DAILY NOTE FOR TRADING 1/23
Right or Right Out!
Contributing Staff: Charles Moskowitz www.GREATWIZEOZ.com
After the close 1/22/2024
Market Insights Newsletter - Special Daily Edition
For Trading January 23RD
INDEXES AT NEW HIGHS !!
ADM SUSPENDS CFO -$16.70
GILD MISSES ENDPOINT RESULTS ON CANCER DRUG !!!
The DJ Transports and the Russell led the way today as markets indexes made new highs, although both are still well off their all-time highs. The DJ Transports were the biggest winner +344.69 (2.21%) and the Russell was right behind with a gain of 38.49 (2.01%), while the DJIA was +138.01 (.36%), NASDAQ +49.32 (.32%), and S&P-500 +10.62 (.22%). Market internalswere sufficient for the day at 3:1 A/D on the NYSE and 5:2 on the NASDAQ but volume was 5.4Billion, well off recent highs.
We started the day with the suspension of the CFO at Archers, Daniels, Midland (ADM), placed on leave while the company reviews accounting practices at the Nutrition division. The stock started -10.19 @ $58.00 and got worse all day finally settling at $51.49 -16.70 (24.2%). Gilead Sciences also took it on the chin after one of its already approved drugs, Trodelvy, for other uses. The stock fell from Friday’s close of $87.29 to a low of $77.37 before closing $78.43 -8.86 (10.15%).
Our “open forum” on Discord, which allows you to interact with subscribers and others to allow direct questions and chart opinions on just about any stock, continues to grow with more participants every day. It is informative and allows me to share insights as the market is open and moving. The link is: https://discord.gg/ATvC7YZ and I will be there and active from before the open and all day. It’s a great place to share ideas and gain some insights, and we’ve grown to almost 3000 members.
Tonight’s closing comment video:https://youtu.be/MB1hbBeAS40
SECTORS: My sectors wereMOSTLY HIGHERtoday with the FOOD SUPPLY CHAIN sector the only loser!
WORK FROM ANYWHERE:WASHIGHERWITH ETF, WFH $55.95 +.95 (1.73%)
Biggest gainer: TDOC +3.26% Biggest Loser: DOCU -1.79%
INFRASTRUCTURE:wasHIGHERwithETF, PAVE $34.25 +.39 (1.15%).
Biggest Gainer: TPC +4.30% Biggest Loser: NONE
AIR & CRUISE LINES:wereMIXEDwithETF, JETS $18.50 + .39 (2.15%)
Biggest gainer: UAL +4.69% EARNINGS Biggest Loser: CCL -3.84%
FOOD SUPPLY CHAIN:wasLOWERwith ETF, PBJ $44.58 -.50 (1.11%)
Biggest Gainer: BGS +3.34% Biggest Loser: ADM -24.04%
BIO-PHARMA:wasHIGHERwith ETF, IBB $136.15 +.97 (.72%)
Biggest Gainer: TEVA +3.22% Biggest Loser: GILD -10.15%
CANNABIS:wasHIGHERwith ETF, MJ $3.51 + .05 (1.45%)
Biggest Gainer: CRON +3.50% Biggest Loser: CGC -.48%
DEFENSE:wasHIGHERwith ETF, ITA $122.17 +.46 (.38%)
Biggest Gainer: AXON +1.12% Biggest Loser: RTX - .15%
RETAIL: wasHIGHERwith ETF XRT $69.96 +1.28 (1.86%)
Biggest Gainer: FL +7.24% Biggest Loser: LULU - .44%
FINANCIALS:WEREHIGHERwith ETF, XLF $38.13 +.20 (.53%)
Biggest Gainer: SOFI +7.08% Biggest Loser: PNC -.90%
- & FAANGwereMIXEDwith ETF XLK $201.25 +1.08 (.54%)
BIGGEST GAINER: DIS +2.25% BIGGEST LOSER: TSLA -1.90%
A.I :stockswereHIGHERwith the ETF: BOTZ $28.97 + .26 (.91%)
BIGGEST GAINER: CXAI +21.05% BIGGEST LOSER: NONE
METALS:wereMIXEDwith the ETF: XME $56.83 + .42 (.74%)
BIGGEST GAINER: CLF +2.31% BIGGEST LOSER: AGQ -4.45%
ENERGY: $74.76 +1.51 We had solid rally early todaythat took us as high as 73.64 before we turned down and closed near the lows, making it look like we’re headed for yet another test of support! The stocks however in the XLE showed gains finishing $80.55 +.38 (.47%).
NAT GAS: $2.12 -.13The cold weather finally caught up to the extremely tight supply / demand of the Nat Gas market. Falling temperatures across the U.S. and Europe have sent prices sharply higher. From the sound of the reports I’m hearing, it seems that things may stay this way for a while, and some of the low readings in mid-America are new all-time lows! This is a roll from February to the March contract.
BITCOIN: $40,180 -1,405Last week’saction showed that Crypto is managing to overcome the questionable player in the field along with more mainstream adoption and participation and possible regulation to remove the Wild West history of this market. I look for it to go higher from here over the intermediate and long term! GBTC finished the day at $35.82 - 1.19 and our open position in ETHE finished at $19.01 -1.30.
Tomorrow is another day.
CAM
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