Indices tried to built on overseas momentum but Nasdaq was red by close.
S&P 500 closed @ 1444.49
RSI @ 55.42
CMF @ 0.001
Internals were :
UP volume led by 1.62 to 1 in NYSE & .86 to 1 in Nasdaq
Advancing stocks led by 1.61 to 1 in NYSE & 1.33 to 1 in Nasdaq
Net new 52 wk highs were leading by 216 in NYSE & 93 in Nasdaq
VIX closed UP 3.75% @ 16.32
Oil closed @ $92.48
Gold closed @ $1783.30
Stocks which closed green included RIMM,
AEM,FFIV,GG,AUY,JCP,YUM,PCLN,
M,FCX,GOOG,FB,AGU,TCK,SU,MA,V,
AH Futures Mixed
AH Asian Markets UP
AH Oil & Gold unchanged
About market, TAPE showed weakness by close especially in Nasdaq. European markets were strong but we fail to show similar strength. Many stocks are behaving much better than "popular names". It is highly recommended to "look outside your comfort zone for better ideas". TAPE is shifting & it is important to "notice" those changes. This may be the year for "dog of Nasdaq".
BLOG does NOT give buy or sell.
Saleem
11 comments:
SALEEM
Last night J Cramer said the same thing as your blog,
look out side of the box for what is working
HE said never ignore the Fed Reserve, they move the market--he says he expected a correction--maybe we will NOT get the correction now with QE3.
Me I am amazed at how fast we have moved on up. I say take profits and be car full --tech stocks will work out I did like INTC--Cramer says no
Cramer says stick with APPLE and the rail roads as both are now over sold---He did not care for my NSC to much.
PS:
Take a ride on SFL today the shelf offering is a bargain here at $15 smackers
UP thanks for your reply as to APPLE and other stock --I missed your input
Thanks again to all It is raining cats and dogs in MD/DC
C
Hi C,
I do not get to watch CNBC..so no idea who is saying what.....CNBC online only gives few segment & misses most.....
This IS a "technical driven market"..strength begets strength...."old safe analysis will leave anyone from potential gains".
Saleem
Saleem
As we enter Oct. Money tend to come in and lift the market. Since 2 weeks ago, market reversed from green to red almost everyday. That kind of action might indicate market is tired. So to me, light up is a good idea. I keep asking myself this question. If we are going to go up on Dec. of this year. Shouldn't we correct for a month or two before year end rally?
UP
I have been asking that question for 3 months
Where is the correction?????? Not yet!
I say as long as the punch bowl is full by BB with QE3
we will not have correction--at all.
JMHO, for what it is worth.
Take a buy for speculation my Fav is Sprint-_S
Below $5 it is a bargain
Good luck and again welcome back
C
Hi Up,
Markets go through "personality change"......when its angry, one has to be extra careful.....
Currently market is "happy"..which means i try not to second guess & "go with the flow"
Different sectors are taking turns which is a sign of healthy market....rolling correction is better than full fledge......that is what we got......
Also not all stock in any sector is showing strength..its is in few.....
I say "dont worry..be happy"
Saleem
Hey Saleem,
Tuesdays and Thursdays are often busy mornings and it takes me a while to catch up...
What do you think about me trimming GWAY and adding to Z? I looked at the SEC letter to them which is causing the weakness, and besides just general lack of detail (which is problematic anyways I'll agree), it doesn't look like a material business problem.
Stocktrader
Hi Stocktrader,
Went through SEC letter to Z..it is a routine query..nothing to do with any "irregularity"
IF you are comfortable in Z..then it can be a good swap.
Saleem
Hey Saleem,
Wow! Check out the flash crash on GWAY right after we talked. I didn't get a $19+ fill like I was intending. Anyways, sold part GWAY at 18.63285 and bought part Z at 38.54467.
I have my eyes on SPLK and PANW still, but I need to wait until closer to the lockup expiry on SPLK, and I don't have a good catalyst for PANW at this time to spark the rally.
Stocktrader
Hi Stocktrader,
Sometimes stocks move against you in a hurry..but you got Z cheaper....
Z has been coming back since its low.....
Good luck.
Saleem
Hey Saleem,
Just got back again from more errands. The flash crash I talked about was GWAY dropping almost $2 in literally 1-2 seconds and then retracing most of that almost immediately. And yes, I'm still pleased with the swap. My rough plan last night was to trim GWAY on any pop again above $18.50 anyways, so this was the perfect opportunity and also an ability to roundout my Z position on a good dip. I still have a "full" position in GWAY.
Stocktrader
Hi Stocktrader,
It is good to have a plan to execute & @ the same time another opportunity comes along....perfect trade.
Saleem
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