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For Trading November 12TH

Split Personality Market

THE DIGITAL “STRESS TEST”

Today’s market was another split affair but this time it was the DJIA the reversal. Futures had the Dow +200 early and the opening was +100 and although the index moved up to +140 or so, it couldn’t hold on and by 9:45 it was up only about 50 and the rally was pretty much over. The next several hours were a snooze until the Dow touched -120 or so and rallied back to just short of unchanged and finished just -23.29 (.08%) while the NASDAQ was +232.57 (2%), S&P +27.13 (.8%), the Russell -.07, and the DJ Transport -89.84 (.74%). A/D on NYSE were just 1:1 and NASDAQ just 1.3:1 and volume was moderate. The weakness in the DJIA (11 up-19 down) was centered around BA -43, AXP -32, & DIS -29DP’s, with the gainers MSFT +37 & MCD +31DP’s. The only economic news was the decline in mortgage application of .5%. Tomorrow we get claims and October CPI.

Our “open forum” on Discord, which allows you 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.

This week’s radio show is going to feature my good friend and excellent futures trader, Dennis Marlow! If you’ve ever thought about trading futures, this show is a must. While I’ll post the link later, you can listen to the show at www.wpsl.com, and you can call in any questions (there are no dumb ones!!) by calling 772-340-1290. JOIN US @ 11:05 !! I think it can work you many of you with Dennis’s methodical trading style and his use of stops. It’s a 23-hour a day market, and very rarely any gaps in prices to hurt traders!
Tonight’s closing comment video: https://youtu.be/jJakDJSPxho

SECTORS: You really couldn’t ask for more of an immediate return than those in last night’s Special report. All three stocks came back into favor quickly, and the moves are not over. I still think that some may actually make new highs. I will add a new name of two tomorrow since I am focused on the SNAP trade. Here are the numbers from todays action; ZOOM (ZM) $418.00 +41.99, DOCUSIGN (DOCU) $209.50 +11.19, & TDOC $183.50 +11.06. NOT BAD FOR 1 DAY.
The only other name is tonight’s HOMERUN OF THE DAY, Five Prime Therapeutic (FPRX) who disclosed their successful trial for their therapy for Gastric cancers. The stock closed $5.34 Tuesday and opened this morning at $22.50 and traded as high as $24.00 before closing $22.14 +16.80, 314%, and even more importantly, they announced a 5 million share offering that did not even phase the stock!

ANOTHER NEW SECTOR: INFRASTRUCTURE…
The names are: MLM is Martin Marietta, VMC is Vulcan Materials, F is Fluor, J is Jacobs Engineering, ROAD is Construction Partners, KBR is Kennedy, Brown & Root, and the two ETF’s are TOLZ, which seems to specialize in toll roads, bridges, tec., while PAVE seems to have a broader interest. These are the components for PAVE: https://www.globalxetfs.com/content/files/PAVE-factsheet.pdf

INFRASTRUCTURE: were LOWER with MLM -.03, VMC +1.58, FLR -.39, J -2.76, ROAD +2.15, KBR -.17, and the ETF’s, TOLZ $41.56 +.31 (.77%) and PAVE $19.33-.19 (.97%).

AIR & CRUISE LINES: were LOWER with CCL -.43, RCL -3.43, NCHL -.72, AAL -.30, DAL -1.99, LUV -1.58, UAL -1.67, HA -1.38, ALK -1.18 and I’ve switched to JETS as a more representative ETF for the group which finished the day $19.80 -.49 (2.41%).

FOOD SUPPLY CHAIN: was HIGHER with TSN +1.02, BGS +.12, FLO +.24, CPB +1.10, CAG +.53, MDLZ +.91, KHC +.97, CALM +.49, JJSF -5.28, HRL +1.14, SJM +2.23, PPC -.01, KR +.19, and a new addition ACI -.01, and PBJ $34.16 +60 (1.86%).

BIO-PHARMA: was MIXED with BIIB +8.16, ABBV -.97, REGN +5.78, ISRG -11.95, GILD -.62, MYL +.08, TEVA -.07, VRTX +1.37, BHC -.08, INCY -.31, ICPT -.39, LABU +2.48, and IBB $139.51 +1.77 (1.29%).
CANNABIS: was LOWER with TLRY -.34, CGC +.66, CRON -.19, GWPH +2.10, ACB -.64, CURLF -.19, KERN -.47, and MJ $13.25 +.14 (1.07%).
DEFENSE: were LOWER with LMT -1.68, GD -2.13, TXT -2.04, NOC -2.55, BWXT +.87, TDY -2.47, RTX -2.04, and ITA $175.25 -3.20 (1.79%).
RETAIL: was LOWER with M -.34, JWN -1.43, KSS -2.58, DDS -3.28, WMT+2.62, TGT +2.65, TJX -2.69, RL -5.14, UAA -.56, TPR -.60, CPRI -.62, and a new addition GPS -.73, and XRT $54.50 -.17 (.31%).

MEGA-CAP & FAANG were HIGHER with GOOGL +10.90, AMZN +100.49, AAPL +3.38, FB 3.58, NFLX +9.26, NVDA +27.00, TSLA +6.45, BABA +1.21, BIDU -.19, CMG +59.95, CRM +7.14, BA -7.89, CAT -2.95, DIS -4.63, and XLK $121.26 +2.81 (2.37%).
PLEASE BE AWARE THAT THESE PRICES ARE LATE MARKET QUOTES AND DO NOT REPRESENT THE 4:00 CLOSES.

FINANCIALS: WERE LOWER with GS +.39, JPM -1.77, BAC -.39, MS +.25, C +1.24, PNC -1.30, AIG -.97, TRV -1.40, V - .31 and XLF $27.04 - 11 (.41%).

OIL, $41.45 +.09, Oil was higher on the COVID-19 vaccine news. It traded as high as $43.06 before turning lower. The stocks were lower today even with the run-up, and the XLE finished $33.78 -.35 (1.03%).

GOLD $1,861.60, was all over the place from +10 to -20 last night but the PFE news sent it lower all day. It finished just off the lows and looks to be setup for a test of today’s lows before any move higher.

BITCOIN: closed $15,805 +450. After breaking out over $10,000 we have had a “running correction” pushing prices toward $16,000, reaching a recovery high of $ $16,155 already. We had 750 shares of GBTC and sold off 250 last week at $13.93 and 250 today @$14.19, and we closed out the final 250 @ $15.44. GBTC closed $17.53 +1.02 today.

Tomorrow is another day.

CAM