Indices were in pullback mode again.
S&P 500 closed @ 1432.56
RSI @ 45.38
CMF @ -0.079
Internals were :
Down volume led by 2.50 to 1 in NYSE & 2.22 to 1 in Nasdaq
Declining stocks led by 1.64 to 1 in NYSE & 1.20 to 1 in Nasdaq
Net new 52 wk highs led by 7 in NYSE & lows led by 16 in Nasdaq
VIX closed Down .49% @ 16.29...this was a tell tale of low conviction in this selling
Oil @ $91.25
Gold @ $1765.10
AH Futures Mixed
AH Asian Markets Down
AH Oil & Gold UP
About market, IBD has changed its market outlook again to "market in correction". Nasdaq well below 50 DMA & S&P 500 about 6 points above 50 DMA. I expect S&P 500 to close above 50 DMA. I also think that S&P 500 has a very good chance
to close green on Thursday. This correction was only 2.98% so far in S&P 500, which is a healthy set up for a new rally to get going.
BLOG does NOT give buy or sell.
Saleem
11 comments:
Hey Saleem,
I am definitely looking for bargain hunters to close us green tomorrow, especially after today should have been the green day. To me that signals that people have gotten too bearish too fast and we could see a couple up days in a row now and potentially not look back.
My portfolio had some brights spot today, and overall small cap strength was also indicated by the Russell 2000 which was barely down.
Stocktrader
Hi Stocktrader,
Internals were better than indices & VIX went down..two reason for my "optimistic close outlook"
I am glad you had a better day mine was down .49%......
Saleem
Hey Saleem,
I was still down about 1.0%, but I was encouraged by my "bright spots". I also noticed the $VIX turned negative intraday despite the averages declines. I'm actually surprised we didn't rally today due to that, but definitely it is another reason to be optimistic for tomorrow :).
Stocktrader
Hi Stocktrader,
Sold JCP & bought LEN.
Saleem
Hey Saleem,
Nice pickup on the cheap! Also, thanks again for the great LNKD idea! :)
Stocktrader
Hi Stocktrader,
I bought LEN little bit higher @ $36.62....it got a downgrade & went to green...thus my higher entry.
LNKD is performing nicely for you...i am happy that you went for it.
Saleem
Hey Saleem,
The PRU chart went from looking poor to great overnight. I almost sold PANW to pick up some this morning and it looks like that would have been wise. At least the stocks I picked up yesterday from the PRU sale (PFPT, LNKD, APKT) are all up 2.5+% from buy points which technically makes the swap the right move (on just that super short-term basis).
We have an interesting market today--many techs still weak but other indicators look good. I feel like the selling is nearly exhausted here.
Stocktrader
Hi Stocktrader,
Ironically i sold DNKN & bought PANW @ $61.90.....
All my swap was not a good idea.
Saleem
Hey Saleem,
Interesting you chose PANW--welcome aboard! :)
It is still seeing sluggish action while the secondary is pricing, but the basing above $60 looks solid and when the secondary is done, I suspect we move nicely higher. The need for network security is ever increasing, so having the technology leader is the right idea I believe.
Stocktrader
Hi Stocktrader,
My rationale for buying PANW was..that it was stable around $62 with secondary announcement......
I thought downside risk is absolute minimum & plenty upside.
Saleem
SALEEM
HELLO
As I said the unemployment numbers were a BS:
Congressman Darrell Issa tells Fox News he plans on holding hearings on the September employment report released last Friday. The figures from the Labor Department showed a sharp drop in the unemployment rate that many economists considered a statistical anomaly.
C
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