Indices closed near low of the day on higher volume.
S&P 500 @ 1588.19, low 1584.32
RSI @ 39.50
CMF @ -0.013
Internals were :
Down volume led by 19.80 to 1 in NYSE & 9.64 to 1 in Nasdaq
Declining stocks led by20.54 to 1 in NYSE & 5.73 to 1 in Nasdaq
Net new 52 wk lows were leading by 343 in NYSE & 34 in Nasdaq
VIX UP 23.14% @ 20.49
Oil @ $95.40
Gold @ $1286.20
AH ER :
TIBX Down 1.48%
ORCL Down 8.76%
AH Futures UP
AH Asian Markets Down
AH Oil & Gold UP
About market, tonight IBD has changed its market outlook to "market in correction". I do not agree with IBD thesis. RSI has reached lowest level in last six months, this level has started rally every time.Internals are evidence of "total capitulation". Total correction which started on May 22nd was 6.1% @ low of the day...which is the most in the last 8 months. Velocity of this correction was intense, which in my opinion has taken most of the froth.
BLOG does NOT give buy or sell.
Saleem
5 comments:
Hey Saleem,
Sold HPQ @ 24.27. I think ORCL's report and conference call showed the challenges both competitively and economically to HPQ's business. Given it has run so much already on the lowered expectations trade, I'm not sure there's as much value left as I first thought.
This also frees me up to make another pick. I've found having that one position of cash available is helpful.
Stocktrader
Hey Saleem,
Bought a speculative position in CLDX @ 13.973. It has a new kind of drug treatment for cancer that has demonstrated positively in early trials. This is my dabble back into some biotech, especially with a decent pullback here.
Stocktrader
Hi Stocktrader,
Pruning weaker ones is a good idea.
Good luck with CLDX.
Saleem
Hey Saleem,
I only had a little bit of cash left so I added to the CLDX @ 14.09. Hopefully an equal weight position isn't too much for this speculative biotech.
Stocktrader
Hi Stocktrader,
Hopefully all your bets will be productive as of today's close.
Good luck with your deep analysis of many sectors.
Saleem
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