Tech and Media Up, Retail and Banks Down

• With the rise in the Fed Funds Rate you would expect the banks to be up. Interest rates actually dropped this morning and took the banks with them. JP Morgan actually dropped below 108 and bounced up some from there. 
• Boeing spiked up this morning shortly after the market opened to 367 and then fell sharply to 359 where it bounced up. I would expect a bigger bounce for the day on Friday, but don't believe I will be trading it.
• FANG participated to the upside today with Amazon, Netflix and Nvidia hitting new highs today. Alphabet opened up, dipped to where it opened and drove higher until 1:30pm when it gave back 10 points to go up another 5.  I traded the movement from 9:40am to 10:20am for a nice gain. 
• I heard this morning that Amazon Prime membership might have peaked and is feeling pressure from Walmart. Amazon is so much more that just shopping and apparently the market didn't believe that as Amazon hit a new high and Walmart faltered with the rest of retail.
• A retail name that did not falter much was Best Buy. Best Buy trades like a tech on some days and like a retail on others, but more like a tech. 
• Macy's, L Brands, Home Depot, Walmart and almost everything else retail related was down today after there was a very positive number regarding retail price index this morning at 8:30am. Verizon hit a nice bottom around 47.30 where it went up from there. Home Depot hit a bottom around the same time at 198.25. I would expect Home Depot to have it's regular Friday morning run tomorrow and hit 202 by the end of the day.
• Towards the end of the day there was news that the Department of Justice will not challenge the court ruling allowing AT&T to acquire Time Warner. Disney, Comcast and Netflix were up nicely. According to a chart maker, they see Netflix will hit 415 soon.

Tuesday Boring Market Woke After Close

• Around 5pm on Tuesday the AT&T purchase of Time Warner was ruled on by the court and allowed to proceed. This drove the stock of Time Warner up and AT&T down. Any company that is considered a take over target shot up in the after hour trading session on Tuesday. Netflix was seen as receiving increased competition and went down in the after hour session also. 
• Fox is the next merger target for Disney and Comcast. Disney had an offer for Fox, but Comcast has a higher all cash offer. Those stocks should rally the next couple of days.
• Home Depot continued its run higher and so did my favorite solar company SunRun.
• Tesla ran up big only to change courses to go lower around 1pm to the end of the day with news on lay off of salaried management team. This should be positive as they are restructuring to save money and when that have not made a profit, it only makes sense. Tesla still ended the day where it started which was up 10 for the day.
• Other than that, it was a boring day waiting for Tuesday's Federal Reserve Board announcement.

Monday Ups and Downs in the Market

• With so much news happening this week, the market is going to react. With optimism for President Trump meeting with North Korea's President Kim drove the markets up some on Monday.
• Tesla opened up, took a mid day breather and went higher. Tesla will continue to go up for the rest of this month despite any negative news that doesn't have to do with production. CEO Elon Musk says they will produce 5000 vehicles in the last week of June. This production figure was promised multiple times for the past year and a half. If they don't meet it this time, Tesla will plummet in July.
• Alphabet (GOOGL) jumped up after 10am to hit 1048, but gave half of its gains back after 2pm. I have noticed that Alphabet would go up for a week and down for a week in the first half of the year. Recently in the past couple of weeks those changes have happened more rapidly in less than a week. Last week Alphabet completed a 5 day run mid day on Tuesday and went down for the remainder of Tuesday through Friday morning around 10:45am. Since Friday morning it has gone up.
• Boeing has tread water moving between 369 and 374. When it dips, there is an opportunity to buy Call Options and be out within a couple of hours with nice gains.
• Home Depot continued to go up on Monday. It was a focus of CNBC's Option Action on Friday with expectation of breaking out to a new high by the end of July. At it's current pace that will happen by the end of the week, but I would expect a pull back before then. Right now it has broken 200 and doesn't appear that it will trade below 200 again.
• AT&T's purchase of Time Warner will be ruled by the court around 4pm this afternoon. We won't get a market reaction until Wednesday. This is a big deal for Disney, Comcast and Fox as the Fox sale competition increases.

Tuesday Market News

• ValueAct is an activist investor that has taken a $1.2 billion stake in Citigroup. It was announced yesterday afternoon and drove the price of Citigroup up along with the whole financial sector while most stocks were down today in anticipation for Trump's announcement on Iran sanctions.
• Turn around Tuesday was interesting. Alphabet (GOOGL) hit 1065 before falling down to 1051. It touched it again at 11am and was up from there. The middle of the day high was just over 1060, came down to 1057 and spiked up along with the rest of the market about 5 minutes into Trump speaking. I bought a 1055 Put for 6 and sold it for 7. Google continued lower to 1055 and I could have sold that Put for just under 9 before coming back up to 1060.
• Boeing bottomed at noon just under 337, so I bought call options. I had 10 with the average cost of 2.05 per contract. I place a limit sell order for 3, but changed it to 2.5 as we got closer to 2pm. I missed out on at least $500 as Boeing spiked up to 341 during the speech before coming down quickly to 337. There was news about Boeing having a contract to sell plans with an Iranian company and so it is unclear how the market will react to Boeing for the rest of the week. I would expect it to start down tomorrow to 335, move up to 342 and possibly higher. 
• Home Depot had a nice run up this morning before changing direction to the downside around 11am. HD still finished up for the day. Walmart was a boring stock all day until it moved up at the end of the day.
• As will other Trump speeches, everything spikes in the market a couple of minutes into the speech and comes down quickly after the speech. Great for option day traders. Plan accordingly.
• Disney reported better than expected earnings after the market close today. There is very little movement after hours. Disney doesn't move much as it is so option sellers would love this. Everything might be different tomorrow, but I wouldn't count on it.