US market showed tremendous resiliency after Asian selling.
S&P 500 @ 1525.20
RSI @ 59.18
CMF @ 0.241
Internals were :
UP volume led by 1.58 to 1 in NYSE & 1.72 to 1 in Nasdaq
Advancing stocks led by 1.27 to 1 in NYSE & 1.15 to 1 in Nasdaq
Net new 52 wk highs were leading by 193 in NYSE & 118 in Nasdaq
VIX Down 8.79% @ 14.01
Oil closed @ $90.12
Gold @ $1572.40
AH Futures Mixed
AH Asian Markets UP
AH Oil & Gold UP
About market, I am sure TAPE surprised many by closing @ high of the day. S&P 500 is only 5.74 points from multi year high of 1530.94. We are just about ready to take this high shortly. TAPE has been strong for a long time, thus booking profit on strength is highly recommended.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hey Saleem,
Lockup expirations on PANW and SPLK hurt the portfolio somewhat yesterday--hopefully today looks better. Market new highs coming! :)
Stocktrader
Hi Stocktrader,
When is the lockup on PANW & SPLK ?
YES..today is the day for new highs in two indices..DOW & S&P 500.
Saleem
Hey Saleem,
Yesterday saw share lockups expire for both of them so some insiders were able to sell. That's why both gapped unusually down at open and stayed down. Lockup expirations tend to have their biggest effect on the first day, so hopefully those stocks can participate now. Even if they stay sluggish today though, it doesn't take away from the story for me.
Stocktrader
Hi Stocktrader,
That explains their weakness yesterday.
Thanks for the info.
Saleem
Hey Saleem,
Sold SONS @ 2.40 as per my weekend thoughts and bought CRUS @ 22.972. I feel like it has been oversold enough and the company's buyback could be very opportunistic here. They also have some good products in LED lighting which may be gaining traction now. Finally, maybe QCOM is putting some positive light on mobile chip makers.
Stocktrader
Hi Stocktrader,
Good luck with your swap.
Saleem
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