The Moskowitz Report (NVCR, TSLA, STDY, AAPL, IGNMF, AGQ, FB, BAC, JPM, GS, GOOGL, BA, NFLX, AMZN) - Stock Market Commentary For Tuesday, April 04, 2017
Today was one of the worst looking rallies I have ever seen. Today should have been a monster day with big volume as investors put their money to work on the first day of the 2nd quarter. Instead we had what many might call a decent recovery that got us back to “almost” unchanged, but the internals tell an entirely different story. The leadership in the NASDAQ was nonexistent from the start and with an average day of volume finished 2:1 down on both volume and A/D. On the NYSE it was also just an average volume day but that volume was stilted 3.3:1 with the A/D of 5:3 down.
It could, of course be worse, you could have been long Imagination Tech, a UK semiconductor who lost their deal with AAPL and closed $103 -165 or just 61.6% It trades here under the symbol IGNMF and closed $1.38 -2.18.
The big names were mixed; GOOGL +9.21, AAPL -.03, AMZN +3.71, FB+.15, BA -.21, TSLA +20.22 (on delivery numbers for Q1), NFLX-.71, and IBM +.44. Financials were soft and came back but finished lower with GS -.97, JPM -.38 and BAC -.11.
Other big movers on new were STDY $7.70+1.90 after trading $9.70 on a patent settlement, NVCR $10.90 +$2.80 after trading $14.30 on a new Brain cancer drug. As usual there is always a daily disaster (IGNMF) and several home runs in Bio.
We also finally got our position in AGQ 4/42 calls today @ $1.00. I’ll discuss ittomorrow.
Tomorrow is another day...CAM
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