Indices drifted lower, closing near lows of the day.
S&P 500 closed @ 1429.08
RSI 63.12
CMF 0.144
Internals were :
Down volume led by 2.16 to 1 in NYSE & 2.80 to 1 in Nasdaq
Declining stocks led by 1.50 to 1 in NYSE & 1.42 to 1 in Nasdaq
Net new 52 wk highs were leading by 193 in NYSE & 77 in Nasdaq
VIX rocketed UP 13.21% @ 16.28.....HFT must be involved in this "crazy jump" with no relevance to the weakness in Dow or S&P 500 ????
Oil closed UP @ $96.54
Gold closed Down @ $1731.80
Stocks which closed UP included CMG,JCP,MA,GMCR,YUM,
FCX,PANW,MCD,BJRI,WYNN,SNE.......
AH ER PANW Down 9.55%
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, today was profit taking after multi year highs. S&P 500 made a new high today. I personally believe that this pullback was normal, after such a huge run. Any weakness to be bought. We should resume our march to higher highs, could be as soon as Tuesday.
BLOG does NOT give buy or sell.
Saleem
14 comments:
SALEEM
Market is looking up todayCopper still in up swing--Go SCCO
BIDU is crazy....
The trade deficit widened today to $42 Billion
Politics is driving USA topsy turkey....
I still like my REIT's and may sell BMY as I got a tiny profit in 3 days--wow
What are your thought about Sprint--has rave reviews on Slow Money???????
VBTA
C
Hi C,
I do not follow S @ all.
Market is looking UP.
Saleem
Hey Saleem,
I'm looking forward to a good day--hopefully some of my small caps will run some. PANW analysts are all saying the same thing: story intact, profit taking possible. MLNX got a $150 reiteration today--maybe I'll get some good up movement based on the important 50 DMA hold yesterday.
One more day until AAPL!
Stocktrader
HELLO to all
Who is buying APPLE???
C
Hey c,
I'd buy it here for today for a pre-announce run, but I think $680 might be a ceiling for a while.
Stocktrader
Hi Stocktrader,
Good luck with PANW & MLNX....
AAPL going UP today......
Saleem
Saleem
Sold my BMY for $500 profit
Bought S for $5.18--I hope sprint pops
Getting some ARR for income only--REIT's are HOT
Thanks for comment on APPLE
I was thinking of a deep in money call like last time!!!
Hmmm
VBTA
C
Hey Saleem,
Check out this report!
********
Toshiba cutting NAND prices 20%-25%, Softpedia says
Toshiba (TOSBF) is announcing a NAND production ramp up of 30% and a price cut ranging between 20%-25%, according to Softpedia, which also concludes an SSD price war may be forthcoming.
http://news.softpedia.com/news/Toshiba-Cuts-NAND-Prices-by-25-SSD-Prices-Will-Follow-291295.shtml
********
Reading the whole article, I'm still trying to figure out implications. Initial reaction is bad for SNDK/MU, good for OCZ? What is your take?
Stocktrader
Hi Stocktrader,
On surface the news is bearish for SNDK & MU.....but SNDK is UP today?
MU is a weak stock..perrenial $6 stock....
As far benefit is concerned OCZ IF they are buying on spot then no benefit as Nand is firmer these days..but IF they contract with Toshiba on this reduced price...then it may be a cost benefit....
I think OCZ may have a bigger issue of EXECUTION.......
Saleem
Hey Saleem,
Agree on all counts. I'm not selling SNDK while it is this strong. OCZ has news forthcoming or it is executionally flawed or both even.
I brought up the news because it directly impacts some of our stocks and shows the changing landscape.
Stocktrader
Hey Saleem,
I always wondered about this because US tech giants have much more offshore cash than onshore (MLNX being Israel-based):
11:32 EDT MLNX, ORCL
Mellanox CEO says has been approached by several buyers, Reuters reports
http://www.reuters.com/article/2012/09/11/mellanox-approaches-idUSL5E8KBER120120911?feedType=RSS&feedName=marketsNews&rpc=43
*****
Sorry for all the news reporting today--I just find so many things fascinating these days...
Stocktrader
Hi Stocktrader,
You have been posting extremely important info, which many of us read & use for decision making.
CEO of MLNX commenting on interest in buyout......good for you.
Saleem
Hey Saleem,
Even GRPN is moving today--feels good to be involved in rallies! I'm nearly 0.3% positive despite PANW.
Stocktrader
Hi Stocktrader,
Diversification in high beta stocks generally protects you from minor issues in some stocks.
Saleem
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