Indices staged a strong rebound closing near highs of the day.
S&P 500 @ 1440.13
RSI @ 50.43
CMF @ -o.175
Internals were :
UP volume led by 2.52 to 1 in NYSE & 2.59 to 1 in Nasdaq
Advancing stocks led by 2.00 to 1 in NYSE & 1.73 to 1 in Nasdaq
Net new highs were leading by 59 in NYSE & by 7 in Nasdaq
VIX closed Down 5.39% @ 15.27
Oil closed @ $91.85
Gold closed @ $1737.60
Stocks which were UP 2% or more included BIDU,LVS,LEN,PANW,
DNKN,COH,C,SNDK,
CRUS,STLD,BAC,MS,
WYNN,GS....
AH Futures Mixed
AH Asian Markets Mixed
AH Oil & Gold Down
About market, Indices are back on healthy mode. Expect more follow thru. It is always a good sign when indices close near high of the day.
BLOG does NOT give buy or sell.
Saleem
15 comments:
Hey Saleem,
Any thoughts on LNKD? It continues to underperform the market, but I have no idea why.
Stocktrader
Hi Stocktrader,
Since WDAY IPO, LNKD has underperformed.....maybe there is a link....?
BUT...@ RSI @ 39.01 it is a strong hold....
Hopefully $108.50 was strong support.
Saleem
Hey Saleem,
It certainly seems like it has found support here, but with the market screaming higher the last two days, I hate to see what might happen in a pullback. I'm not in a hurry to sell given a lot of the positive analyst comments (although it is also curious those failed to move the stock), but I'm watching carefully for now.
I'm also concerned about the price action of LF. Despite rising nicely right after purchase to mid the 9s, it has really pulled back since, and is currently barely holding major support in the midst of a large market upturn. I'll also give this more time, but I fear the drag of competitive products, and maybe a consumer shift in interests for kids' tablets forays.
Stocktrader
Hi Stocktrader,
Rally has "just started"..it may be a long one...hopefully many stocks will outperform....
We all have duds in our portfolio look @ my RIMM & YHOO both dying on me.....
LF looks very good based on FA..79 EPS & $569 in Sales for 2013.....
Saleem
Hey Saleem,
It is amazing how high-profile short sellers can weigh on the sentiment of a stock for a long time. I think a lot of the recent weakness in Z and SPLK is related to that.
Given that today is SPLK's lockup expiry, we haven't seen a whole lot of selling volume, but there just aren't any institutions stepping up to buy at these levels either. Earnings should be fantastic, so we'll see how the stock reacts after that I guess.
Stocktrader
Hi Stocktrader,
HF traders & MM are part of same strategy....there is a linkage.
SPLK volume is pretty high & above average for less than 2 hrs.....
Z should work out in long term....
Saleem
Hey Saleem,
As for SPLK, I say the selling is "light" because 30M+ shares came off lockup, so it would seem merely above average volume (2.2M so far) is good? In searching for the exact number of shares off lockup, I came across some more negative commentaries on valuation and competition. This is more of a battleground stock than I thought!
Stocktrader
Hey Saleem,
LNKD just blogged that they hit the 10M member mark in Brazil. The company is really doing the right things--I think the "news" may have helped the stock intraday also.
Stocktrader
Hi Stocktrader,
LNKD is coming back......
SPLK you are doing the right thing by monitoring closely.
Saleem
Hey Saleem,
I have several stocks making serious moves today: GHDX, CRUS, FIO, and GGC are all up 4%-6%, but I can't find any news on any of them, so I attribute these moves to strong accumulation by institutions for the future--I like it! :)
Stocktrader
Hi Stocktrader,
I read yesterday that FIO was mentioned as Top 5 stock to own..maybe in sheaffers research...
I am glad you are doing well..mine is .54% gain plus CAD is weak..so net loss so far.....
Saleem
Hey Saleem,
PANW did increase the size of its offering somewhat hence the weakness, but I still find it small overall and great to get it out of the way. Given the updated S-1 with share count and selling shareholders, I believe they are close to pricing it.
Stocktrader
Hi Stocktrader,
YES..i saw that news last night on PANW.....its behaving much better than i thought......
Saleem
Saleem,
PANW is one of our customer. I visited them the other day. They seem doing really well.
All of my watch list are doing well today. I should enter them yesterday. Do you think this rally is for real?
Michael
Hi Michael,
YES..this is a start of a "major rally" until 2nd week of January 2013..of course with normal pullbacks of 3% to 5%
Thanks for your note re PANW....
Good luck with your decision & comfort level.
Saleem
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