For Trading May 1st Market Review

For Trading MAY 1ST

OIL Moves Higher, AGAIN

AAPL, AMGN, & AMZN REPORT

Russell the Big Loser

Today’s market got off to a lower start today touching the lows -430 before spending the rest of the day between -450 and -250 before closing -288.14 (1.17%), NASDAQ -25.16 (..28%), S&P 500 -27.08 (.92%), the Russell -50.10 (3.68%) and giving up a big piece of it outperformance. DJ Transports were -251.54 (2.92%). Market internals were soft with 2.5:1 down on both NYSE and NASDAQ but the volume was 50% higher. DJIA was 24 down, 6 up with the biggest gainer, AAPL +41 (this will be reversed in the morning) and UNH +33 DPs. The losers were GS -45, AXP -33, TRV -32, MMM & DIS -29, CAT -26, IBM & V -22 DPs. Strong sectors were consumer discretionary and communication services and the weak ones were Materials, financials and energy.

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 https://youtu.be/o3fJ427RZ0o

SECTORS: Earnings played a big part in today’s market. The carryover from last night in TSLA and TWTR was muted and both turned lower, TSLA by as much as $100, giving up its big gain and finishing down on the day. TWTR was as high as $3547 and came back to $28.09 and finished $28.28 -2.41 (7.75%). After the close we had a wealth of names reporting with AMGN with a beat top and bottom and good guidance ran to $246 but came back to $236 and is currently 238 -1.20. AMZN reported a miss on top and a slight beat on bottom line and the stock which had closed $2,474 +101.29, traded down to 2,310 and ping-ponged between 2,400 and 2,320 and is currently $2354 -120. UAL beat top and missed bottom lines. It had closed $29.58 -1.63 and traded to $31.42 but has given it up to trade @29.80 + .22.

The big name was AAPL, which beat on top and bottom lines and does not give forward guidance initially traded from its close at $293.80 +6.07 traded up to $301.48 before hitting the skids and falling all the way to $284.75 and is currently $286.48 – 7.32 on the day and $15 off the high. Margins were unchanged and Ipad sales and the services sectors made up for IPhone sales.

FOOD SUPPLY: was LOWER with TSN -1.42, BGS -.38, FLO -.09, CAG -.77, MDLZ -.15, KHC -.59, CALM -1.52, JJSF -10.04, SAFM +3.05, and LANC -9.21.

BIOPHARMA: was LOWER with BIIB -8.77, ABBV -1.16, REGN +9.73, ISRG -8.84, GILD -.94, MYL -.58, TEVA -.47, VRTX -3.05, BHC -.59, INCY +2.54, ICPT -1.94, LABU -4.61 (4.61%), and IBB $122.58 -3.22 (2.56%).

CANNABIS: This group was LOWER with TLRY -.31, CGC -1.16, CRON -.33, GWPH -4.16, ACB -.02, PYX -.30, NBEV -.08, CURLF -.09, KERN -.49 and MJ $12.10 -.34 (2.73%).

DEFENSE: was LOWER with LMT -3.02, RTX -3.55, GD -7.39, TXT -3.76 (12.52%), NOC -1.16, BWXT -.69, TDY -12.94 (3.82%), and ITA $155.76 -3.49(2.19%).

RETAIL was LOWER with M -.28, JWN -1.88, KSS -2.00, DDS -1.84, JCP -.0016, WMT -2.50, TGT -2.67, TJX -3.21 (6.23%), RL -8.07 (9.97%),UAA -.57, LULU -11.43, TPR -2.21, CPRI -1.65, and XRT $36.68 -1.24 (3.27%).

FAANG and Big Cap: were LOWER with GOOGL -7.22, AMZN -17.71, AAPL (see above), FB +7.03, NFLX +2.06, NVDA -10.46, TSLA -35.51, BABA -6.70, BIDU -.37, CMG -13.24, BA +.80, CAT -5.26, DIS -5.48, and XLK $90.05 -1.77 (1.93%).

FINANCIALS were LOWER with GS -8.60, JPM -3.56, BAC -1.06, MS -1.89, C -2.46, PNC -5.35, AIG -2.13, TRV -5.78, AXP -6.18, V -4.39, and XLF $22.79 -.59 (2.52%).

OIL, $18.84 +3.78. Oil was higher again today and seems to be making a decent show of making an important bottom. Tonight, it is higher again trading 19.44 +.60. The stocks were mostly lower with the market. XLE closed $38.00 -.86 (2.21%).

METALS, GOLD: $1,694.20 -19.20. After the recent gains, Gold broke solidly above $1,700 and traded as high as $1788 last Wednesday. I said I wanted to get long the GLD if we can probe the $1710 range, and when it traded $17.04 yesterday, I was a buyer. Today was a serious disappointment. Our calls fell back to .83. We are also long NEM.

BITCOIN: closed $8930 +1.05. After we traded in the uptrend, I mentioned this weekend that I felt we would have to test 6750 and yesterday we hit 6465 before turning back up. Today’s action was a continuing move higher with a high of 9560. While I want to add the 350, I still want to wait and see some stabilization. We still own 400 GBTC with an average of $8.06. GBTC closed $9.89 +.29 today.

Tomorrow is another day.

CAM