For Trading April 17th

GILD to the Rescue!

Futures Moving Higher Tonight

Economic Number Horrendous

Today was a decent day with Governor Cuomo giving some good news but the real action came after the close with two pieces of new; GILD has had some solid success in their COVID-19 treatment and this lifted the market in extended hours and, BA is restarting their Puget Sound area plants. GILD was already higher @ $76.54 +1.91 but really took off to trade $89.25 and is currently $88.75 + 12.21. BA closed lower on the day, and a major drag on the DJIA taking 80 DPs off the index, closing $134.24 -11.74, but traded up to $146.70 and is now $145.53 +11.29. You can watch my closing comment below. The final numbers were DJIA +33.33 (.14%), NASDAQ +139.18 (1.66%), S&P 500 +16.19 (.58%), the Russell -5.89 (.50%) and the DJ Transports -21.30 (.27%). Market internals were weak with NYSE 1.8:1 and NASDAQ 1.3:1 down. Volume was average. Consumer discretionary, Info tech and healthcare were strong with energy and industrials weak with the financials, although as mentioned above, have reversed.

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, and we’ve grown to almost 1900 members. I also did this video titled “How to survive being an options trader and not blow up your account,” over the long weekend. I think it’s very informative as a guide to stock selection and option choices. The link is https://youtu.be/Y7H9RpWfLlo Enjoy!!

Tonight’s closing comment video (new equipment)
https://youtu.be/QIFC_u9woFg

SECTORS: Financials were the star after hours and although I generally don’t talk about the “followed sectors” here, but the moves and reversals were so extreme that it bears attention. JPM was 87.33 -3.46 at the close but is now $92.60, GS was 177-1.48 and is currently $186, BAC $21.42 now 22.64, non-banks were, TRV 99.81 -2.36 now $106, V 162,42 -3.54, now $168, AIG 23.18 -.90 now 24.87,and AXP 81.35 -2.44 now 86.80. This was a major sector dragging on the overall market, and if it continues it puts a different tone on stocks.

TONIGHT’S NUMBERS WILL BE THE LAST IN EXTENDED HOURS SINCE THE 4:00pm CLOSINGS ARE NO LONGER PERTINENT.

BIOPHARMA: was HIGHER with BIIB +11.40, ABBV +1.73, REGN +37.31 (7.29%), ISRG +30.00, GILD +14.62 (19.25%), MYL +.53, TEVA +.53, VRTX +14.43, BHC +.31, INCY +5.94, ICPT +4.27, LABU +6.33 (22.39%), and IBB $125.00 +9.31 (8.05%).

CANNABIS: This group was LOWER with TLRY -.10, CGC +.05, CRON +.05, GWPH -2.14, ACB +.01, PYX -.12, NBEV -.10, CURLF +.01, KERN -.06 and MJ $11.90 +.53 (4.66%).

DEFENSE: was HIGHER with LMT +11.42, RTX +2.80, GD +3.51, TXT +.11, NOC +5.71, BWXT +.54, TDY -3.75 and ITA $153.23 +3.27 (2.18%).

RETAIL: was HIGHER with M +.53, JWN _.80, KSS +1.97, DDS +1.34, JCP +.02, WMT +1.54, TGT +5.16, TJX -.59, UAA +.30, RL +2.42, LULU +9.75, TPR +1.08, CPRI +.49, and XRT $35.00 +1.93 (5.84%).

FAANG and Big Cap: were HIGHER with GOOGL +33.70, AMZN +74.82, AAPL +10.35, FB +3.93, NFLX +5.10, NVDA +22.71(8.09%), TSLA +45.17, BABA +7.63, BIDU +3.65, BA -.08, CAT +4.47, DIS +4.51 and XLK $90.45 +3.42 (3.93%).

FINANCIALS were HIGHER (SEE ABOVE)

OIL, $19.87 unchanged. Oil was HIGHER overnight and by the NY open this morning the best it could do was $20.29 and started lower until it fell in the late afternoon to trade 19.20 before a small rally to close just over $19.85. Tonight, it is up $ .54. Stocks were lower with the XLE $32.55 +.48 (1.5%).

METALS, GOLD: $1,731.70 -8.50. After the recent gains, Gold broke solidly above $1,700 and traded as high as $1788 Wednesday. Today was lower again hitting $1,722 and if we get to 1,700 – 1720 I’ll be a buyer again.

BITCOIN: closed $7,105 +365. After we traded in the uptrend, I mentioned this weekend that I felt we’d have to test 6750 and today we hit 6465 before turning back up. While I want to add the 350 sold just over a week ago, I want to wait and see some stabilization. We still own 400 GBTC with an average of $8.06. GBTC closed $7.66 + 51 today.

Tomorrow is another day.

CAM