Indices struggled initially but closed green.
S&P 500 @ 1562.50
RSI @ 51.66
CMF @ 0.217
Internals were :
UP volume led by 1.62 to 1 in NYSE & 2.58 to 1 in Nasdaq
Advancing stocks led by 1.40 to 1 in NYSE & 1.09 to 1 in Nasdaq
Net new 52 wk highs were leading by 105 in NYSE & 29 in Nasdaq
VIX Down 3.87% @ 14.39
Oil @ $88.76
Gold @ $1421.20
Stocks which were UP 1% or more included JCP,BBRY,
YHOO,AUY,TIF,LULU,AMZN,AAPL,POT,MOS,
EXPE,PCLN,LEN,TCK,SU,PANW,LNKD,GG,
EGO,AEM,CRUS,ZNGA,QCOM,FSLR,KOG,
SPWR,FCX.....
AH ER NFLX UP 24.65%
AH Futures Down
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, TAPE was half decent @ close. This TAPE will be news / event / earnings driven. The minute it feels stable any bad news can derail this TAPE. Many traders & hedge funds know the seasonality risk & are extremely jittery. This TAPE is good for swing trading / daytrading. Any investment thesis will face tremendous risk till October.
Chinese flash PMI came in @ 50.5 in April compared to 51.6 in March. This is slightly better than Feb of 50.4....@ best its a slow grind above 50.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hey Saleem,
Bought AXLL @ 54.503 to round out my "must have" positions--took the opportunity while it was unchanged on the day despite the homebuilders just rocketing. New home supply at 4.4 months is just too low, so building must occur.
Stocktrader
Hey Saleem,
On a broader note, given the way the market has shrugged off the weaker economic data in both the US and China, I wonder if we really are poised for new highs right now. I may have to reposition the portfolio away from the hedging.
Stocktrader
Hi Stocktrader,
I do not think that we can make new highs in S&P 500 which is @ 1597.35 about 20 points away....we may get close but not take out in this attempt maybe on second or third attempt.
TAPE definitely IS impressive.....
Good luck with AXLL.
Saleem
Hey Saleem,
Bought CLF @ 18.08 on a good basing on the chart plus speculation of stimulus from Europe and China.
Stocktrader
Hey Saleem,
Bought MCP @ 5.42 on a speculative buy and data from China showing increased demand in the face of the lowest prices in a long time. This may make sense because as an economy matures, it needs more of these specialized materials.
I know this may be reaching some, but it certainly feels like something could be happening in the market overall and this stock has a small catalyst (but might be signaling a greater turn) and a massive short position.
Stocktrader
Hi Stocktrader,
Good luck with bargain hunting with CLF & MCP.....
Saleem
Hey Saleem,
I've got a bad feeling that the fake AP story really killed today's mojo--good thing I'm still hedged! :)
It will be interesting to see if security stocks like PFPT and PANW will do better. I noticed PANW took a quick spike and came back. At this point I have no buying power, so I'll be working with PFPT only for today.
Stocktrader
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