Thursday, July 23, 2020

Faangs Falter

For Trading JULY 24th

INTC FALTERS

“BIG 6 TAKE IT ON THE CHIN”

GOLD KEEPS ROLLING

Today’s market got off to a mixed start and ended with lots of red ink. The biggest of the big names finally took it on the chin in late trading and finished with losses of between 3 and 5% including AAPL -18 on a sell recommendation by Goldman Sachs. The closes were all near the lows of the day with DJIA -353.51 (1.31%), NASDAQ -244.71 (2.29%), S&P 500 -40.36 (1.23%), the Russell -.06, and the DJ Transport -33.26 (.34%). Internals were just negative on the NYSE at 15:14 while on NASDAQ they were 1.6:1 lower. Volume was lighter on NYSE although 3:2 down while the NAZ was a bit heavier today. On the DJIA there were 8 stock higher but none in double digits while AAPL was the biggest loser -121 DP’s followed by MSFT -63.

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 3000 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 highly 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/qPmpTV3mCfM

SECTORS: Earnings were the feature again today with gains from TWTR, KMB, and CTAS and they were higher, but the biggest name this afternoon was Intel (INTC) which reported a beat both top and bottom, but it was vs. estimates had been lowered 2 or 3 times since last quarter (also a miss) and Wall Street was not in the mood to be lied to again, and the stock was pounded to the extent that it fell a full 10% and finished the extended hours session just pennies from the low (53.86) at $54.00, $6.40 on top of the $ .65 loss during the regular day. At this rate, $50 looks likely.

FOOD SUPPLY CHAIN was HIGHER with TSN +.65, BGS +.38, FLO +.02, CPB +.29, CAG +.39, MDLZ +.85, KHC +.16, CALM unch., JJSF +2.20, SAFM +.34, HRL +.22, SJM +.83, PPC +.35, KR +.09, and PBJ $33.12 +.11 (.33%).

BIOPHARMA was LOWER with BIIB -3.81, ABBV +.31, REGN -7.53, ISRG +5.21, GILD -.50, MYL -.48, TEVA -.35, VRTX -8.23, BHC -.27, INCY -3.69, ICPT -.88, LABU -4.15, and IBB $139.14 -2.96 (2.02%).

CANNABIS: was LOWER with TLRY +.03, CGC -.47, CRON -.24, GWPH -4.94, ACB -.36, CURLF +.12, KERN -.08, and MJ $13.06 -.16 (1.21%).

DEFENSE: was LOWER with LMT -5.49, GD -1.03, TXT +/.26, NOC -2.50, BWXT +.10, TDY -15.03, RTX -.15, and ITA $165.62 -1.60 (.96%).

RETAIL: was MIXED with M +.24, JWN +.21, KSS +.64, DDS +.47, WMT -1.18, TGT -1.11, TJX -.05, RL +.29, UAA +.43, LULU -7.45, TPR -.19, CPRI -.69, and XRT $46.65 -.20 (.43%).

FAANG and Big Cap: were LOWER with GOOGL -44.29, AMZN -109.91, AAPL -16.64, FB -6.47, NFLX -11.82, NVDA -13.35, TSLA -107.84, BABA +.88, BIDU -1.95, CMG -62.27, CAT +.22, MSFT -8.15, BA -3.27, DIS -1.88, and XLK $106.49 -2.84 (2.60%). PLEASE BE AWARE THAT THESE PRICES ARE LATE MARKET QUOTES AND DO NOT REPRESENT THE 4:00 CLOSES.

FINANCIALS were LOWER with GS -2.75, JPM +.31, BAC +.43, MS -.52, C +.49, PNC +.71, AIG -.32, TRV -3.63, AXP -.31, V -1.43, and XLF $24.33 +.02 (.08%).

OIL, $41.07 -.82. Oil was lower in last night’s trading before we rallied in the morning. I mentioned in last night’s charts with comments section in the Weekly Strategies letter, that it is a toss-up for a move in either direction. The stocks were MIXED with XLE $37.72 -.07 (.19%).

GOLD $1,890.00 +24.90. It was a continuation rally and a new recovery high of $1,897.70. I have only the NEM August 65 / 70 spread on in the Gold market. The spread was put on at $1.30 and finished the day @ $2.08.

BITCOIN: closed $9,650 +225. After trading back to 8985 we rallied back to close – only $5. Since last week we have closed between 9200 – 92.85 every day with narrow ranges and today was a good start to move higher. A break over 10,000 still sends us higher. We added 350 shares of GBTC @ $10.02 to our position of 400 @ $8.06, bringing our average price to $8.97. GBTC closed $10.49 +.41 today.

Tomorrow is another day.

CAM



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