Indices were in sell mode & closed near low of the day.
S&P 500 @ 1626.13, low 1622.92
RSI @ 48.38
CMF @ 0.068
Internals were :
Down volume led by 5.70 to 1 in NYSE & 4.17 to 1 in Nasdaq
Declining stocks led by 6.71 to 1 in NYSE & 2.83 to 1 in Nasdaq
Net new 52 wk lows were leading by 225 & new highs were leading by 53 in Nasdaq
VIX UP 10.56% @ 17.07
Oil @ $95.38
Gold @ $1377.00, low today $1364.50 on lower than average volume, 52 wk low $1323.00 ....gold is @ critical level where it should find support & then start moving UP....this is a critical part of my portfolio thesis which has not worked out yet.
AH News :
YUM Down 1.71%
ULTA UP 9.59%
AH Futures UP
AH Asian Markets Down
AH Oil & Gold Down
About market, IBD is confirming tonight what most traders are feeling & knows "Market in Correction". S&P 500 may test 50 DMA of 1609.71 on Wednesday, we should find support by close. Japan is putting tremendous pressure on worldwide equities as too much hot money went to Japan & is ending badly.Nikkei is down about 1000 points from its strong support of 14,000 which has become major resistance.
BLOG does NOT give buy or sell.
Saleem
5 comments:
Hey Saleem,
Just watched an amazing interview on CNBC with HPQ's CEO Meg Whitman. I'm a believer!
I have one oversized cash position left to deploy. HPQ is now under consideration--valuation is still compelling if the turnaround there is for real.
Stocktrader
Hey Saleem,
Bought MDSO @ 68.13--a cloud software provider to the biotech industry.
Stocktrader
Hey Saleem,
Bought a small, speculative position in TEAR @ 11.28. They have a proprietary eye-testing device for diagnosing dry eye disease, but they hope they can diagnose more conditions in the future and doctors will already have the device in hand. They make a significant portion of their money on the one-use disposable part.
I'm still eyeing HPQ, but wow it really ran out of the gate today. I may sell AMCC if it doesn't gain traction as I'm not super comfortable with the stock like I am with my other stocks.
Stocktrader
Hey Saleem,
The MDSO was ~85% normal position and TEAR was ~50% to add up to that one oversized position available cash I had (in case anyone's keeping track).
Stocktrader
Hi Stocktrader,
Got up late today...
Good luck with MDSO & TEAR...you have a very good handle on "new techs"
Saleem
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