For one day, there was no focus on Greece or Italy, so indices went about doing its thing, UP / DOWN / UP......
@ final bell indices were UP +.13% to +.96%..... Not bad @ all, as Fast Money Gurus were in panic yesterday & sold off everything?
Some of the negative tone in market was due to weekly option expiry on Friday...Thursday normally is the day to square off option position....
Internals of the market were as follows :
UP volume led by 2.62 to 1 in NYSE & 1.72 to 1 in Nasdaq
Advancing stocks led by 2.31 to 1 in NYSE & 1.68 to 1 in Nasdaq
As you can clearly see with ratios, that Nasdaq was under pressure as all high flying stocks were sharply lower, i relate all that to weekly Option Expiry.
VIX tumbled 9.26%, closing @ 32.81, this is very comforting as it is giving us a very bullish read as indices were barely up, but VIX tanked.
Also technically we held support from yesterday & moved UP in S&P 500. Dont be surprised to see big Nasdaq leaders on the move on Friday including AAPL.....
Oil closed @ $97.80, Cramer must be upset as his bearish bet on Oil is not working out....just my summation ?
Gold closed @ $1759.60
Stocks which were green today included FCX,CNQ,APKT,SU,VMW,FFIV,
AGU,MA,RVBD,JCP,TLM,CIEN,
SNDK,CRUS,GNK,FRO.....
AH ER were greeted as follows :
RENN Down 11.42%
NVDA UP 4.63%
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
BLOG does NOT give buy or sell.
Saleem
13 comments:
Hey Saleem,
AAPL is the saddest kid on the playground right now. I hope he finds some friends to play with...
Stocktrader
Hi Stocktrader
I hated to see AAPL go down because it put a lot of stress on index. Hope it go back up for you
Hi Stocktrader,
Today is a make or break day for many high beta tech stock...so far they are not looking good?
Saleem
Hey Up and Saleem,
I expect the remaining negative tone to break today. It would not surprise me to see AAPL trade at intraday highs by afternoon and really go into chase mode.
If this does not happen, I will look to sell at close or Monday.
Stocktrader
Hi Stocktrader,
Boy..that must have been "basket selling of Nasdaq 100"
Looks like it is out of the way $$$
Saleem
Hey Saleem,
I'm thinking about picking up some RVBD here if I can find something in my portfolio to sell (possibly AAPL just due to low beta). I don't know enough about the small details of networking to understand if CSCO's report was a positive readthrough or negative on competitive concerns.
Any thoughts?
Stocktrader
Hi Stocktrader,
APKT is a better buy based on price action.....
Saleem
Hi Saleem,
I have been watching APKT also, but the lumpiness of revenue and slightly higher valuation turns me off for now.
I'm trying to stick with stocks that performed well post-earnings this quarter as I feel those tend to run better into the next earnings. Additionally, I think RVBD has a higher chance of being acquired.
Stocktrader
Saleem,
I am second to Stocktrader. For long-term play, APKT may be better. However, for short- and medium-term plays, RVBD seems to be better candidate than APKT due to its last earning and past favor play.
Michael
Hi Stocktrader & Michael,
RVBD ER was impressive, the question is about next $2 move..i still believe that APKT will make it first.
Saleem
Saleem,
I trust your analysis. Just bought APKT at 37.3. RVBD had great run from 20 to 29 after ER while APKT has been in the range. It can go a lot higher if it beak its trading range.
Michael
Hey Saleem,
I was waiting for the intraday post but forgot it was Friday...
I ended up swapping AAPL at $384.18 for RVBD at $28.55 about a half hour ago. Given the bullish stance I have on the market, I had to go with the higher beta play--RVBD will go up 10% much faster than AAPL.
I still love AAPL here and am evaluating other stocks to sell (like BAC after a bank short squeeze) to rotate back into AAPL if the disconnect in valuation continues.
Have a great weekend! :)
Stocktrader
Hi Stocktrader,
Friday is a wind down day, so 1 closing post is what i am doing.
IF you can believe it, i paid exactly same amount for RVBD..i was deciding between LVS & RVBD..but RVBD was cheaper so went for it.....
Good luck with RVBD.
Saleem
Post a Comment