The Moskowitz Report (AAPL, FIVE, HES, GS, SIG, HL, GOOGL, EXPR, XOM, XLF, SJM, MPC, SLV, BA, LULU, BP, C, TSLA, RIG, RH, PSX, IBM, OXY, WFC, APC, COP, VMW, CVX, GLD, XLE, AVGO, MRO, WDAY) - Stock Market Commentary For Friday, Jun 02, 2017
Todays’ market moved to new record highs today and did so right from the start, as the DJIA closed +135, S&P 500 +18.26, NASDAQ +48.31. The Russell was up 25.85 or a gain of 3X the % or the other averages. The Transports are well below the highs but closed up 113.54 or 1.24% (also 2X the DJIA). Market internals were very strong with NYSE volume 4:1 and A/D almost 5:1 and NASDAQ 3:1 in both metrics. The rotation in this market seems to be coming back into view with the big names mixed while the small and midcaps and transports recovered some ground. GOOGL +1.20, AMZN +1.23, AAPL +.37, NFLX + .04, TSLA -.64, BA -.31, and IBM + .04.
Earnings were mixed with retailer RH -12.50, LULU +7.38, EXPR -1.50 (20%), and FIVE +2. Others were WDAY +1.50 and VMW -4.10. Oil got a lift on drawdown numbers and the entire group benefitted with CVX +.79, XOM +.20, APC +.58, OXY +1.58, COP +.17, BP + .09, PSX +.51, RIG +.16, MPC +1.09, MRO +.08, HES +.76 and XLE +.40.
Financials too had a bounce with GS +3.94, JPM + .91, C +.54, WFC + .94 and XLF +.33. AVGO was -$4.89 at the close but earnings drove it back up to +2.42.
We had an especially good day with the SIG calls bought yesterday @ $ .75 when we sold the first half @ $1.50 on our 100% Up Rule and the second half @ $2.70 for a total gain of 180% and we bought the 6/55 calls @ $.64 and they closed $ .83. Our other positions in SJM +2.38 with our 6/130 calls from $1.65 to $2.80 and offered $3.20.
Last, but not least, the metals were lower but an “inside day.” We bought a little more HL on an average up @ $5.72, SLV (silver ETF) closed near its high and - .04 only while the GLD was -.25 and midrange.
Tomorrow is another day...CAM
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