Indices dipped below recent lows but managed to close @ or absolute high of the day in all indices.
S&P 500 @ 1640.42, low 1622.72
RSI @ 53.67
CMF @ 0.227
Internals were :
UP volume led by 1.48 to 1 in NYSE & 1.35 to 1 in Nasdaq
Advancing stocks led by .83 to 1 in NYSE & 1.43 to 1 in Nasdaq
Net new 52 wk lows were leading by 174 in NYSE & new highs were leading by 129 in Nasdaq
VIX Down .12% @ 16.28
Oil @ $93.45
Gold @ $1411.90
AH Futures Down
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, as TAPE made lower lows today it was not encouraging. Probable reasons for a strong finish was weaker data means Fed @ bay, technical bounce could be another reason. Tuesday could be the first Tuesday in 21 weeks that we may close down. Roubini is a "gold expert now" predicting $1000 by 2015, he may join Prechter in being totally wrong about Gold, i think Gold by 2015 could be @ near highs. Leadership was extremely poor by close. Internals were shaky @ best.
BLOG does NOT give buy or sell.
Saleem
14 comments:
Hey Saleem,
Bought MKTO @ 24.87 to gain exposure to the marketing software area after the CRM/ET deal.
Stocktrader
Hey Saleem,
Hmmm...I may have been a little hasty in the price/purchase. I know some people were looking for CRM to buy MKTO eventually and so may be disappointed, but I think there's still room for another player to come in and I think it also speaks to the value in the space. Regardless, I'll keep a close eye on the action today.
Stocktrader
Hi Stocktrader,
MKTO seems like reacting to CRM deal...
Saleem
Hey Saleem,
I listened to the part of the merger call I missed earlier and CRM said there was a very competitive bidding process for ET so there's clearly other buyers out there looking for marketing software companies. That makes me feel a little better into my immediate -10% purchase!
Stocktrader
Hi Stocktrader,
Good luck with your analysis / strategy with MKTO.
Saleem
Hey Saleem,
I'll have to admit a mistake on MKTO--I got caught up in the chase. Most of my other portfolio components are doing fine on this choppy day so I'll just take the lumps and move forward.
Stocktrader
Hi Stocktrader,
I am glad you dealt with MKTO. You have created a very strong portfolio.
Saleem
Hey Saleem,
I'm also watching PRU carefully. I think many of the positive catalysts are behind it for now and the great run leaves it vulnerable to profit taking or stalling. It is currently the largest position in the portfolio so it would free up some good buying power for opportunities.
Stocktrader
Hey Saleem,
I can't sell MKTO for two days, but I think the worse of the damage is done. If anything, it's due for a little technical bounce from here. I'll definitely sell as soon as possible though.
Stocktrader
Hi Stocktrader,
I keep forgetting about your 3 day rule.....
PRU is looking strong even in today's sloppy market.
Saleem
Hey Saleem,
Sold PRU @ 69.80. I just feel like the SIFI designation will hamper the company's ability to leverage the balance sheet and return cash to shareholders. There's too much uncertainty surrounding it right now for me to make an informed decision on the earnings power going forward.
I'd probably rather buy on a break out above $72 than hold for now.
Stocktrader
Hey Saleem,
Added some to my SWC @ 12.147 to round out the position.
Stocktrader
Hey Saleem,
This isn't a company I normally follow, but in reading some tech notes yesterday I read some very positive things on AMCC:
http://blogs.barrons.com/techtraderdaily/2013/06/03/amcc-market-undervalues-x-gene-says-fbr/
The chart has characteristics of a cup-and-handle or maybe reverse-head-and-shoulders, is close to a MACD crossover, and the accumulation statistics I use show favorably.
I'm not sure I have enough confidence in this space to start a position, but thought I'd bring it to your attention because it seems things are lining up positively both technically and fundamentally for at least a trade.
Stocktrader
Hi Stocktrader,
Thanks for your note re AMCC...it has been looking good for a while...but TAPE is getting weak so its wise to wait on any new idea.
SWC should do well.
Saleem
Post a Comment