For Trading May 8th

For Trading MAY 8th

NASDAQ Up on the Year

All the other Indexes Still Down

Earnings Galore

Today’s market was another big open followed by sideways action all day and then the DJIA and S&P finished on their lows. The DJIA was +211.25 (.89%), NASDAQ +126.27 (1.41%), S&P 500 +.32.77 (1.15%), the Russell +19.92 (1.58%) and the Transports +118.76 (1.5%). The DJIA was split 16 up, 14 down with the biggest winner’s BA +46, GS +37, HD +36, MCD +28 and V +27 DPs. The only double-digit loser was UNH -26 DPs. The strong sectors were Energy, Financials and materials and the weaker Consumer staples and healthcare. Market internals were 2.5:1 up on the NYSE and 2.2:1 on NASDAQ. Volume was light again. Unemployment numbers for April come at 8:30 tomorrow morning.

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/gmdS65mok0Q

SECTORS: Earnings played a part in today’s market again. The follow-thru from yesterday’s numbers pushed PYPL +18 (14%) and LYFT +5.66 (21.7%). Today’s numbers were a mix with the hospitality booking firms the biggest losers. BKNG was a miss and after closing $1443.91 +65 it fell as low as 1,381 -63 but bounced back to close $1,440 – only $3.91. Trip Advisor (TRIP) was not quite so lucky. They missed top and bottom lines and after closing $18.72 +.63 it fell to $17.35 and finished $17.86 -.86, but it is down 40% YTD.

Uber reported horrendous numbers and it had closed $30.93 +3.11 on the strength of yesterdays LYFT numbers but the losses increased, and the company posted a loss of $2.9 billion vs. $1.4B expected and the stock fell to $29.50 before the CEO came on the call and spread some BS pixie dust about the last 4 weeks improving, but at the same time withdrew the guidance going forward. He also said that UBER Eats grew, but that they lose money on every delivery. At that point the stock turned and ran up to $34.19 before closing $32.80 + about $5 on the day. Unbelievable.

ROKU reported a beat on revenues but another loss. The stock had closed $137.50 +9.98 and guidance is for no profit in either 2020 or 2021. The stock sold off to $123.11 and finished $123.50 -14.00 (3.73%).

FOOD SUPPLY: was MIXED with TSN +2.62, BGS -.35, FLO +.14, CAG -.60, MDLZ +.02, KHC -.48, CALM +.84, JJSF +1.30, SAFM +5.91 and LANC -2.34.

BIOPHARMA: was HIGHER with BIIB +7.22, ABBV -.96, REGN +6.55, ISRG +24.09, GILD +.38, MYL +.54, TEVA +1.06 (10.11%), VRTX +.94, BHC -1.27, INCY +.39, ICPT -3.34, LABU +.24 and IBB $127.17 +.17 (.13%).

CANNABIS: This group was HIGHER with TLRY +.28, CGC +.16, CRON +.13, GWPH -.02, ACB +.003, PYX +.15, NBEV +.07, CURLF +.11, KERN +.28 and MJ $11.82 +.05 (.42%).

DEFENSE: was HIGHER with LMT -.58, GD +5.79, TXT +.61, NOC +1.11, BWXT +.56, TDY +3.37, RTX -.56 and ITA $146.05 +1.62 (1.12%).

RETAIL was HIGHER with M +.14, JWN +.26, KSS +1.56, DDS +.53, JCP +.004, WMT -.72, TGT +.21, TJX +.84, RL -.90, UAA +.62, LULU +2.87, TPR +.68, CPRI +.79 and XRT $36.53 +.22 (.61%).

FAANG and Big Cap: were HIGHER with GOOGL +26.07, AMZN +19.54, AAPL +4.75, FB +3.71, NFLX +1.74, NVDA +9.21, TSLA +.92, BABA +2.08, BIDU +1.12, CMG +31.46, CAT +.08, BA +7.69, DIS +6.42, and XLK $93.88 +1.85 (2.01%).

FINANCIALS were HIGHER with GS +6.08, JPM +1.51, BAC +.70, MS +1.83, C +1.96, PNC +2.80, AIG +2.25, TRV +2.51, AXP +3.50, V +4.92 and XLF $21.82 +.50 (2.35%).

OIL, $24.83 -.79. Oil was higher over-night and the rally continued early in the day to a slightly lower high of $27.79 before falling back and closing down on the day. The stocks were higher across the board with the XLE $37.09 +.94 (2.6%).

METALS, GOLD: $1,725.80 +37.30. After the recent gains, Gold broke below $1,700 and traded as low as $1683.90 before turning higher and breaking out again. last Wednesday. We are long NEM.

BITCOIN: closed $10010 +670. After breaking out over $7500 we have consolidated and broken over 8,000 and 8,500 and again consolidated. Last night I said “today’s close is the highest since BTC broke down in early March at $9385 and 9390. $10,000-10,250 seems like the next stop.” But I didn’t think it would be today. We still own 400 GBTC with an average of $8.06. GBTC closed $11.98 +1.23 today.

Tomorrow is another day.

CAM