Indices were under selling pressure again, only Dow managed a green close barely.
S&P 500 @ 1548.34, low today 1538.57
RSI @ 59.73
CMF @ 0.225
Internals were :
Down volume led by 1.66 to 1 in NYSE & 1.82 to 1 in Nasdaq
Declining stocks led by 1.36 to 1 in NYSE & 1.37 to 1 in Nasdaq
Net new 52 wk highs were leading by 157 in NYSE & 85 in Nasdaq
VIX UP 7.71% @ 14.39
Oil @ $92.16
Gold @ $1611.30
AH ER ADBE UP 6.26%
AH Futures Down
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, technically we had mixed picture, first we undercut yesterdays low but closed higher than lows of the day. Considering all the fear of deposit being taxed, TAPE was pretty constructive by close. Wednesday it is all about Fed, i am sure its statement will push its easing policies which should give support to equities.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hey Saleem,
Bought FDX @ 101.00. It is a quality company that is focused on adapting their business for the new world needs and should benefit overall as the world ecomonies improve. I found this selloff as a good entry point.
Stocktrader
Hi Stocktrader,
Yes FDX is a strong company, good entry.
Saleem
Hey Saleem,
Sold the rest of my DSPG. I am worried about the short term sales prospects and I fear the hedge fund activism is distracting management.
I'm trying to prune up the portfolio because it seems like the market is being more picky about winners now. I may do some more selling still.
Stocktrader
Hey Saleem,
Sold RDN @ 9.98 also based on a weary chart. This is definitely a re-entry for me later as the longer term story is very compelling.
Stocktrader
Hey Saleem,
Added a little more FDX @ 100.58 to make the position full.
I am really surprised at the price available here.
Stocktrader
Hi Stocktrader,
YES TAPE is more selective these days...extensive is out intensive is in.
Good luck with FDX.
Saleem
Post a Comment