Wednesday, February 13, 2013

Mixed close.....

Indices closed mixed with Dow being down.

S&P 500 @ 1520.33

RSI @ 67.39

CMF @ 0.370

Internals were :

UP volume led by 1.04 to 1 in NYSE & 1.20 to 1 in Nasdaq

Advancing stocks led by 1.46 to 1 in NYSE & 1.23 to 1 in Nasdaq

Net new 52 wk highs were leading by 276 in NYSE & 159 in Nasdaq

VIX closed UP 2.69% @ 12.98

Oil @ $97.01

Gold @ $1645.10

Stocks which were UP 1% or more included FB,QIHU,AMZN,
MOS,JCP,LNKD,GMCR,CIEN,MON,MLNX......

AH ER :

NTAP Down 1.70%

CSCO Down 1.94%

WFM  Down 6.24%

TRIP Down 10.45%

AH Futures Mixed

AH Asian Markets Mixed

AH Oil UP

AH Gold Down

About market, S&P 500 volume was low again & internals are weak. TAPE is giving all the signal to book any gains QUICKLY. We do not know how long low volume can carry this rally but caution is warranted. TAPE looks TIRED.

BLOG does NOT give buy or sell.

Saleem


8 comments:

stocktrader_1996 said...

Hey Saleem,

I was looking back at some of the other strong rallies we've had in the past years since the crisis and we are definitely stretched pretty far here. In fact, a lot of the technical setup is similar to last year at this time where the momentum indicators stalled out but we kept grinding higher into the end of the month. We are nearly that point again where if the market doesn't breakdown soon, all the institutional money will have to chase into month-end for markups. This particular time around might be different in that the sequester debate/non-debate is front and center--I'm not sure how that might impact.

I thought today might be a reversal day, but strong end-of-day flows propped us back up. I think everyone is back on edge with so many intraday false breakdowns, so there's definitely room to move higher on nervousness still.

I find positives in my specific companies and my nervousness overall because otherwise my charts tell a story of caution.

Stocktrader

Stocks100 said...

Hi Stocktrader,

Technical deterioration occurs over many days & weeks.....

Many stock fundamentals looks great during any correction..but technicals rules in short term.

There is always long term views for those who are so positioned.

I am NOT factoring "political gridlock @ all"..just pure internals & volume analysis.....which is NOT encouraging.

Saleem

stocktrader_1996 said...

Hey Saleem,

This went pretty far above my better judgement, but I bought a speculative position in MLNX @ 53.61. I've heard a lot of major tech companies talk about having so much offshore cash without being able to repatriate. It seems to me that MLNX might be a great takeover target being from Israel. Besides that, the chart is repairing, the valuation is much better than when the stock was $100+, the short interest is huge, and the sentiment has remained bearish on the name (contrary indicator).

Stocktrader

Stocks100 said...

Hi Stocktrader,

I think you used your better judgment in buying MLNX.

Good luck,
Saleem

stocktrader_1996 said...

Hey Saleem,

Bought a small position in AUDC @ 4.452 also. It seems like the right time to enter after the stock has rested this week.

Stocktrader

Stocks100 said...

Hi Stocktrader,

I like AUDC the most among your picks.

Good luck !!!

Saleem

stocktrader_1996 said...

Hey Saleem,

Rebought the half of PFPT I sold yesterday @ 13.714 today--another misflip with PFPT! Anyways, I always get nervous that people know something on this stock that I don't, but today's action is good and barring some major competitive development, these guys should do extremely well.

Stocktrader

Stocks100 said...

Hi Stocktrader,

With low volume stocks it is very difficult to read with daily swing.

Good luck with PFPT.

Saleem