Friday and held and had an okay day yesterday. If it can move over $49 we may be able to ride the XOM a little longer.
The internals today were positive all day but not excessive. NASDAQ started slightly positive and built all day to finish 1.8:1 A/D and 2:1 volume. The NYSE started the same way but finished 3:1 on both counts. A very solid showing.
The big names were higher with GOOGL +2.49, AMZN ++11.18, AAPL (which everyone loved to hate) was +2.82 to a new all-time high, BA +1, TSLA +8.53, IBM +.73, NFLX +1.31, and FB +1.41 after bringing out several SNAP type tools and SNAP was -1.80 or 7.55% lower. The financials were led by the aforementioned GS +$4.12, JPM +1.58, and BAC +.54.
All in all a strong bounce after the first 1% move in over 100 days…
Tomorrow is another day...CAM
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