Indices closed UP after being down.
S&P 500 closed @ 1433.81
RSI @ 45.95
CMF @ -0.098
Internals were :
Down volume led by 1.09 to 1 in NYSE & 1.03 to 1 in Nasdaq
Declining stocks led by 1.05 to 1 in NYSE & 1.08 to 1 in Nasdaq
Net new 52 wk highs were leading by 25 in NYSE & lows were leading by 18 in Nasdaq
VIX closed Down 2.58% @ 16.62
Oil closed Down @ $88.73
Gold closed UP @ $1726.30
AH ER :
TXN Down .32%
WDC Down 6.26%
YHOO UP 4.57% with a beat in Sales & huge beat in EPS
AH Futures Mixed
AH Asian Markets UP
AH Oil & Gold UP
About market, indices tested major support & turned right back UP on NO news. This was a strong technical action. Major support for S&P 500 is between 1400 & 1420 area, today low was 1422.06. Hopefully TAPE has discounted below expectations earnings. Buying the weakness or staying put has been a good approach.
BLOG does NOT give buy or sell.
PS...post was delayed due to debate...politics can affect economics / trade which affects stock market.....
Saleem
11 comments:
Hey Saleem,
I'm not sure if you saw because it was last on the Sunday->Monday post, but I added back to APKT yesterday. Here's an analyst note from this morning--sounds similar to our view, but I wish I had the full note to hear about what headwinds he sees:
06:59 EDT APKT Acme Packet setup favorable into Q3 results, says William Blair
William Blair believes that after four quarters of earnings disappointments, Acme Packet may meet or beat consensus estimates in Q3 and affirms its full-year outlook. The firm sees a favorable setup into the quarter, but thinks the company's long-term headwinds persist. William Blair keeps a Market Perform rating on the stock.
Stocktrader
Hi Stocktrader,
YES..i saw your APKT add-on later on & added my comment in previous post.
Blair comment reinforces our faith in APKT ..i believe their guidance will be better than consensus....
Every company has headwind of Sales in current environment...the word is "European economy"
Saleem
Hey Saleem,
Bought a little LNKD on this dip with my small remaining cash. I've liked how the stock has responded in the last couple days, and the positive analyst comments last week still resonate with me.
I think "new tech" might do well today because people know those stocks will definitely grow versus some questionable revenue ramps we see in other industries right now.
Stocktrader
Hi Stocktrader,
LNKD has good potential especially @ these price level......
Too bad its only @ 50% margin @ my brokerage....
Saleem
Hey Saleem,
MLNX also looks attractive here. I'll be watching carefully to see if I can make a small swap within my portfolio to add there.
Stocktrader
Hi Stocktrader,
My suggestion on MLNX is to keep it @ average exposure...not overweight..TAPE does not look good & also they are in industry where there are challenges....imho
Saleem
Hey Saleem,
You are probably right, but I couldn't resist at these levels. Sold some GGC at 37.08 based on question marks after DD's report and bought some MLNX at 70.96 (RSI 21.5) based on bad news being already "baked in".
Stocktrader
Hey Saleem,
The $COMPX bounced off the 200 DMA this morning. If AAPL doesn't disappoint with their announcement and stocks like RVBD maintain their strength, we might actually turn this whole thing around.
Also, adding the amount I did to MLNX still only makes it the #10 position amount in my portfolio, so I didn't feel overexposed there and got a chance to buy a big dip.
Go AAPL?! :)
Stocktrader
Hi Stocktrader,
Hopefully we have seen all the selling due to poor earning.
S&P 500 also bounced again in major support zone of 1400 to 1420...
I am glad that you are not overexposed in MLNX.....
Saleem
Hey Saleem,
Did you see that new Fusion Drive? Will AAPL buy OCZ? :)
Also, sold all the LNKD I could (can't sell today's purchase) at 104.10 and bought SNDK at 43.25 with the proceeds to capitalize on even more global use of NAND flash memory coupled with their nice earnings report. I don't know what the problem with LNKD's stock is, but I need to rethink the investment it seems.
Stocktrader
Hi Stocktrader,
It is very hard to read any stock in this downward trending market....
SNDK is a very good choice as they have guided higher ....
Saleem
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