Indices were in a narrow trading range, waiting for next move by Fed & ECB.
S&P 500 closed @ 1385.30
RSI 61.20
Internals were :
Down volume led by .93 to 1 in NYSE & 2.16 to 1 in Nasdaq
Declining Stocks led by 1.03 to 1 in NYSE & 1.83 to 1 in Nasdaq
New 52 wk highs were leading, 165 in NYSE & 63 in nasdaq
VIX closed UP 7.96% @ 18.03
Oil closed @ $89.78
Gold closed @ $1618.70
AH ER :
MSTR Down 3.05%
STX Down 7.72%
DNDN Down 19.42%
HLF UP 6.00%
CRUS UP 19.50%
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, many traders & Gurus are fighting this TAPE. This should propel this market "much higher faster". All major bull run starts with overwhelming disbelief. IF their rationale does not work out in "real time", then its always about volume. This TAPE has the feel of something "big". It will be wise to be part of "obvious".
BLOG does NOT give buy or sell.
Saleem
14 comments:
Hey Saleem,
My plan is to get rid of most hedges and stocks tomorrow (hopefully MSTR at a decent price after that horrible revenue miss). I think tomorrow's stock action looks great, but will likely be the last of the major short covering. What's underneath the market, I'm still not sure, and I'm also not expecting much Fed action.
Using the cash in the future I will look for trading opportunities for a while. I don't have a clear enough 6+ month outlook to "invest".
Stocktrader
Hi Stocktrader,
I can understand that you are not sure of many things about market.
It is OK to have a view & execute accordingly.
In the end, it is all about making money, no matter what strategy one deploys.
Good luck,
Saleem
GOOD DAY TO ALL
Saleem
Looks liek for 2 weeks no CNBC news--thats OK with me
I need a vacation too,
PM is looking very green
SFL is looking week now on cancelation of 4 ships
Hi C,
NO CNBC can make better investor & trader...doing own DD is the-best way.....
Who needs GURU'S when they don't know which end is up most of the time.
SHOUTING on CNBC with props is NOT a mark of genius......a trait of game show host...investing / trading is NOT a game.
Saleem
Hey Saleem,
Sold all the hedges + MSTR. I'll wait until the end of the day to sell the stocks I wanted.
Stocktrader
Hi Stocktrader,
Good luck with your strategy.
MSTR had quite a range already.
Saleem
Hey Saleem,
Yes it did! I left a limit order in while I was doing my hedges, so I got a lower fill than most of the range today unfortunately: 112.30. Based on the earnings last night though, I thought that price was fair given my expectations and future value, so I'm not upset.
Stocktrader
Hey Saleem,
The Bundesbank threw some cold water on this rally today and hence threw off my plan some. Currently, the market is pricing in limited expectations for both the Fed and ECB, so this gives us a better chance for upside Wednesday and Thursday. I was hoping for the best day to be today given month end...
Stocktrader
Hi Stocktrader,
Market is holding pretty good considering "cold water"....
Saleem
Hey Saleem,
Definitely! I think the month end effect is trumping right now, reluctantly bringing along the rest of the short covering too. Although not the 100+ pt day I was hoping for, we might still pull out a decent enough one for my selling purposes.
Stocktrader
Hey Saleem,
I ended up selling everything except for some partial fills on CLF and ADNC, and am keeping PANW for a little while to see if today is a reversal day. Other than these, I'm all cash.
Stocktrader
Hey Saleem,
Oops, I also have some GWAY.
Stocktrader
Hey Saleem,
Ok, I cleaned it all out except for one partial fill on ADNC still. I am almost dead flat today after selling everything.
Time for a break and reset.
Stocktrader
Hi Stocktrader,
It is OK to "take time out"....
Saleem
Post a Comment