The Moskowitz Report (GOOGL, SPY, M, AMZN, BAC, OIH, IBM, TJX, FB, SCO, TGT, TSLA, XOM, JPM, BA, XRT, JWN, NFLX, MSFT, GS) - Stock Market Commentary For Thursday, April 06, 2017
As I’ve discussed here for the last several days, the market has finally shown that the internals do in fact catch up to prices. Today the DJIA was up as much as almost 200 after the better than expected ADP numbers. Later the FED minutes came out and we started to weaken slightly but came on again. When the oil turned down, it took the market lower and we worked lower with AMZN trading from the new all-time high at $923.72 turned soft, we also generated more selling across the board. The internals went from 3:1 up at 10:00AM to even by about 2:30 to 2:1 down volume and 5:2 down A/D on NASDAQ. On the NYSE it went from 5:1 up volume to 2.5:1 down by the close and 2:1 down A/D.
We came into the day long XOM and OIH calls which were sold mid-morning near the highs and we had an order to buy calls on the SCO (3X Inverse Oil ETF) as well as the actual ETF filled at $35.05 and closed at $36.34. We also bought SPY 4/12 235 puts @ $.91 before the close and they finished $1.49.
The big names were lower across the board with GOOGL-4.57, AMZN+.62 but 16 off the highs, FB-.33, BA-.37, TSLA-8.20, NFLX-2.15, IBM-1.77 and GS-2.26, JPM-1.32, BAC -.38 and MSFT -.35. Retail put in another poor performance with M -.07, JWN -.48, TJX-.78, TGT-.68 and the XRT -.51.
While this may not be “the” top, it’s hard to argue that a couple of percent pull-back could certainly wring out some of the recent excesses.
Tomorrow is another day...CAM
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