The Moskowitz Report (AAPL, HAL, GS, OIH, FB, TSO, IBM, JPM, COP, AMZN, XOM, GOOGL, CVX, BAC, NFLX, APC, BA, TSLA) - Stock Market Commentary For Friday, March 31, 2017
Today was another constructive day without any of the excesses that spell trouble. The markets were higher across the board and the internals finished the day with positive readings in both the NASDAQ and NYSE of about 5:4 volume and 3:2 A/D.
Oil continued to firm and while March didn’t work well as a “seasonal” favorite, April is the number one month for the S&P Energy sector. More to the point, the OIH (oil service ETF) and two of its main components, HAL and TSO are looking much better.
Our position in XOM 4/82 calls triggered my 100% Up Rule this morning and we sold half @ $1.52 and they closed at $1.77 +.72. (They were $1.90 bid $2.35 offered at the close). XOM +1.63, APC -.26, CVX -32, and the big winner, COP +4.05 or 8.1%.
The big names were mixed and with its recent rise AMZN +2.12 made Jeff Bezos pull ahead of Warren Buffett on the Forbes Richest list. The others were GOOGL -.28, AAPL -.30, BA +.45, TSLA +.65, IBM-.16, NFLX +1.69 and FB -.30. Financials were led by GS+2.75, JPM +.83, and BAC +.61 or over 2.6%. Our position in the GS 4/232.50 calls (bot @ $1.51) closed $2.10 with a high of $2.55. 100% Up rule trigger is $3.02.
Tomorrow is the last day of the first quarter of the year and there tends to be some “window-dressing, as the funds want to show they own the winners and not the losers, and this may cause some distortions, but historically it reverses itself in coming days.
Tomorrow is another day...CAM
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