Indices fared much better than DAX & CAC on the same news flow. DAX was down 1.44% & CAC was down 1.46%.
S&P 500 closed @ 1455.88
RSI @ 59.26
CMF @ -0.022
Internals were :
Down volume led by 1.59 to 1 in NYSE & 2.34 to 1 in Nasdaq
Declining stocks led by 1.53 to 1 in NYSE & 1.92 to 1 in Nasdaq
Net new 52 wk highs were leading by 109 in NYSE & 12 in Nasdaq
VIX closed UP 5.44% @ 15.11
Oil closed @ $89.33
Gold closed @ $1775.70
AH Futures UP
AH Asian Markets UP
AH Oil & Gold UP
About market, US market just about ignored World Bank report about slowing Chinese economy. Today's TAPE was extremely constructive when compared to European reaction. I believe we make a run @ new highs.
BLOG does NOT give buy or sell.
Saleem
10 comments:
Hey Saleem,
Seems like an outlier call?--thought you might want to see based on the pre-market action currently:
07:19 EDT BIDU Baidu downgraded to Underperform from Neutral at Credit Suisse
Credit Suisse expects Baidu estimate to move lower given increased competition, a weaker than expected advertising market, and mobile internet challenges. The firm lowered its 2013 and 2014 estimates below consensus and cut its price target to $83 from $118.
Stocktrader
Hi Stocktrader,
Thanks for your note on BIDU...
Yes ...i saw CS note & the reaction to it....will see how the day goes.
Saleem
Hey Saleem,
For once I'm actually tempted by AAPL here! If it wasn't for my CRUS, I'd probably step in...$627 seems like a bargain.
Stocktrader
Hi Stocktrader,
AAPL RSI is 34.24 ...definitely in oversold territory.
Saleem
Hey Saleem,
Days like this are very helpful to see which stocks find strong afternoon buying. Those are the key stocks going forward.
Stocktrader
Hi Stocktrader,
Today's weakness is intense as internals are weak by minimum 3 to 1...
It will be interesting as to how we close.....does not look good @ this stage???
Saleem
Hey Saleem,
Yes, this is the extension of the beta selloff from Friday that I mentioned over the weekend usually lasts multiple days. At this point, I believe we are at appropriate levels for stabilization/buying. Whether a new bounce happens today or tomorrow, I'm not sure, but I think the downside is pretty much done.
Stocktrader
Hey Saleem,
Sold MNST at 56.7201. I'm not as convinced about its prospects this particular quarter and it has too much overhang from the AG investigation to have takeover potential right now. Add in the new weakness midday and I'd rather have cash available for other stocks.
I think SPLK will report spectacular earnings again, but I have no idea when I should buy it with the lockup expiry next week. Its current price is cheap, but how much cheaper can it get?
OCZ reports tomorrow after the bell. Their margins should be horrible given they used high-cost enterprise NAND to produce low-price consumer SSDs given their particular NAND supply shortage. I think the current rise is just short-covering/speculation ahead of earnings, but I think it is misplaced. If they drop to $2.50 after earnings, I will likely re-enter.
Stocktrader
Hey Saleem,
Ended up buying SPLK at 32.1999. Maybe this is another love affair, hopefully with a better ending! :)
Stocktrader
Hi Stocktrader,
Good luck with SPLK.....
Market is turning slightly.
Saleem
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