For Trading January 29th
CORONA VIRUS CRUSH Is it over?
MMM, PFE, XLNX, & EBAY MISS AAPL BEATS
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Today’s market started off higher from the start and built until we had made up a bit over half of yesterday’s loss and hit +289 before coming back to close +187.05 (.66%), NASDAQ +130.37 (1.43%), S&P 500 +32.61 (1.01%), the Russell +14.18 (.86%) and the DJ Transports + 64.51 (.60%). Honestly, I’m far from impressed. Coronavirus is not over, and there are going to be some major supply-chain disruptions. Like SPR, a supplier for BA is down from $92 to $68, there will be plenty of small to intermediate sized businesses that will fail. Market internals were “okay” with A/D 2.3:1 on NYSE and 2.2:1 on the NAZ. The DJIA was 5:1 UP and the biggest winner AAPL +60 and MMM -68 DPs. The Consumer confidence number was a surprise was 131.6 vs. consensus 128. Strong sectors included Info Tech, Financials and Communication Services and Consumer staples was weak.
Our “open forum” on Discord, which allows me 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.
SECTORS: Other names in the news: MMM was the biggest drain on the DJIA with an earnings miss and the stock was down from yesterday’s high of $180.59 to open $172 and continue to fall to $165.05 and closing $165.58 -10.05 (5.72%). Besides the numbers, this is a company that also has a major issue with the dumping of chemicals (PFOA and PFOS) in several rivers including the Tennessee and Mississippi, and even the partial settlements have been a multiple of the money “set aside” for that purpose. PFE was just under $41 on Friday and missed and the stock opened $39.32, traded up to $39.49 and then fell to $37.95 and finished $38.14 -2.02 (5.03%).
Apple (AAPL) beat both top and bottom and after closing $317.69 +8.74 (2.83%) and then traded to a new all-time high of $327.90and is currently $322.29 another 2.2%. Starbucks (SBUX) reported and while the numbers were ok, I think that they didn’t address the Coronavirus to my satisfaction. I have always prided myself on the fact that I have a very common mentality, and if it didn’t satisfy me, others will feel the same. The stock moved higher to $91.58 but quickly fell back to finish extended hours at $87.05. I think tomorrow will be worse after that fool Cramer has the CEO on CNBC. I’m guessing that $85 is in the cards.
And, the DISASTER DU JOUR today was a name you’ve seen here several times in the past week, Nanoviricides (NNVC) that moved from $3.31 to $17.77, and today most of that was reversed and it fell back to $7.82 before closing $8.40 – 7.40 (46.84%).
BIOPHARMA: was HIGHER with BIIB +1.37, ABBV -.25, REGN +4.66, ISRG +2.23, MYL +.68, TEVA +.12, VRTX +4.60, BHC +.94, INCY +.39, ICPT +1.57, LABU +2.69 and IBB $117.43 +1.34 (1.15%).
CANNABIS: stocks were HIGHER with CGC + 2.44 (11.32%) and CRON +.44 (6.07%) and the rest of the group generally +2.5%). MJ $17.29 +.44 (2.61%).
DEFENSE: was HIGHER with no major moves except TDY +10.12 (2,73% and ITA $231.93 +1.88 (.82%) and ITA $228.88 -2.90 (1.25%).
RETAIL was HIGHER with the market and M +.45, JWN +.23, KSS +.40, DDS -.09, JCP +.017, WMT +.89, TGT -.56, TJX +.37, RL -.30, UAA +.24, LULU +2.61, TPR +.16, CPRI -.70 and XRT $44.72 +.25 (.56%).
FAANG and Big Cap: were HIGHER with GOOGL +18.77, AMZN +25.66, AAPL (see above), FB +3.68, NFLX +4.82, NVDA +5.12, TSLA +13.48, BABA +3.43, BIDU -.07, IBM +.98, BA -2.25, CAT +1.22, and XLK 96.93 +1.82 (1.91%).
FINANCIALS were HIGHER with GS +3.86, JPM +2.27, BAC +.40, MS +.89, C +.53, PNC +1.16, AIG +.28, TRV+ .66, AXP +1.81 and XLF $30.27 +.35 (1.17%).
OIL, $53.98 +.74. Today’s action was a continued stabilization and a small bounce away from the support at $52.75. The $52.00 area was support and we’ll have to see if it holds in the next few days. The stocks were HIGHER with the market and XLE $55.30 +.25 (.45%).
METALS, GOLD: $1,569.80 -7.60 after breaking out “of the box” earlier last week, and the Iran news, we traded as high as $1,613 before turning down. I bought the GLD calls after we traded down to my area of support around $1,545 and after the small consolidation started higher. We ran into some excessive supply at $1,588 and turning back today. We bought the GLD 2/149 calls @ $1.10 and they closed $1.18 today.
BITCOIN: closed $9,060 +70. We broke to the upside today and managed a close on the highs. Yesterday I said, “I now expect a test of $9,200 to $9,500”. Tonight we are trading $9,390. We own 750 GBTC with an average of $8.89. GBTC closed $10.12 +.30 today.
Tomorrow is another day.
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