Indices closed down in low volume, as Italy is taking centre stage for Thursday.
S&P 500 closed @ 1314.88, low was 1310.51.
RSI 46.48
Internals were :
Down volume led by 2.81 to 1 in NYSE & 2.69 to 1 in Nasdaq
Declining stocks led by 2.15 to 1 in NYSE & 2.29 to 1 in Nasdaq
New 52 wk low led by 5 in NYSE & 29 in Nasdaq
VIX UP 9.87% @ 24.27
Oil @ $82.62
Gold @ $1619.40
Stocks which ended green included LNKD,
TCK,GG,AUY,ZNGA,CIEN,C,SNDK...
AH Futures UP
AH Asian Markets Down
AH Oil & Gold Down
About market, i am expecting Italian auction to go well, thus a strong close. I believe that Monday & Wednesday's slump was Option expiry related. Volume is drying up, which means black boxes are deciding direction of this market. Yes..it is extremely tough, but pursue a game plan which suits your comfort level.
BLOG does NOT give buy or sell.
Saleem
12 comments:
Hey Saleem,
I'll probably sell STLD at some point this morning. Despite the longer term lower cost structure STLD is putting in place, I'm just not comfortable in steel right now. I'll keep it on the watch list for now--maybe after the economy sees real uptick, I can participate again.
Stocktrader
Hi Stocktrader,
YES..STLD has been lagging..you will probably be even on this sell......
Good luck with swap.
Saleem
Hey Saleem,
So far I see limited selling pressure in STLD as compared to the rest of the market. I might stick with it for a while today and see what happens.
Looking for a general reversal after this morning's whoosh down.
Stocktrader
Hi Stocktrader,
STLD is in a very narrow range...just checked 2 seconds ago....
Saleem
Hey Saleem,
Ended up selling the STLD @ 10.48.
That gives me some room for another idea now :).
Stocktrader
Hey Saleem,
I'm looking at FDX, MOS, and GTLS right now. Any preferences?
Stocktrader
Hi Stocktrader,
MOS is my preference.
Good luck
Saleem
Hey Saleem,
I was about to buy MOS when I realized FDX reports on Monday. I want exposure to that event since I think their business is going well with volumes up and future costs down. Still though, I'm looking for a way to add MOS as I think that's the best of the fert group right now.
Stocktrader
Hi Stocktrader,
Your rationale based decision IS the right approach.
Good luck with FDX.....
Saleem
Hey Saleem,
To be fair, I should have just kept STLD!...but I just am not as comfortable in steel as I need to be to understand their profit potential in different economic situations.
Stocktrader
Hey Saleem,
LNKD chart looks great--in the process of breakout! :)
I'm getting hurt badly today by QCOM (NOK warning) and APKT. I'm down about 0.22% overall on the day...
Stocktrader
Hi Stocktrader,
LNKD has built a nice base & gradually moving UP.
I will evaluate APKT only...QCOM should come back.
Saleem
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