Indices staged an oversold bounce.
S&P 500 @ 1639.04, high 1646.50, low 1630.34
RSI @ 52.78
CMF -0.048
Internals were :
UP volume led by 2.80 to 1 in NYSE & 2.74 to 1 in Nasdaq
Advancing stocks led by 2.00 to 1 in NYSE & 1.73 to 1 in Nasdaq
Net new 52 wk highs were leading by 111 in NYSE & 87 in Nasdaq
VIX Down 2.04% @ 16.80
Oil @ $97.77
Gold @ $1383.10
Stocks which were UP 1% or more included EBAY KOG
NFLX TSLA EDN KORS AMZN GOOG EXPE FB
PCLN JCP HMC BAC LVS MA RVBD GMCR
MU SNDK SPLK QCOM CSIQ FSLR
SPWR SLW AEM SINA MS Z
IBN WYNN
AH Futures Mixed
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE continues to be volatile on a daily basis. It is important to adjust to this new reality. Profit needs to be booked. Fed statement may hint to taper from September, but dissecting Fed statement is a major sport. I am extremely cautious in my market outlook which is confirmed by daily extreme moves. Just because we went UP today, does not change market jitters or uncertainty which Fed has created.
BLOG does NOT give buy or sell.
Saleem
5 comments:
Hey Saleem,
Sold STLD @ 15.013. Although the price action isn't bad after the preannouncement, I think materials stocks might see end-of-quarter pressure as portfolio managers dump the losers.
Stocktrader
Hi Stocktrader,
Material stocks are under pressure as China & India cools down.....
Saleem
Hey Saleem,
I think we might actually see those economies do better in the second half, so generally I'm constructive on materials at these depressed levels. Until the end of the quarter though, I'm staying away--the down moves on that dump/avoidance trade can be vicious.
Stocktrader
Hi Stocktrader,
New regime in China has showed discipline & not trying to artificially stimulate their economy...They will be happy with 7%
GDP growth....
India is in deep trouble ..they have no clue what to do next...they will be lucky to have 4.5% GDP growth....
Just my 2 cents...
Saleem
Hey Saleem,
I actually agree with those points although I'm not as well versed on India.
As for China, you're right, 6-7% growth might be more the "norm" as China shifts to a domestic consumption economy.
Maybe I'm overplaying the ability of commodity stocks to perform in this world's future given the new supply coming on still (although that has to end at some point, right?) and the moderation of the stimulative growth from emerging economies. I'll have to think on it further over the next week or so when these could bottom.
Stocktrader
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