Indices were in retreat thanks to overbought conditions.
S&P 500 closed @ 1229.05, near its support area of 1225.
RSI retreated to 56.58
Internals of the market were as follows :
Down volume led by 10.62 to 1 in NYSE & 5.85 to 1 in Nasdaq
Declining stocks led by 4.81 to 1 in NYSE & 4.09 to 1 in Nasdaq
New 52 wk high were 32 in NYSE & 24 in Nasdaq
VIX UP 10.12% @ 32.22
Oil Closed @ $93.17
Gold closed @ $1700.40
IF we analyze today's TAPE, it gives a clear message that Oil & Gold is predicting European resolution.....
CNBC does not promote constructive or positive analysis of any event, always negatively biased commentary.
I expect European leaders to move decidedly towards dealing with a very messy situation.
IF this happens, we may have another move HIGHER above S&P 500 200 DMA.....
In my portfolio :
Bought JCP @ $33.30
Bought LVS @ $42.30
Exposure 29%
AH ER were greeted as follows :
PNRA UP 10.25%
FFIV UP 7.99%
BRCM Down 5.31%
AMZN Down 12.41%....AH range was $184.59 to $237.74 in heavy volume of 5 million shares.
AH Futures Mixed
AH Asian Markets Mixed
AH Gold UP
AH Oil Down
BLOG does NOT give buy or sell.
Saleem
18 comments:
Hey Saleem,
I dodged a bullet by opting against the AMZN investment. The valuation is more challenging for me to wrap my head around now given this latest quarter and guidance, so I'm going to let it play out a while. I guess I'll be on the hunt for something else now!
Looking forward to a better day tomorrow hopefully :).
Stocktrader
Hi Stocktrader,
You are an analytical buyer, looking @ pros & cons all the time.
Your DD is excellent.
Saleem
Stocktrader
Very astute decision on AMAZON
A falling knife is dangerous
TOT will continue to go up
still over sold and oil is hot
I also like copper
FCX is a goodie as is SCCO
c
Hi All
I, too bought some 230 calls 2 hours before close and later decided to sell it because i felt the same ways as stocktrader does. Just wanted to point out that AMZN's long term trend line is at 200. Question is will MM let it close below it? Plus seems like amzn always going back after earning. What do you guys think?
Hey Saleem,
I know we've both liked RVBD in the past. Do you feel FFIV's earnings and outlook confirms the positive reaction we saw from RVBD, and that maybe the time to invest there is now even after this run? It's something I'm thinking about this morning...
Thanks in advance for your thoughts! :)
Stocktrader
Hello to all
Look at this piece of news on AMAZON:Amazon doesn’t deserve a valuation that puts it ahead of Apple by some measures, said Colin Gillis, an analyst at BGC Partners LP. With an operating margin of 30.8 last quarter, Apple squeezes more profitability from sales, even with its own investment in new products, he said. Amazon trades at 119.5 times earnings, compared with Apple’s 14.4 times, according to data compiled by Bloomberg.
Hey Up,
I remember many times AMZN gapped down after earnings and rallied quite a lot from opening to close near/above unchanged, but eventually an investor has to perform a "reset" if the aberration becomes the norm. I have no strong opinion this time that it can or can't rally again from open, so I've taken it off my immediate radar and will see what the next few days holds first. For me, AMZN just got harder and I've got plenty of other stock that are begging for investment and are a lot easier :).
Stocktrader
Stocktrader
ERTS earning call tomorrow and seems like all stock taken a hit after earning. But all i see is ERTS is at a point of breaking out from a cup and handle formation on weekly. Are you still going to keep it through earning?
Stocktrader
and all....
Take a look at FFIV
it has been going like gang busters.
Ford is an interesting play it has announced no dividend! Dropped in price. May be time to scoop up a little
thoughts
Hi Stocktrader,
RVBD ER was a beat & guide UP...
Yes it is still in buy range...
Saleem
Saleem
Take a look at the tankers they appear to be doing well!
thanks
c
Hey Up,
ERTS's chart was one of the compelling reasons to enter the stock as my fundamental thesis was supported by a great chart. I am keeping through earnings and I think the new online gaming segment will continue to drive the stock price and earnings/margins and feel that part remains underappreciated still.
Stocktrader
Hi Stocktrader,
Bought RVBD @ open ..$26.60
Saleem
Hey Saleem,
Great move!
I got caught up in other things (like this blog--haha!) and couldn't pinpoint a sell yet in my portfolio to be able to consider the RVBD buy. I'm working on that currently :).
Stocktrader
Hey Saleem,
I got lucky and was able to get some 26.678 just now (sold my GHDX).
Stocktrader
Hi Stocktrader,
Good price on RVBD.
Saleem
SALEEM
maybe I should have shorted for today
Hmm
best to all
Hi C,
Shorting is a very dangerous game, can go against....
Saleem
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