New Highs!

For Trading JUNE 24TH

New Highs For NASDAQ, AGAIN

Market Recovers From Navarro

Gold New Recovery High Close

Today’s market was a recovery from Mr. Navarro’s comment last night that the China trade deal was finished after Mr. Trump tweeted that it was in fact, still on track. Choose what you wish to believe, but the farmers aren’t happy with soybeans well off their highs. Anyway, we got passed that conflicting news and managed to trade higher with NASDAQ at another new all-time high again today. The only issue was the fact that we closed mid-range, well off the highs. The DJIA +131.14 (.50%), NASDAQ +74.90 (.74%), S&P 500 +13.43 (.43%), the Russell +5.84 (.41%) and the Transports managed an up day, +119.59 (1.32%) for the best gain of the day. Market internals were just barely positive with NYSE 4:3 and NASDAQ 6:5, and volume expanded by 30% on the NAZ. The DJIA was 16:14 Down with the big winners again, AAPL +53 DPs, UNH +33 and V +21, with IBM the only double-digit loser -12.

We added some CVS 7/67.50 calls on the decline with an average price of $1.16 and they finished $ .86, and the NEM 7/17 $60’s @ 1.55 and added to on Friday @ $1.30 for an average of $1.47 triggered a 100% Up Rule sale at $2.94 this morning. They closed the day $2.30. Our position in VLO 7/17 65 calls @ $2.45 closed $2.55.

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/H32paScDnow

SECTORS: The news that DELL would be spinning off its stake in VMWare (VMW) to shareholders, a $50billion deal sent both stocks soaring after the close. DELL had closed $49.01 and immediately jumped to almost $60 before settling $57.90 +8.82 (18%) and VMW moved from its close of $149.23 to trade $166 and finish $162.48 +13,26 (8.9%). Another disposal of a stake, this time Softbank’s position in T-Mobile (TMUS) looks like it will be a sizable windfall since TMUS closed at a new all-time high of $107.16 today, making it worth $32.6 billion. In the COVID-19 vaccine arena, Inovio (INO) is getting Dept. of Defense funding to manufacture its intradermal DNA delivery device. The stock, up from $4 to 19 in late March had settled back into a range around $12-15, closing $15.30 Monday and traded as high as $22.68 on the news and finished the day $21.57 +6.27 (41%). FOOD SUPPLY CHAIN was LOWER with TSN -.03, BGS +.04, FLO -.18, CPB -.31, CAG -.55, MDLZ -.43, KHC -.85, CALM +.28, JJSF +.59, SAFM -.30, HRL -.81, SJM -2.51, PPC -.01, KR -.10, and PBJ $30.96 -.23 (.74%).

BIOPHARMA was MIXED with BIIB +3.90, ABBV -.21, REGN +.28, ISRG -.44, GILD -.60, MYL -.26, TEVA -.18, VRTX +.80, BHC -.23, INCY -2.41, ICPT +1.10, LABU +2.92, and IBB $138.40 +.27 (.20%).

CANNABIS: was MIXED with TLRY +.24, CGC -.20, CRON +.31, GWPH -.85, ACB -.15, NBEV -.06, CURLF +.10, KERN -.45, and MJ $13.56 +.06 (.44%).

DEFENSE: was LOWER with LMT -4.27, GD -1.80, TXT -.11, NOC -8.77, BWXT -.66, TDY -8.51, RTX -.39, and ITA $168.09 -1.64 (.97%).

RETAIL was LOWER with the brands higher: M +.02, JWN -.17, KSS -.41, DDS -.05, WMT -.83, TGT -1.28, TJX -.02, RL +.12, UAA +.29, LULU -4.20, TPR +.07, CPRI +.47, and XRT $43.10 +.05 (.12%).

FAANG and Big Cap: were HIGHER with GOOGL +12.27, AMZN +48.18, AAPL +6.33, FB +2.65, NFLX -4.04, NVDA -4.07, TSLA +2.68, BABA +6.60, BIDU -.01, CMG -31.26, CAT +.41, BA -3.01, DIS +.45, and XLK $104.63 +.75 (.72%).

FINANCIALS were HIGHER with GS +.98, JPM +1.05, BAC +.06, MS +.27, C +.74, PNC -1.06, AIG +.22, TRV -.04, V +2.98, and XLF $23.82 +.11 (.46%).

OIL, $40.37 -.36. Oil was HIGHER early in the day but couldn’t manage to hold the rally and fell back a bit. This is not unexpected, as I mentioned in the Pre-open comment this morning. I mentioned in last night’s video that it appears that prices are trying to work higher towards $45.00. The stocks were higher with XLE $39.29 +.04 (.10%).

GOLD $1782.00 +15.60. It was a clean breakout and a continuation of the rally today, closing practically on the highs. We bought back the 3rd and final lot of NEM @ $58.86. And, we also added a half position in NEM 7/17 60 calls @ $1.55, and additional 50% @ $1.30 on Friday. We sold half on the 100% Up Rule @ $2.94 yesterday and we closed $2.30 +.16 today.

BITCOIN: closed $9,660 +75. After trading back to 9,300 we rallied to new slightly higher ground. A break over 10,000 still sends us higher. We added 350 shares of GBTC last Wednesday @ $10.02 to our position of 400 @ $8.06, bringing our average price to $8.97. GBTC closed $10.596 + .36 today.

Tomorrow is another day.

CAM