The Moskowitz Report (SPY, ALXN, TSLA, BP, C, NUGT, BIIB, LMT, AMZN, CVX, JPM, SLV, BMRN, NOC, AAPL, BAC, GLD, VRTX, GD, FB, COP, GS, HL, AVXS, RTN, XOM, AGQ, ACAD, BA, OXY, INCY) - Stock Market Commentary For Thursday, June 15, 2017
Todays’ early morning shooting remarkably had no effect on the open and early trading. The best acting groups were healthcare and biotech. ALXN was +10 while BIIB was -8 on news that the CEO from BIIB to ALXN, AVXS +6, CELG+1.42, VRTX+2.22, REGN+3.17, BMRN+1.53, ACAD+.33, INCY+1.60, ICPT +2.35 and IBB+ 1.66.
The Fed did exactly what was expected and got no response until Chair Yellen spoke and that took the markets to the lows of the day. We bought SPY 6/244 calls that closed slightly higher than our price. Another group that had some gains was Defense with LMT+1.94, RTN+1.08, NOC+2.07, GD+.73 and BA+1.29. The market internals were negative with NYSE volume 3:5 and A/D 13:15 and NASDAQ again soft with volume 4:5 and 3:4 respectively. The big names were mostly lower with GOOGL -9.49, AMZN -8.78, AAPL -2.04, FB -1.08, NFLX -1.31, NVDA -1.80, TSLA +2.82and IBM -.70.
Oil was again lower on bearish statistics this morning and took the group lower including APC which got a downgrade and closed -1.94. CVX -1.90, XOM -.89, OXY -.98, COP -1.01, BP -.71. Financials didn’t fare much better on the Fed news with GS+1.27 but JPM -.62, BAC -.24 and C -.19.
The metals were higher overnight and early but also came down hard after the rate rise, with HL-.21, NUGT-2.94, GLD -.18 but on the lows, SLV +.07, and AGQ -.02.
Futures tonight are decidedly lower with the S&P-500 -7, NASDAQ -27, and DJIA -39, so unless things turn in Asia or Europe overnight we’ll have a down open.
Tomorrow is another day...CAM
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