Nasdaq is taking on the chin after ORCL ER which missed expectations. There was concern on European Tech spending which is being pushed out.
S&P 500 & Dow are doing relatively better.
Internals are negative, worse in Nasdaq
Oil UP $1.58
Gold Down $2.30
Canadian $ UP 27 tick @ 97.44
VIX Down 3.79% @ 22.34...going down in a hurry, lowest level in months....
In my portfolio :
Doubled my position in APKT @ $31.39
Portfolio is APKT,CNQ,LVS,LULU,M,RIMM,RVBD,SNDK....
Most stocks are down
@ 2.25 following are UP :
RIMM,CNQ,LVS,M,AUY,COH,AGU,BWLD,JCP,
SOL,JKS,CCJ,CMG,KOG,IBN,GS,SNE.....
BLOG does NOT give buy or sell.
Saleem
11 comments:
Hey Saleem,
Wow! I just looked at a 6-month chart of APKT--the downtrend is unbelievably perfect. Good luck to us--we both own it now! :)
Stocktrader
Hi Stocktrader,
Hopefully, it does not go below $30.04.....then it is a breakdown....
Saleem
Hey Saleem,
I agree our risk/reward is favorable right now being right above a breakdown point. I would love to see this establish the uptrend again--it really could run a while if that happens.
Stocktrader
Hi Stocktrader,
APKT TAPE was the-best yesterday & has not given all of its gain from yesterday......
Today is an over-reaction to ORCL laundry list from ER.....
Saleem
Hey Saleem,
How broken do you think VMW is now? I'm trying to think about exit strategy...
Stocktrader
Hey Saleem,
The reaction in some of the tech stocks really surprises me. I mean who was selling RVBD down 10+% at one point?
Stocktrader
Hi Stocktrader,
VMW is below previous support of $77 area...plus volume is heavy..which means more downside risk...looks like $71 is next support.....
Saleem
Hey Saleem,
Yes, the technical picture is rough unless we can hold $77 by tomorrow. I am struggling to determine whether the long-term cloud story is too competitive to support VMW's valuation, or if it is big enough to support most players as so much more cloud adoption is ahead?
So much for that $110 PT on Monday that got me interested--highly disappointed in this investment I've owned for only two days (and therefore can finally sell tomorrow--too late!).
Other than VMW, AKPT, and RVBD, I am pleased with the other perfomances in my portfolio. I guess we'll see what happens with these three laggards.
Stocktrader
Hi Stocktrader,
As you have day @ hand to evaluate VMW technical & fundamental picture...you will have more info @ hand.
I personally go with TAPE alongwith improving fundamentals....
Saleem
Hey Saleem,
Sold off my last position in EA today--so much for a good idea...price action is horrible. Added to WWWW and GLNG with the proceeds.
Stocktrader
Hi Stocktrader,
Good luck with your swap.
Tough day for most.
Saleem
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