Indices staged a major comeback & closed slightly down.
S&P 500 @ 1650.51, low 1635.53
RSI @ 62.10
CMF @ 0.331
Internals were :
Down volume led by 1.39 to 1 in NYSE & 1.10 to 1 in Nasdaq
Declining stocks led by 1.42 to 1 in NYSE & .92 to 1 in Nasdaq
Net new 52 wk highs were leading by 13 in NYSE & 20 in Nasdaq
VIX UP 1.81% @ 14.07
Oil @ $94.25
Gold @ $1392.80
AH ER :
GPS Down 2.22%
CRM Down 5.91%
SHLD Down 12.33%
P UP 8.16%
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold Down
About market, TAPE displayed tremendous strength by erasing most of the losses. Sideline money came in to support this market. This market is displaying all the attributes of an unusually strong bull market. Patience is the key to optimize gains. IF we close green on Friday then we have a confirmation that low is in.
BLOG does NOT give buy or sell.
Saleem
9 comments:
Hey Saleem,
Bought CRM @ 42.12. I listened to the conference call and I didn't see any signs of waning momentum. If anything, I think they are still gaining momentum.
Stocktrader
Hi Stocktrader,
Good luck with CRM....cc is the best way to get a handle on any issue..as analysts are relentless in their questioning.
Saleem
Hey Saleem,
Yes, you are right on that.
I guess I've resigned myself to not buying that MKTO for now. It missed me yesterday and I used the funds for CRM today.
Stocktrader
Hi Stocktrader,
Both DATA & MKTO are defying this market weakness..only means one thing...they want to go higher..
@ least you have DATA @ excellent price$$$$.
Saleem
Hey Saleem,
Yes, market leaders like DATA & MKTO have strong interest. DATA has a particularly strong lead in its category hence the crazy high valuation, but MKTO is also a strong leader and an insider fund even bought more shares on the IPO versus the selling you normally see.
I looked at ECOM and PGEM yesterday since they are in my areas (technology and housing), but neither of them looked appropriate for investment. ECOM looks too vulnerable to competition (and reminds me of MRIN in some ways) and PGEM is mired in losses even in this great homebuilding environment which makes other building materials plays better if you want to go that route.
Stocktrader
Hi Stocktrader,
IPO's are tough to gauge as they are generally "overstating" their business model.
Anytime i have bought..it was a bad idea.
Saleem
Hey Saleem,
Perfectly said. You really have to do your own work on IPOs to cut through the hype.
Stocktrader
Good afternoon. I'm thinking we're going to have a small correction near term. I'm looking at S & P 1600 as first level of support and 1550 worse case. Once this correction has run it's course, we're off to S&P 1700. Good luck and have a good weekend.
Hi Victor,
Nice to see your analysis.
This time i am in agreement with you...this optimistic Taurus see consolidation.
Have a nice long weekend.
Saleem
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