Indices closed down well above lows.
S&P 500 @ 1552.10
RSI @ 62.21
CMF @ 0.275
Internals were :
Down volume led by 2.72 to 1 in NYSE & 2.49 to 1 in Nasdaq
Declining stocks led by 1.59 to 1 in NYSE & 1.96 to 1 in Nasdaq
Net new 52 wk highs were leading by 139 in NYSE & 78 in Nasdaq
VIX jumped 18.23% @ 13.36
Oil @ $93.74
Gold @ $1604.60
AH news :
EA UP 2.51%
LULU Down 5.92%
AH Futures Mixed
AH Asian Markets UP
AH Oil UP
AH Gold Down
About market, Once again TAPE proved resilient & S&P 500 found support around 1545 area, This area needs to be monitored for confirmation of support. TAPE also told us that correction is going to be swift & may be over in a day.This correction or pullback lasted only 18.49 points or 1.18%. This may be hard to believe after recent non-stop run, but this strong bull market is giving a clear message that it wants to go higher. Also gurus were kind of subdued today & highly fixated on Cyprus.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hey Saleem,
Bought CRUS @ 23.149. I'm struggling to find good charts despite my bullish outlook on the market and this looks like a good bottoming one (some financial/housing stocks look good also). I've talked about their catalysts before including stock buybacks and possible upside from the LED business, and it seems like much of the bad news has been priced in at these levels as evidenced by the base formation from which they are creeping higher now.
Stocktrader
Hi Stocktrader,
Good luck with CRUS..EPS consensus is still in $3.50 area for 2013.
Saleem
Hey Saleem,
Sold the rest of my PANW @ 55.42. For some reason the stock has been weak, and then suddenly today, after being up a lot of the morning, volume and price action picked up to the downside. I'm not sure if there's really anything to today's movement, but my position had become small anyways, and things just aren't working there for now.
Interestingly, PFPT is really skyrocketing. I don't know if these two moves are related or not, but it is something I'm watching. Also, PANW is in patent ligitation with JNPR, so I wonder if some discoveries are being made in that case (although months from decisions still)? I've been thinking about a lot of things the last couple weeks to explain the poor price action...
Stocktrader
Hi Stocktrader,
PANW TAPE has been weak since day of ER.......it is resting above 50 DMA..
PANW TAPE swings from low to highs in nano-second everyday..do not know why?
Saleem
Hey Saleem,
Added to BAC @ 12.65 and STLD @ 15.00 on this dip.
Stocktrader
Hi Stocktrader,
Good move in adding on weakness.
BAC & STLD are good picks.
Saleem
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