Indices reversed course today & went UP.
S&P 500 @ 1574.57
RSI @ 55.46
CMF @ 0.245
Internals were :
UP volume led by 6.37 to 1 in both NYSE & Nasdaq
Advancing stocks led by 4.57 to 1 in NYSE & 3.43 to 1 in Nasdaq
Net new 52 wk highs were leading by 41 in NYSE & 15 in Nasdaq
VIX Down 19.17% @ 13.96
Oil @ $88.72
Gold @ $1387.40
Stocks which were UP 2% or more included BAC,JCP,
EBAY,EXPE,LEN,TCK,SU,LNKD,V,CRUS,
GMCR,ZNGA,LRCX,MU,BRCM,C,
SNDK,MON,FSLR,STLD,SPWR,
MGA,KOG,WYNN,IBN.....
AH News :
INTC UP .71%
YHOO Down 4.12%
CRUS Down 10.84%
AH Futures Down
AH Asian Markets UP
AH Oil UP
AH Gold Down
About market, TAPE was impressive today. This market has defied many seasoned old timers who keep insisting on being short for a long time. It is important to have a very good feel for this TAPE or else you will be fighting an uphill battle with each position or entry. As we have all noted that lately correction has been less than 3%, it is important to look for an opportunity to get in for a nice trade. I believe that volatility will be a part of this market until October, embrace it instead of fighting.
BLOG does NOT give buy or sell.
Saleem
Hey Saleem,
ReplyDeleteBought BAC @ 11.99. I liked the performance in many segments and they still have more cost cutting to do along with a $5B buyback.
Stocktrader
Hey Saleem,
ReplyDeleteBought PFPT @ 17.098. I just had to keep a position in this one--there's too much interesting momentum to not participate.
Stocktrader
Hi Stocktrader,
ReplyDeleteGot up just now..not feeling 100%...
BAC ER was taken as miss..while YHOO is green..welcome to Wall Street
Good luck with BAC..
Saleem
Hi Stocktrader,
ReplyDeleteYou must keep your love affair with PFPT longer than 48 hrs....that is infatuation they way you are treating PFPT....
Saleem
Hey Saleem,
ReplyDeleteA lot of YHOO's worth is its investments in other businesses. If the core business stabilizes/grows, you can actually value the other investments with confidence and come up with a nice "sum of the parts".
You're having a great run with YHOO--congrats! :)
Stocktrader
Hi Stocktrader,
ReplyDeleteI sold YHOO on March 23rd @ $23.83 then bought RDN which i sold on April 9th then i bought HMC.....which i have now
Saleem
Hey Saleem,
ReplyDeleteOh, that's right. I just remember you buying much lower! :)
Stocktrader
Hey Saleem,
ReplyDeleteBought MODN @ 19.91. I really like the business of helping companies optimize their pricing and contracts. With the massive amounts of data that can enter into that equation now, many corporate executives are realizing a robust software solution can do it better than their guesswork.
Stocktrader
Hi Stocktrader,
ReplyDeleteYou are very good in tracking new IPO's...i wait until its known by everyone......
Good luck with MODN$$$$$
Saleem
Hey Saleem,
ReplyDeleteI made a mistake on my initial BAC read. There's really not much top line strength here--it's just a cost cutting and buyback story. I'm not sure that will work to propel the stock at this time.
Stocktrader
Hey Saleem,
ReplyDeleteSold BAC @ 11.53 for the above reasons. Also, I can sell the same day I bought because I've held cash in the account for a while now so it is already "seasoned". I could do this buy/sell with any stock move I make these days unless I burn though the entirety of the seasoned cash.
Stocktrader
Hi Stocktrader,
ReplyDeleteI sold BAC @ $11.71 & bought EBAY @ $56.20......
I am glad you could buy / sell same day as BAC is not looking good after 2 years into housing recovery.
Saleem