Indices stayed in red whole day & closed lower.
S&P 500 @ 1517.01
RSI @ 66.14
CMF @ 0.425
Internals were :
Down volume led by 1.06 to 1 in NYSE & .83 to 1 in Nasdaq
Declining stocks led by 1.23 to 1 in NYSE & 1.04 to 1 in Nasdaq
Net new 52 wk highs were leading by 169 in NYSE & 114 in Nasdaq
VIX closed Down .61% @ 12.94
Oil @ $97.03
Gold @ $1649.10
AH Futures Mixed
AH Asian Markets UP
AH Oil & Gold Down
About market, although indices & VIX close were positive for market, volume was lowest in five months today for a normal day. Volume is a major predictor of TAPE trend. Monitor market volume closely. This is still a "stock pickers market"...IF you have stocks performing "better than market" then your portfolio can offset any negative TAPE action.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
Sold CRUS at 27.914. The potential for weak price action based on poor sentiment/chart had me concerned for a while and a bearish QCOM analyst note this morning about slowing smartphone sales is really getting play.
I've been thinking over the last few weeks how the upgrade cycle might lengthen as we are seeing less differentiation between each new product. I wasn't sure how dramatic this might happen or how it would really impact profitability, but maybe investors are now recognizing an inflection point in sales, and I want to take a "wait and see" approach.
Add that to the fact I got some new mobile/tablet exposure with DSPG yesterday makes a sidelines approach for CRUS make a lot of sense right now.
On another note, CSOD, AXLL, GWAY, and NTAP all report after the bell tonight.
Stocktrader
Hi Stocktrader,
Good move in getting rid of "no catalyst stock"
Good luck with your 3 AH ER......
Please post recap of all 3 AH.....
Saleem
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