New NASDAQ High!

For Trading August 7th

FB +6.5% on ???

Continuing Claims Lower

Another New High for NASDAQ

Today’s market got off to a slightly lower start on futures and the influence of the European markets but quickly turned higher after the mega-caps came roaring back to add to gains of the last several weeks. The big question of why remains unanswered. They just ran up and while there was no new news, there are plenty excuses. Mr. Z’s market cap gained $46Billion. Market internals were no better than 1:1 on the NYSE and NASDAQ was actually 6:5 down, with volume just average for the summer months. DJIA was just barely positive at 16:14 up with only one standout, AAPL adding 105 DP’s to the average. BA was the only double-digit loser and only barely -15 DP’s. There really wasn’t much news from Washington unless you count Pelosi sniping at Republicans and McConnell trying to explain away his stubbornness.

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/x3rHFMWfl80

SECTORS: There was plenty of earnings news around with numbers for BKNG, DDOG, Z, UBER and DBX, but I want to take a moment away from that to make myself clear on the continuing Airline Bailout. I am 100% AGAINST wasting yours and my money so that an industry that absolutely squandered the advantages gained in their expansion and record profitability during the past decade. They made flying a brutally painful and expensive adventure with fees for just about everything other than the lavatories. The Boards of Directors and CEO’s repurchased shares, elevating prices, and self-enriching themselves all at the cost of rainy-day funding, right-sizing their companies and doing anything that made sense to increase their longevity. Now they want to “save 100,000 jobs” that will have to be cut. Here’s a thought, NO WAY! How about an industry that supports millions of people and families that has been beaten down, not of their own stupidity…How about Retail? How many of you know people who no longer have a job in a retail store? What did they do to cause the problem? I’m guessing nothing but stand on their feet 40 hours a week to make sure you found whatever you came in looking for. This is a bailout that should absolutely NOT HAPPEN! They don’t deserve it, and in fact it would make little difference in the scheduling and availability of flights. If you’re foolish enough to be an equity holder in this business that has so badly treated the customers, you deserve to lose your stake. And in fact, I seriously doubt that it will save them anyway!

FOOD SUPPLY CHAIN was MIXED with TSN -.47, BGS -1.00, FLO +.04, CPB +.14, CAG -.11, MDLZ +.33, KHC +.37, CALM -.07, JJSF -.50, SAFM -1.40, HRL +.32, SJM -.85, PPC +.23, KR -.24, and PBJ $33.64 +.03 (.10%).

BIOPHARMA was LOWER with BIIB + 1.83, ABBV -.53, REGN -3.31, ISRG -1.64, GILD -.05, MYL -.55, TEVA -.50, VRTX -1.23, BHC +.72, INCY -.37, ICPT -.86, LABU -.93, and IBB $136.08 -1.20 (.87%). CANNABIS: was LOWER with TLRY -.31, CGC -1.59, CRON -1.07, GWPH -14.94, ACB -.40, NBEV -.03, CURLF -.14, KERN +.04 and MJ $12.92 -.60 (4.44%).

DEFENSE: was LOWER with LMT -4.47, GD -.05, TXT +.53, NOC -3.37, BWXT -1.66, TDY -1.08, RTX unchanged, and ITA $164.86 -.89 (.54%).

RETAIL: was LOWER with M -.16, JWN -.28, KSS -.11, DDS -.35, WMT -.46, TGT -.36, TJX -.14, RL -3.62, UAA -.47, LULU -1.24, TPR +.29, CPRI -.59, and ZRT $49.67 -.53 (1.06%).

FAANG and Big Cap: were HIGHER with GOOGL +26.91, AMZN +19.97, AAPL +16.28, FB +15.98 (6.41%), NFLX +5.90, NVDA +1.63, TSLA +4.73, BABA +.21, BIDU -.80, CMG +11.78, CAT -.32, MSFT +3.10, BA -2.24, DIS +3.39, and XLK $115.63 +1.77 (1.55%). PLEASE BE AWARE THAT THESE PRICES ARE LATE MARKET QUOTES AND DO NOT REPRESENT THE 4:00 CLOSES.

FINANCIALS were MIXED with GS -.27, JPM +.03, BAC +.06, MS -.31, C -.34, PNC +.74, AIG -.85, TRV -1.34, AXP +.46, V +2.64, and XLF $24.33 unchanged.

OIL, $41.95 -.24. Oil was lower in last night’s trading before we rallied in the morning but after we tried several times to break to the upside and ran today before running into supply and turned it back. The stocks were LOWER with XLE $37.17 -.26 (.69%).

GOLD $2069.40 +20.10, was a continuation rally and a new recovery high of $2,081.80. We closed out the NEM August 65 / 70 spread on in the Gold market. The spread was put on at $1.30 and we closed it @ $3.20.

BITCOIN: closed $12,040 +190. After breaking out over $10,000 we have had a “running correction” pushing prices toward $12,000, reaching a recovery high of $11980 today. We had added 350 shares of GBTC @ $10.02 to our position of 400 @ $8.06, bringing our average price to $8.97, but sold 250 shares today @ $13.93. GBTC closed $14.44 +.64 today.

Tomorrow is another day.

CAM