The Moskowitz Report (UTX, FB, SLV, VRX, RIG, SHLD, ALB, COL, TSLA, NUGT, INSM, APC, GPS, NFLX, HL, REGN, BP, JCP, NVDA, GLD, CLVS, OXY, DDS, AGQ, ICPT, XOM, ANF, BA, ISRG, PSX, LB, GOOGL, ALXN) - Stock Market Commentary For Wednesday, September 06, 2017
Well, today’s market was ugly right from the start. First it was UTX buying COL with COL barely moving higher since it was a stock and cash bid, but more importantly it was the UTX dragging down the DJIA due to its weighting in the average. Next it was the big name NASDAQ stocks not coming to the aid of the overall market and in fact moving lower themselves. I mentioned this type of action in the Special Report that I put out last month about the FANG stocks getting ahead of themselves before we they can consolidate their gains and then underperforming. GOOGL -8.74, AMZN -11.87, are clearly in that position while NFLX +.01, FB -1.23, NVDA -4.3, BA -3.23 and TSLA -5.50 are acting better. The GOOGL and AMZN have not been able to mount a rally to recover 50% of their move lower. IBM -.70 doesn’t even deserve mention since it has been moving lower all year.
The market internals today on the NYSE were 1.5:1 down volume and 2.5:1 A/D. The NASDAQ was considerably worse with volume 2.5:1 and A/D matching the NYSE. There were no groups that acted well except the metals with GLD +1.40, SLV +.18, AGQ +.77, NUGT +2.61 and HL +.08.
On the Bio Pharma side, if you didn’t own INSM $26.99 +14.43 (119%) or ISRG +14.69 you had nothing to cheer about either. With the IBB -2.69 the rest of the group was lower with BIIB-5.18, AMGN -1.97, REGN -9.70, ALXN +.64, VRTX -3.32, VRX -.28 ICPT -.37, INCY -2.69 and CLVS -1.61.
While we had a good rally in the oil, the stocks didn’t do nearly as well as I would expect but did move higher with CVX +.59, XOM +.71, APC -.01, OXY +.97, COP-.03, BP +.18, PSX -1.19, RIG +.23, MPC -2.78, MRO +.03, HES +.61, and XLE +.35.
We added a new position in the retail sector, buying the XRT (ETF) 9/39.50 calls @ $ .54 which closed right there. The chart on the sector is starting to show a slowing of the decline as well as new comps coming up are already depressed and we are likely to be able to beat them. As I pointed out last week some of the “brands” are showing strength and if that continues it would be very hard for that not to translate into a better environment for M -.40, JWN -.24, DDS-1.78, KSS +.21, SHLD -.21, JCP -,12, WMT +1.45, GPS -.22, ANF +.08, LB -.78 and the XRT -.04. It should be noted that we had our order well below Friday’s close so when we bought them they were down over 25%.
We also bought some calls on ALB, a major player in the Lithium battery space. We bought those @ $ .80, down from the high of day of $1.50
Tomorrow is another day...CAM
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