For Trading February 7th

For Trading February 7th NEW HIGHS

IPO’S GET A GOOD RECEPTION

TWTR, UBER, Gains..BDX & WWE Fall

Today’s market was off to the races from the start but not to the extent of the last several days. It was a relatively short range day and while we made new highs, we didn’t run-away. The DJIA was +88.92 (.30%), NASDAQ +.63.48 (.67%), S&P 500 +11.09 (.33%), the Russell -4.46 (.27%), and the DJ Transports also lower by 54.44 (.50%). While the indexes were higher, the A/D were not either on NYSE 1359:1602 and NAZ 1459:1703. In the DJIA there were 17 up and 13 down with BA +81, MSFT and AAPL +26 each. On the downside we had UNH -22, GS -17 and MCD -11DP’s. Not a stellar sign on either side.

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.

SECTORS: Other names in the news: The big news today was some surprises to some older and beaten down names. TWTR beat with MDAUs (monetizes daily annual users) and the stock was rewarded with a small gap higher and a solid day finishing $38.41 +5.02 (15%) and then after the close UBER with a surprise with a gain to $41.03 and currently $38.90 +1.81 (5%) seemingly on a path to profit, they say by Q4 on some sales of poorly performing areas and elevation of UBER-Eats in others. Pinterest (PINS) was also a major gainer finishing the day $23.01 +1.10 (5.02% and then followed with a move to $27.17 + another 4.13 for a total gain of just under 25%.

We also had a couple of IPO’s today, the most recognizable being Casper (CSPR) which was originally indicated $17 -19, lowered to $12 -13 and then priced at $12, opened $14.50, traded up to $15.85 before falling back to close near the low of the day at $13.65. Another new name that is partially backed by Melinda and Bill Gates was Schrodinger, a truly exceptional R&D, AI based discoverer of new drugs. They priced 11.9 million shares @ $17 and opened $26, traded from $25.50 to $31.40 and is currently $29 +12 (70.5%). On the downside we had quite a few including WWE, which lost both its CEO and CFO last month and the stock fell from $62 to $45, and reported today and fell from $49 to $40.24 before closing $44.50 -4.50 (9.18% and well off the highs of $100 last May. I’ve often wondered who consistently pays $69.99 for fake sports events? BDX reported just in-line numbers and lowered guidance and was cut to hold on that disappointing guidance and the stock fell to a low of $241.75 before closing $252.25 -33.74 (11.80%). Myriad Genetics (MGYN) missed on all metrics and the stock, already down from $48 in August had closed the day $29.29, fell on the news to $20.05 and is currently $20.65 -8.64 (29.8%). Last was ZGNX, down from a recent high of $57.22 reported positive top-line results. The stock fell as low as $33.70 and is currently $35.50 -17.12 (32.7%).

BIOPHARMA: was HIGHER with BIIB 4.43, ABBV +1.37, REGN +20.14, ISRG +4.99, MYL unchanged, TEVA +.02, VRTX -.64, BHC -.14, INCY -.19, ICPT +.30, LABU +.30, and IBB $122.35 +.80 (.66%).

CANNABIS: stocks were LOWER with ACB firing its CEO and falling to $1.72 -.39 (18.4%) while GWPH rose $11.60 (9.92%) and MJ $16.40 -.32 (1.91%).

DEFENSE: was HIGHER with LMT +3.77, RTN +1.89, GD +3.02, TXT -.25, UTX +.57, NOC -4.05, BWXT -.14, TDY +1.00, and ITA $237.63 +2.74 (1.17%).

RETAIL was LOWER with M -.49, JWN -.67, KSS -1.07, DDS +1.27, JCP -.01, WMT -.44, TGT -.33, TJX -.40, RL -1.09, UAA -.06, LULU -.05, TPR +.61 CPRI -1.96, and XRT $44.57 -.25 (.56%).

FAANG and Big Cap: were HIGHER with GOOGL +30.95, AMZN +13.11, AAPL +4.25, FB +.07, NFLX -2.73, NVDA +3.85, TSLA +9.31, BABA +.89, BIDU +1.13, IBM +.84, BA +11.95, CAT -.19, DIS +1.13 and XLK $100.65 +.95 (.95%).

FINANCIALS were MIXED with GS -2.48, JPM +.16, BAC +.01, MS +.20, C +.20, PNC -.94, AIG +.93, TRV -.28, AXP -.35, and XLF $31.07 unchanged.

OIL, $50.95 + .20. Today’s action was a rally off the lows just above $50 and a pullback from $52.20, closing near mid-range. The stocks were LOWER with the XLE $54.49 -.43 (.78%).

METALS, GOLD: $1,570.00 +7.20after breaking out and tried overnight to make it back over $1,600, but failed and closed near the low of the day. We ran into some excessive supply at $1,598.50 and turning prices back today. We bought the GLD 2/149 calls @ $1.10 and got stopped out yesterday @ $ .55 on the 50% Down Rule.

BITCOIN: closed $9,895 + 65. We broke to the upside last week and managed a close on the highs and continue today, touching $9,995. We are back into the supply around the round number @ $10,000. We own 750 GBTC with an average of $8.89. GBTC closed $11.69 +.175 today.

Tomorrow is another day.

CAM