Indices were sharply lower due to ongoing earnings concern.
S&P 500 closed @ 1413.11
RSI @ 37.92
CMF @ -0.076
Internals were :
Down volume led by 7.48 to 1 in NYSE & 1.64 to 1 in Nasdaq
Declining stocks led by 2.76 to 1 in NYSE & 1.80 to 1 in Nasdaq
Net new 52 wk lows were leading by 9 in NYSE & 60 in Nasdaq
VIX jumped 13.30% @ 18.83
Oil closed @ $86.67
Gold closed @ $1709.40
AH ER :
NFLX Down 16.31%
BRCM UP .33%
VMW UP 2.64%
FB UP 12.87%
AH Futures UP
AH Asian Market Mixed
AH Oil & Gold UP
About market, Indices tested major support but did not violate during the day or @ close. S&P 500 low today was 1407.56. Technical read on market is showing deeply oversold condition. CMF has improved from low point of -.22. Looks like earnings disappointment has finally run its course in terms of overall market impact. Fed statement should give us a boost @ 2.15 PM.
BLOG does NOT give buy or sell.
Saleem
8 comments:
Hey Saleem,
Sold some LF @ 9.14 and bought more SNDK @ 44.00. I might sell the rest of the LF soon as I'm not as impressed by the story anymore, but will wait to see if the chart maintains the positive tone.
Stocktrader
Hi Stocktrader,
FFIV reports tonight..it has been beaten down to low end of trading range......
Good luck with more SNDK....
Saleem
Hey Saleem,
My earnings season starts big tonight with ELOQ and FIO after the bell. ELOQ is my #1 position currently, and I'm expecting big things. FIO might be a little more squishy, but I like the technology and market position.
Stocktrader
Hey Saleem,
FFIV is tricky given the sluggish reports we've heard from IT hardware makers. I'll be interested to see what this true leader says.
Stocktrader
Hi Stocktrader,
Good luck with ELOQ & FIO.....
Your intuition is generally correct....
Saleem
Hey Saleem,
Sold the rest of the LF at 8.85073. Both the market and the stock are acting poorly, so I figured it would be better to get out now versus risking more downside in what I consider to be a more questionable story now. Although they are not seeing a lot of this exactly now (except for Toys R Us and Vtech), there is too much capability for the introduction of other kid-centric tablets, as well as the power of a whole world of developers making kids apps on regular tablets versus the LF-specific tablet. There is also the concern that retailers who develop their own kid tablet could eventually stop selling the LF one, leaving them crippled from a distribution standpoint.
I now have a decent chunk of cash for a new position or to add to a couple of existing ones.
Stocktrader
Hi Stocktrader,
Good luck with your re-deployment of funds from LF....
Saleem
Saleem,
I joined APKT club at 15.6. Go APKT!
Michael
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