For Trading February 21st
MAJOR SELL-OFF MIDDAY
NASDAQ HURT MOST
Can Anything Hurt this Market?
Today’s market was lower from the start and accelerated into the morning until just before noon we made a low of -388 before we started to see any support. I didn’t see any specific news other than the overall set-up of strong US$, weak Yen, falling interest rates and over valuation. We spent the rest of the day fighting back to finish -128.05 (.44%), NASDAQ -66.22 (.67%), S&P 500 -12.92 (.38%), the Russell +3.50 (.21%) and DJ Transports +89.72 (.82%). All of the indexes finished ¾ up on their ranges. Amazingly, the market internals were positive, and not just small, with NYSE 1.7:1 and NASDAQ a bit less so at 1.3:1. The DJIA was not so great with 21 down, 8 up, and WMT unchanged. The biggest losers were GS -31, AAPL -23, UNH -22, MSFT -20 and BA-14DPs. The only double-digit gainer was HD +23. While all this includes some major divergences, you need to remember that it’s still “earnings season,” and the strength may look good now, but its continued gains is absolutely harmful to all companies with international exposure. It will be the new “excuse” for CEO’s to lower guidance to set the bar lower. Another issue that is perplexing is the relationship of strong economic numbers and falling yields. Relative strength in bonds and proxies like utilities and real estate is not a great sign, regardless of what Mr. Trump thinks is better for the DJIA, his sole barometer of his success.
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 early news was the MS deal to buy ETrade for stock. It gives MS access to a much broader base of customers (although I think MS will be surprised to see how many of their clients also did business “away” from them) and the opportunity to capture more “Wealth management” business. MS finished $43.75 -2.56 (4.6%) and ETFC was $54.73 +9.80 (21.8%). As mentioned here last night, Viacom’s poor earnings made it the biggest loser in the S&P, finishing $29.29 -6.38 (17.9%).
Evidently, the sale of only 55% of Victoria’s Secret disappointed holders of LBrands, but the departure of the CEO, Les Wexler is probably also a loss. Wexler owns 70% of LB shares and the company’s retention of 45% of VS will allow them to benefit from the private equity firm Sycamore’s ability to right that brand.
BIOPHARMA: was HIGHER with BIIB +4.13, ABBV +.55, REGN +3.16, ISRG +10.21, MYL -.23, TEVA +.67, VRTX +1.85, BHC -1.65 (5.88%) on a loss and plans to refinance some debt, INCY +2.69, ICPT -.47, LABU +2.20, and IBB $123.65 +1.13 (.92%).
CANNABIS: stocks were HIGHER with TLRY +1.28, CGC -.19, CRON +.07, GWPH +2.34, ACB +.07, PYX -.09, NBEV +.15, CURLF -.03, KERN +.08, and MJ $16.60 +.22 (1.34%).
DEFENSE: was LOWER with the only mover over 1% TDY +5.46 (1.41%) and ITA $238.02 +1.69 (.72%).
RETAIL was MIXED with M +.26, JWN +.57, KSS +.17, DDS +1.12, JCP unch., WMT -1.81, TGT -.43, TJX +.35, RL -.81, UAA -.16, LULU +3.22, TPR -.06, CPRI -.54, and XRT $45.22 +.21 (.47%). FAANG and Big Cap: were HIGHER with GOOGL +5.43, AMZN +19.33, AAPL +5.10, FB +.43, NFLX -.86, NVDA +19.03 (6.42%)on earnings and upgrades, TSLA +51.10, BABA +2.15, BIDU +1.82, IBM unch, BA unch, CAT +.66, DIS +2.43, and XLK $103 +1.42 (1.4%).
FINANCIALS were HIGHER with GS +5.14, JPM +2.72, BAC +.53, MS +.79, C +.62, PNC +2.16, AIG +.67, TRV -1.37, AXP +2.13, and XLF $31.13 +.23 (.74%).
OIL, $53.49 +1.20. After yesterday’s bounce and a rally all the way back to close near the highs, today’s follow-thru we are set up to try the $54 -$55 area, and I am still bearish, I’ll use SCO, the inverse ETF. The stocks were HIGHER with the XLE $55.11 + .98 (1.87%).%).
METALS, GOLD: $1,611.80 +8.20. After the expected breakout above the closing high of $1587.90 we rallied hard to move solidly over $1,600. Today we got off to a quiet start, even with the CPI report, and after the Fed minutes we fell for about 20 minutes before the metal started higher and made new highs on the day. After a consolidation we bought the GLD 3/6 152 calls @ $1.10 and they closed $1.60.
BITCOIN: closed $10,225 -25. We broke to the upside to hit $10,620 last week and on Monday the international traders drove BTC down to $9,505 but today we rallied all the way back to close 750 off the lows and right near the highs. A solid performance. We own 750 GBTC with an average of $8.89. GBTC closed $13.13 - .33 today.
Tomorrow is another day.
Shortly after allowing customers to trade bitcoin futures from CBOE Global Markets, E*Trade (NASDAQ:ETFC) has now opened trading in CME bitcoin futures, according to its website. submitted by
A bitcoin ETF mimics the price of the digital currency, allowing investors to buy into the ETF without trading bitcoin itself. Investing in a bitcoin ETF cuts out any issues of complex storage and ... Click on an ETF ticker or name to go to its detail page, for in-depth news, financial data and graphs. By default the list is ordered by descending total market capitalization. Editor’s Note: There are currently no 100% pureplay bitcoin ETFs trading yet, but there are ETFs that invest in bitcoin companies such as the Grayscale Bitcoin Trust BTC. A cryptocurrency exchange-traded fund (ETF) by Nasdaq and Brazilian fund manager Hashdex has reportedly been approved to trade on the Bermuda Stock Exchange. Hashdex says the new cryptocurrency ... Enter the Bitcoin ETF. An ETF is an investment vehicle that tracks the performance of a particular asset or group of assets; in this case Bitcoin is the asset. An ETF also comes with the blessing of the SEC and so from a regulatory perspective it ticks the boxes for the institutional clients. Bitcoin, the global, peer-to-peer cryptocurrency, forced its way onto investment radars by going up almost 10 times its U.S. dollar price in 2013 and then falling more than 70% in the following year.
Bitcoin so sicher wie nie verwahren - https://amzn.to/2JVWhkD 90$ gratis bei Bybit - http://bit.ly/AllgTuts -----Mehr interessante Informatione... Clip taken from Digital Asset News Channel - ️ https://youtu.be/lcRUaos3wsY SEC CHAIRMAN on BITCOIN ETF: "I'm Open To It." DAILY STORY LINKS ... Big News at the moment is the Bitcoin ETF. What is it actually? What does it mean? How will it influence markets and prices? In this video I quickly look at ... The next BIG event, after the halving is the Bitcoin ETF!! & it's been confirmed and is coming soon! We have research that connects: The Fed, The Treasury, C... So the world finally got a #Bitcoin ETF (it might not be what you expected). Just how correlated with stock and gold is #BTC really? The next wave of altcoin...