Indices had their first day of full fledged pullback. Indices closed near low of the day on heavier volume.
S&P 500 closed @ 1441.48
RSI @ 50.07
CMF @ -0.067
Internals were :
Down volume led by 2.83 to 1 in NYSE & 8.48 to 1 in Nasdaq
Declining stocks led by 3.45 to 1 in NYSE & 3.64 to 1 in Nasdaq
Net new 52 wk highs were leading in NYSE by 67, new 52 wk lows were leading by 18 in Nasdaq
VIX were UP 8.34% @ 16.37
Oil @ $92.39
Gold @ $1765.00
AH ER :
AA Down 1.104%
YUM UP 4.03%
AH Futures Down
AH Asian Markets Down
AH Oil & Gold Down
About market, IBD is changing its rating on market tonight to "uptrend under pressure". I believe this is a "normal & expected pullback which may not last long". Market TAPE remains healthy. Day like today reminds everyone to book profit when going is good.
BLOG does NOT give buy or sell.
Saleem
14 comments:
Hey Saleem,
CMI and CVX also pre-announced after hours.
In general, Wednesdays are good days for countertrend moves and Friday-Tuesday were brutal for techs/beta. Hopefully, we see some rebound tomorrow.
Given what investors see from AA, CMI, CVX in after hours, materials/industrials/energy might lag. Technology and consumer discretionary can do well as investors see the value in secular trends and good brands?
Stocktrader
Hi Stocktrader,
I am pretty constructive on the market.
We desperately needed a day like today to remove "froth"...
Technology is the place to be till January...it is ready for a major move UP.....many deals will be done also.
Saleem
Hey Saleem,
And we see the real story on OCZ...improper accounting, negative gross margins, filings delayed.
Stocktrader
Hey Saleem,
Here is APKT's bread and butter (VoLTE)--I'm not sure when the orders start coming to ensure full deployment, but we are ever closer:
06:37 EDT VZ, VOD Verizon planning for voice over LTE by early 2014, CNet reports
I have to go this morning so I'll have to look for the base story later.
Stocktrader
Hi Stocktrader,
Hopefully APKT gets its mojo back soon......
Saleem
Hi Stocktrader,
OCZ....what a disaster....no credibility...
Saleem
Hey Saleem,
I'm getting another bad feeling about today. Once AAPL does or doesn't give invitations to the iMini event, will we see AAPL sell on the news and then the rest of the weakness in the market based on AVT/CMI/etc take over?
Stocktrader
Hi Stocktrader,
ipad mini is a done deal based on everything i have read......so no issue there....
APKT is showing unbelievable weakness?
Saleem
Hey Saleem,
Yes, iPad Mini is done deal. I just wonder if AAPL stock is anticipating the news and will sell off on the official announcement.
A lot of tech is weak based on AVT, and I think specifically APKT is weak based on definitively breaking the 50 DMA yesterday and this is followthrough.
Sold PRU at 56.15 based on weak market/strong bonds (opposite of necessary thesis for PRU gains) and wanting to sell the small beta for potential opportunities in greater beta. I'm looking again at ELOQ on further dip.
Stocktrader
Hi Stocktrader,
ipad mini is not a major event like iphone5 launch......
AAPL is on firm footing now above $20 points from low.....
Saleem
Hey Saleem,
Added info on APKT:
Palmer also said Verizon is planning on launching voice over LTE, or VoLTE, by late next year or early 2014. Consumer trials will start in 2013, which is approximately the same time frame that CFO Fran Shammo had previously pegged. That's good news for Acme Packet (Nasdaq: APKT ) , as the session border controller specialist has been waiting to bank on the adoption of VoLTE for a long time now, only to see delays in carrier spending wreak havoc on its results.
http://www.fool.com/investing/general/2012/10/10/verizons-big-red-footprint-gets-bigger.aspx
***
As you know, I've been waiting for a long time also (being in and out of the stock for many months). I've got no intention now to sell even if there is sluggish action for a while--the inflection point seems too near to risk being out.
Stocktrader
Hi Stocktrader,
Thanks for your detailed info on APKT.....
APKT TAPE is really falling apart..which is ooposite of the news item you are looking @.....
Will see how it goes near close....
Saleem
Hey Saleem,
Added some APKT at 15.71.
Stocktrader
Hi Stocktrader,
Looks like $15.55 was support?
Good luck to you & me.
Saleem
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