Indices closed mixed on softer earnings.
S&P 500 @ 1692.39, high 1698.78
RSI @ 67.29
CMF @ 0.291
Internals were :
UP volume led by 1.34 to 1 in NYSE & .58 to 1 in Nasdaq
Advancing stocks led by 1.31 to 1 in NYSE & .90 to 1 in Nasdaq
Net new 52 wk highs were leading by 217 in NYSE & 241 in Nasdaq
VIX UP 3.01% @ 12.66
Oil @ $107.23
Gold @ $1334.70
Stocks which were UP 1% or more included KORS AUY
RVBD CIEN RDN CLF LEN KOG SU GG EGO
SLW AEM TCK WLT X STLD ECA Z FCX
AH ER : BRCM Down 5.44%, AAPL UP 3.91%, VMW UP 11.99%
AH Futures Mixed
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, Chinese Flash PMI is @ 11 month low, came in @ 47.7%. These ongoing weaknesses are the reasons that Chinese are going to make effort to ensure GDP @ 7%. This bad news may be taken as good news by US market. Market internals are not healthy thus exercise caution.
BLOG does NOT give buy or sell.
Saleem
13 comments:
Hey Saleem,
Almost every single writeup I see on FCX is negative. They cite higher cost/lb and lower production guidance. Well, this is all related to the closure based on the accident. Either I'm missing something or people aren't digging in depth. Also, their plans for the future seem well thought out and I'd classify it as "rational expansion". I couldn't be more pleased with the investment right now. It might be my #1 commodity stock.
Stocktrader
Hi Stocktrader,
You should always trust your own conclusion. You have done better than most analyst recommendations.
Trust your own track record.
I concur about FCX.....still above 50 DMA......
Saleem
Hey Saleem,
At least I sold WLT on Monday--that could have been a disaster.
My only overweights are TXTR and KORS right now, but plenty of commodity exposure with FCX KOG CLF TCK X still.
TCK makes me a little nervous with the met coal exposure, but I'm still putting some faith in the fact that they wouldn't be buying back shares without some business confidence. They've also made some great strategic moves this year.
I worry about my M also. The chart doesn't look great and gasoline prices have crept higher. Even if the downside is limited, I wonder how much upside is available.
Overall, I'm struggling to find new ideas. Right now the good stocks have run so much and the bad stocks are still bad stocks!
Stocktrader
Hi Stocktrader,
You have a very good analytical mind....go with your hunches.
YES..WLT was a timely move.
Saleem
Hey Saleem,
Thank you for the kind words.
TCK and MDSO report tomorrow morning. MDSO could easily be a +-10-20% move and I don't have a good indication on the quarter other than just continued business momentum. I also worry that biotech interest is fading--makes me want to sell CLDX/OMED too.
As you can see from my posts, I seem to be worried a lot these days. I wonder if other investors are in the same boat?
Stocktrader
Hi Stocktrader,
I think you are very right in worrying about some sectors....good to sell than wait for fade...volume is a good indicator.
For me i am "more confident now"...i want to add shares....
Saleem
Hey Saleem,
I did decide to sell OMED @ 26.00. Every single day has seen intraday selling, and if it breaks much lower from here, the downside could be large.
Stocktrader
Hi Stocktrader,
Good move re OMED...
Saleem
Hey Saleem,
Decided to sell CLDX also @ 20.103. The chart looks like it might be ready to roll over and it is mostly sentiment holding this up right now.
Stocktrader
Hey Saleem,
Thought I would update you on something I just saw:
http://www.thestreet.com/story/11986222/1/yahoos-alibaba-treasure-will-have-to-wait.html?puc=yahoo&cm_ven=YAHOO
This should help clarify the stake also. As I've mentioned in my thesis for the company, I love how cheap Yahoo! is if you net out the Alibaba stake.
Stocktrader
Hi Stocktrader,
Thanks for the update on Alibaba IPO...YHO is ready to move UP already..it is slated for a breakout @ $27.51 for a target of $29.31 as per last night on www.stockconsultant.com
Good move on CLDX....
Saleem
Hi Stocktrader,
Doubled my position in MU @ $13.22.
Saleem
Hey Saleem,
Good luck with MU--I know many analysts are positive on them for years to come.
Stocktrader
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