Gold another new high

For Trading JULY 29th

MMM & MCD LOWER ON NUMBERS

“NEW ALL-TIME HIGH FOR GOLD”

BITCOIN RALLIES

Today’s market got off to a mixed start and while there was plenty of earnings news to digest, it wasn’t all in either direction. Several of the reporting companies beat and several missed and there really wasn’t much in the guidance going forward. The Dollar tried to rally a bit, but really, after the decline since late March (104), to the low in late June (98) and the continuing decline to 93.42 just yesterday, there hasn’t really been even a minor bounce. While a weak dollar may be good for big multinationals selling product outside the U.S., it is also a reflection of the burgeoning deficit that small business simply cannot support. It is a reflection of how the rest of the world sees the health of our economy. As for the markets, they just couldn’t hold the gains on earnings reports and sold off to the new lows of the day in the last 45 minutes. The DJIA was $205.49 (.77%), NASDAQ -134.18 (1.27%), S&P 500 -20.97(.65%), the Russell -14.90 (1%), and the DJ Transports -120 (1.23%). The market internals were negative with NYSE 1.2:1 and the NASDAQ 2:1 down. The DJIA was 9 up and 21 down with the biggest losers MMM-55DPs and AAPL -42, while there were just 2 up double-digits being PG and PFE both +10 DPs. Volume was lighter than the past week.

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 over the weekend on a day-trade, (actually 2) that I made in AAPL on Friday. I think it’s highly informative as a guide to under what conditions these kind of trades in expiring options make sense. The link is https://youtu.be/qIV0G-hP3aM Enjoy!!

Tonight’s closing comment video https://youtu.be/TvcZbZ2I-uc

SECTORS: Earnings took center stage today with MCD and MMM the biggest losers. Many, even when beating expectations (generally lowered and therefore useless) didn’t react well, while SBUX reported a loss and was higher. This is why I don’t “play” earnings, and unfortunately, this week has many. The biggest winner was hands down, AMD. The company blew away numbers including the fact that their operating margins year over year increased from 7% to 12%. The stock, up from $36.75 in March to late trading @ $74.80 +103%. Storage Tech (STX) went the other way with a miss for earnings and revenues, and poor guidance and fell from $48.50 to $43.43 and the last was $44.50 -4 or 10%.

FOOD SUPPLY CHAIN was HIGHER with TSN +.02, BGS +.24, FLO +.07, CPB +1.43, CAG +.32, MDLZ +.39, KHC +.57, CALM -.09, JJSF -4.08, SAFM -.01, HRL +.01, PPC +.67, KR +.44 and PBJ $33.26 -.05 (.15%).

BIOPHARMA was LOWER with BIIB -5.84, ABBV -.16, REGN -6.40, ISRG -6.35, GOLD -.69, MYL +.20, TEVA -.10, VRTX -5.11, BHC +.79, INCY -1.48, LABU -4.93, and IBB $138.50 -1.55 (1.11%).

CANNABIS: was HIGHER with TLRY +.85, CGC +3.21, CRON +.65, GWPH -1.81, ACB +1.23, NBEV -.01, CURLF +.57, KERN +.29, and MJ $13.98 +.69 (5.19%).

DEFENSE: was HIGHER with LMT +5.50, GD +1.96, TXT +.02, NOC +4.85, BWXT +.53, TDY -3.50, RTX -.07, and ITA $161.58 +.53 (.33%).

RETAIL: was MIXED with the brands lower and M +.20, JWN +.22, KSS +.56, DDS +.53, WMT +.79, TGT +1.451, TJX -.30, RL -.21, UAA +.13, LULU -8.91, TPR -.02, CPRI +.24, and XRT $46.59 -.08 (.17%).

FAANG and Big Cap: were LOWER with GOOGL -25.42, AMZN -49.21, AAPL -4.84, FB -2.65, NFLX -5.41, NVDA -2.56, TSLA -64.50, BABA -1.31, BIDU +.04, CMG -30.68, CAT -.99, MSFT -1.50, BA +.49, DIS -.08 and XLK $105.93 -.93 (.87%). PLEASE BE AWARE THAT THESE PRICES ARE LATE MARKET QUOTES AND DO NOT REPRESENT THE 4:00 CLOSES.

FINANCIALS were LOWER with GS -.63, JPM +.49, BAC +.25, MS -.84, C +.01, PNC -.09, AIG +.40, TRV -1.60, AXP -1.39, V -3.39, and XLF $24.01 -.06 (.25%).

OIL, $41.04 -.56. 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 LOWER with XLE $36.91 -.64 (1.7%).

GOLD $1,944.50 +13.50. It was a continuation rally and a new recovery high of $1,974.00. 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 @ $2.67.

BITCOIN: closed $11,035 +140. 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 $12.52 +.27 today.

Tomorrow is another day.

CAM