Indices were green when GOOG accidently released its weak earnings report.
S&P 500 closed @ 1457.34
RSI @ 58.05
CMF -0.138
Down volume led by .80 to 1 in NYSE & 2.22 to 1 in Nasdaq
Declining stocks led by 1.07 to 1 in NYSE & 2.21 to 1 in Nasdaq
Net new 52 wk highs were leading by 206 in NYSE & 49 in Nasdaq
VIX Down .27% @ 15.03
Oil closed @ $92.10
Gold closed $1744.70
AH ER :
MSFT Down 1.47%
AMD Down 3.31%
GOOG Down 7%
MRVL Down 9.17%
CMG Down 10.37%
SNDK UP 3.59%
RVBD UP 11.16%
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold Down
About market, even GOOG dislocation did not rattled the market too much. Indices closed well above lows of the day. TAPE remains healthy & internals are in good shape. Option expiry may give positive momentum to Friday close.
BLOG does NOT give buy or sell.
Saleem
18 comments:
Hey Saleem,
Sold my other half WPRT at open for 30.30. There are reports of a really poor Q3 and the chart looked squishy.
Stocktrader
Hey Saleem,
Used the money to re-enter ELOQ at ~20.76. As you know, I was in this stock for a long time and then exited due to a massive runup it had. I am now more comfortable re-entering, especially with the talk of buyout candidates in the cloud marketing space.
Stocktrader
Hi Stocktrader,
Good move in selling iffy stock....
Good luck with ELOQ...
Saleem
Hey Saleem,
So many good things in that housing number. I'm pretty excited about the prospects there and how that translates into overall US health.
Stocktrader
Hi Stocktrader,
Resale numbers are "better than expected"...
Housing is the strongest rebound factor in US economy.
Saleem
Hi Michael,
Sorry..i was tied up on the phone & missed your message about VMW..
It is reaching "deeply oversold" condition & is near major support.
Good luck !!!
Saleem
Saleem,
Thanks for your comment on VMW. I am on the plan to add 50% more on VMW.
Option week is too volatile. Market has countered this trend lately. However, it is back to normal trend. Down...down... on Thursday, Friday, and some more on Monday.
ER from the high runners IBM, GOOG, MSFT, CMG, ISRG... were not so good. I think market will take a rest for awhile before resuming an uptrend for the New Year.
Michael
Hi Michael,
Thanks for your detailed thesis on how you view this TAPE.....
Certainly ER has been disappointing for most, this is causing major downdraft today.....
IF we close near lows of the day then it is a buying opportunity......
This TAPE does not follow any script & has a mind of its own....
Saleem
Hey guys,
We are approaching S&P support again, and all the news from the big boys has been awful. I don't know that there's anything that could surprise the market on the downside anymore, so I think you have to get more constructive even intraday here.
Stocktrader
Hi Stocktrader,
TAPE is trying to discount bad earnings report.....
I feel it is a great buying opportunity for next move UP.....
Saleem
Hey Saleem,
I've been looking at MLNX more recently. I think a solid entry point is coming or here. It is the clear leader in big bandwidth technology and that should be ever more needed. Valuation is much more attractive here at $77 versus $100-$120 earlier and we can possibly interpret slow spending in Q4 guidance as a result of fiscal cliff concerns (as we've seen in other tech companies), which could allow for upside in Q4 or at worst a bad Q4 but temporary issue.
Stocktrader
Hi Stocktrader,
With RSI @ 24.28 & making higher low today & above 200 DMA....MLNX is a buy...
Saleem
Hey Saleem,
Z is potentially setting up a double bottom coupled with a solid test of the 200 DMA ($36.08). Add in GS's buy initiation and $47 PT yesterday as well as all the short interest and this might be a great setup.
Stocktrader
Hi Stocktrader,
Z RSI @ 36.36..it is in "oversold category".....
GS upgrade should create a bounce.
Saleem
Hey Saleem,
Sold half APKT at 16.24 and bought MLNX at 76.90 with those half-funds. I figure APKT might trade sluggishly ahead of earnings given the misses it has recently had. I will probably take half FIO off early next week also ahead of its earnings Wednesday. I will want to be full APKT ahead of earnings, so I'll look to make that happen ahead of Thursday, possibly with the FIO funds. I figure adding this half MLNX will complement the half FIO for a full position in products inside datacenters.
Stocktrader
Hi Stocktrader,
Any strategy which has more potential to work is good.
Good luck with MLNX.
Saleem
Saleem,
Wow today's been such a lousy day! Hope Monday will be a better day.
Have a wonderful weekend!
Michael
Hi Michael,
YES....Friday was a big downer...
Have a good weekend.
Saleem
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