Indices were under selling pressure but managed to close well above low of the day.
S&P 500 @ 1648.36, low today 1640.05, lows of 4 trading day's ago 1636.42.
RSI @ 58.73
CMF @ 0.271
Internals were :
Down volume led by 2.01 to 1 in NYSE & 1.72 to 1 in Nasdaq
Declining stocks led by 4.00 to 1 in NYSE & 2.36 to 1 in Nasdaq
Net new 52 wk lows were leading by 60 in NYSE & highs were leading by 75 in Nasdaq
VIX UP 2.42% @ 14.83
Oil @ $93.13
Gold @ $1391.80
AH Futures UP
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, there is tremendous changes happening in market internals.Home builders & Lumber taking on the chin while fundamentals are "superb". Nikkei made a lower low today already of 13879.93 & is below key support of 14000. IF Jobless claims are better than expected then good news may be bad news for market. Bond yield are shooting UP 2 days in a row....that is a major change. TAPE is reflecting all these cross-current.
BLOG does NOT give buy or sell.
Saleem
5 comments:
Hey Saleem,
Sold CRM @ 42.13 based on sluggish action post-earnings and a rethink on the valuation.
I'm looking closely at STLD. The fact that they are heavy into energy/autos and are seeing decreases in input costs from crashing iron ore and lower natural gas seems to be a perfect storm in a sector out of favor.
Stocktrader
Hey Saleem,
Also sold DATA @ 50.55 avg based on valuation. I'm not sure when analysts start coverage we can really see a lot of high price targets--it is basically already fully valued. We'll need to see some earnings reports before it can move higher from this range I think.
Both CRM and DATA were 50-65% position sizes so this is clearing out the high number of stocks I had also.
Stocktrader
Hi Stocktrader,
I also noticed the sluggish TAPE in CRM & DATA.....
Good luck with STLD & other ideas.
Saleem
Hey Saleem,
I'm getting an uneasy feeling about the market here. The daily volatility has been much higher of late versus earlier months when we had a nice grinding rally. I think this could presage a larger decline.
I'm not selling anything right now, but hopefully my heavy exposure to high growth (enterprise tech) and strong dollar (financials, consumer discretionary) will outperform in any decline.
Stocktrader
Hi Stocktrader,
Character of this market has changed..lot of rotation.....
It is important to recognize this & then closely monitor one's selection.
Saleem
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