Indices closed mixed on Fed minutes.
S&P 500 @1685.73,high 1698.43, low 1684.94
RSI @ 61.57
CMF @ 0.241
Internals were :
UP volume led by .87 to 1 in NYSE & 1.22 to 1 in Nasdaq
Advancing stocks led by 1.05 to 1 in NYSE & 1.20 to 1 in Nasdaq
Net new 52 wk highs were leading by 128 in NYSE & 166 in Nasdaq
VIX UP .45% @ 13.45
Oil @ $105.03
Gold @ $1313.00
AH ER :
Negative reaction AUY Down .48%, SPWR Down 2.50%
Positive reaction YELP UP 7.46%, TRLA UP 11.11%
AH Futures UP
AH Asian Markets UP
AH Gold & Oil UP
About market, TAPE appears to have worked off froth in last seven trading days, 1698.78 high has been tested three times & it appears to be ready for a takeout. IF we break out 1750 is a logical target. This TAPE has amazing resiliency & did not correct even 2% this time, just marked time for about fourteen days @ support line of 1680 area. Get ready for a major lift off.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hey Saleem,
Sold TRLA @ 43.31 to take profits. I mostly worry about sentiment surrounding the housing industry with rates creeping higher. There's definitely no specific problem with the company.
Stocktrader
Hi Stocktrader,
Good move in booking profit in TRLA.
Saleem
Hey Saleem,
We need to start seeing a change where strong production numbers (which happened today in US and China) actually helps the materials stocks. I'm still waiting for that shift...
Stocktrader
Hi Stocktrader,
I am amazed that CLF is down today while all base metal stocks are UP???
Saleem
Hey Saleem,
Yes, I am watching CLF also with disappointment.
Sold WLT @ 11.31. It is definitely the most challenged of any materials company I own and despite their aggressive cost cutting efforts, with met coal spot pricing below the Q3 benchmark, the risk might still be to the downside (although I can't see how this can sustain). Also, it doesn't seem like they have assets that are attractive from a takeover perspective right now at current pricing.
I will wait on the sidelines on WLT for better indications.
Hey Saleem,
Argh. Selling TRLA due to perceived external factors has cost me some opportunity today. I was thinking more about the numbers, and with their improved metrics and also future growth areas, they could make enough next year to make the stock look cheap even here still. I should have been more patient...
Stocktrader
Hi Stocktrader,
You made good money in TRLA.....
Saleem
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