For Trading September 11th
Pennies for JC Penny’s
No Deal, No Rally
Is TIK TOK Still a Deal?
Today’s market started off with a rally that pretty quickly and by 11:00am we had given up the +235 and were down on the day. Around lunchtime we tried again, but it was not to be, and we started lower. At this point we put on another 9/18 QQQ put spread that we took home with a cost of $1.37, and it closed $2.05. If we get what I expect, a move lower tomorrow morning we will probably take the profit. At the close the DJIA was -406.89 (1.45%), NASDAQ -221.97 (2%), S&P 500 -59.77 (1.75%), the Russell -18.73 (1.23%), and the DJ Transports – 66.01 (.59%). The failure of the Republican Covid-19 “deal” didn’t help and with lack of any stimulus plan, or any movement in the right direction the market gave up. The volume wasn’t massive and all it took was a lack of more buyers and we just withered away. The DJIA was 29:1 down with only MCD up with the biggest losers UNH -49, MSFT -39, AMGN -33, HD -29 and AAPL -26DP’s. Market internals were 2:1 down on both NYSE and NASDAQ, volume was a bit heavier than yesterday. 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 returned to my radio show today with a great live interview with the Chief Medical Officer of JANONE (JAN) and it was a great show. This is the link to the audio recording including my discussion of the market and the very exciting story of JAN’s phenomenal NON-OPIOID Pain Med! This is the link: https://www.youtube.com/watch?v=oCFCxnijFO4
Enjoy!! TUESDAY’S RADIO SHOW: https://youtu.be/DK2hmC0GXFk
With my guest: Dennis Marlow! Tonight’s closing comment video: https://youtu.be/YMoxPt9TWB8
SECTORS: We started off the day with the news that Simon Property and Brookfield are buying JC Penny for pennies on the dollar. The move has been rumored since last month Simon (SPG) bought Brooks Brothers and Macerich (MAC) brought in groceries. JCP, now JCPNQ, traded last week as low as $ .018 rallied yesterday to $ .3999 and today after the new traded as high as $ .80 before closing $ .342 -.06 (14.5%). Pretty sure someone should look into yesterday’s move! On the earnings front we had RH (formerly Restoration Hardware) had solid numbers last night and it showed when the stock ran up today to close $385.46 +64.38 (20%). Peleton (PTON) also beat and after falling to $87.75 -3.42 in regular hours, it rallied to trade to 98.61 and the last was $96.64 +5.47 (6%). ORCL also beat and it ran from a close of $57.33 to trade 60.60 and is currently $59.15 +2.23 (3.92%). Chewy (CHWY) beat but didn’t fare as well trading $58.19 -3.31 (5.38%).
FOOD SUPPLY CHAIN was LOWER with TSN +2.53, BGS -1.62, FLO -.25, CPB -.27, CAG -.80, MDLZ -.11, KHC -.03, JJSF -2.61, SAFM +5.13, HRL -.95, SJM -2.68, PPC +.68, KR +.02, and PBJ $32.28 -.40 (1.18%).
BIOPHARMA was LOWER with BIIB -6.00, ABBV -1.93, REGN – 21.15 (3.7%), ISRG -13.88, GILD -.67, MYL -.17, TEVA -.13, VRTX -6.04, BHC -.41, INCY -3.25, ICPT -2.29, LABU -1.61, and IBB $127.17 -2.19 (1.69%). CANNABIS: was LOWER with TLRY +.04, CGC +.09, CRON +.03, GWPH -3.00, ACB -.25, NBEV -.01, CURLF -.08, KERN -.08, and MJ $11.42 -.13 (1.13%).
DEFENSE: was LOWER with LMT -5.14, GD -3.59, TXT +.01, NOC -9.08, BWXT -1.85, TDY -4.47, RTX +.06, and ITA $160.04 -2.38 (1.47%).
RETAIL: was LOWER with M -.14, JWN -.35, KSS -.14, DDS -.64, WMT -2.79, TGT +.44, TJX -.65, RL +2.24, UAA +.18, LULU -2.68, TPR +1.32, CPRI +2.44, and XRT $50.44 -.61 (1.19%).
FAANG & MEGA-CAP were LOWER with GOOGL -19.37, AMZN -77.61, AAPL -3.22, FB -4.31, NFLX -18.09, NVDA -12.60, BABA -4.50, BIDU -.24, CRM -1.18, CMG -1.12, BA -1.98, CAT 2.79, DIS +.59, and XLK $114.36 -2.10 (1.8%). PLEASE BE AWARE THAT THESE PRICES ARE LATE MARKET QUOTES AND DO NOT REPRESENT THE 4:00 CLOSES.
FINANCIALS were LOWER with GS -1.87, JPM -.87, BAC -.35, MS -.73, C -.44, PNC -1.69, AIG -.80, TRV -1.83, AXP -1.01, V -2.35, and XLF $24.54 -.35 (1.41%).
OIL, $37.30 -.75, Oil was quiet and drifted all day. I am looking for about another $1.00 or so before I would consider buying it for a bounce. Nat Gas was unchanged at $2.323 - .083 and closed a gap left on the upside that occurred when we were long last month. I was looking at UNG (NG ETF) as a proxy to get long and we bought the UNG 10/16 $14 calls @ $ .57 and they closed $ .46 today.
GOLD $1,964.30 +9.40 sold off early but didn’t break below the $1910 area I am using as support. It turned back and rallied and closed right near the highs. I did a short update video Wed: https://youtu.be/KJgk-wmVJ4U
I am still a bull on the metal, and we have a September bull call spread on using NEM 65/70 calls with a cost of $1.45, which closed today @ $2.11, and we also added some October 70’s at $1.65 but sold them today @ $2.50 for a gain as the market was falling.
BITCOIN: closed $10,315 -5. After breaking out over $10,000 we have had a “running correction” pushing prices toward $12,000, reaching a recovery high of $12220 Thursday, and after a day of rest in between, we resumed the rally touching $12,635, but have sold off back to support. We had 750 shares of GBTC and sold off 250 last week at $13.93 and still have 500 with a cost of $8.45. GBTC closed $11.38 - .14 today.
Tomorrow is another day.
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