Indices closed green after some hesitation.
S&P 500 @ 1690.25, high 1690.94
RSI @ 64.96
CMF 0.181
Internals were :
UP volume led by 1.59 to 1 in NYSE & 2.36 to 1 in Nasdaq
Advancing stocks led by 1.32 to 1 in NYSE & 1.92 to 1 in Nasdaq
Net new 52 wk highs were leading by 45 in NYSE & 201 in Nasdaq
VIX Down 1.59% @ 12.97
Oil @ $105.49
Gold @ $$1328.80
Stocks which closed UP 1% or more included AMD FB MU
KORS EXPE YHOO CLDX SPWR TCK JCP NFLX
LNKD TSLA TIF AMZN RDN LULU CMG
PANW BIDU FFIV PCLN MA V GRPN
WPRT CRUS ZNGA BRCM AMCC
FNSR QCOM FSLRSBUX STLD
EGO SLW SINA MGA Z.......
AH ER :
Negative reaction AMZN Down 2.27%, CRUS Down 5.76%, TPX Down 12.42%, ZNGA Down 14.57%, EXPE Down 23.85%......
Positive reaction CLF UP 4.03%, SBUX UP 5.77%
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE is still in positive mode @ close. Indices may still make a move higher in a gradual mode. TAPE is not displaying convincing strength but trend is still green. In this type of TAPE measure risk closely, book profit & have high comfort level.
BLOG does NOT give buy or sell.
Saleem
11 comments:
Hey Saleem,
Today will be a good test for investors' appetite for commodity stocks. CLF reported a nice Q2, but there's a couple of things for Q3 and beyond that give pause including some lower expected pricing, some lower expected volumes, and some needed increased capex for some mines. Overall, things are ok at CLF. We'll see what investors think by close today...
(CC at 10 EST, I might miss the first 20 min or so)
Stocktrader
Hi Stocktrader,
CLF is green in a down TAPE.....
Appreciate knowing your take about cc.
Saleem
Hey Saleem,
The conference call had pretty good tone as they focused on their operational strengths and well-thought through future plans.
The price action to me is really surprising considering I think Q3 might see slightly worse metrics, but going forward, the case could be made that the trough is basically here.
I think we are seeing the effect of the massive short interest today and the chart now sets up for a test of the $22 area--the shoulders of the head-and-shoulders breakdown formation from May.
Reluctantly, I decided to rebuy CLF @ 19.72. Hopefully I didn't jump too soon here...
Stocktrader
Hi Stocktrader,
Thanks for your objective recap of cc.
Good luck with CLF.
Saleem
Hey Saleem,
I am really tempted to buy some BTU or even WLT based on the strong reaction out of CLF, which is bringing the whole complex higher, and might mark the turning point.
Conversely, I'm trying to keep some cash for opportunities and not trying to get too crazy on commodities again. I have about a 1.35x position size available.
Internal struggle today...
Stocktrader
Hi Stocktrader,
I sold FB @ $34.60 & bought CLF @ $19.98......
Saleem
Hey Saleem,
Such a great short trade you made on FB!
Good luck with CLF--I'm there with you! :)
Stocktrader
Hi Stocktrader,
Last time when i bought CLF it was @ $76........how prices have changed....
FB was a scary trade.....
Saleem
Hey Saleem,
I did also listen to most of PFPT's call last night and also most of ZNGA's (they were 30 min separated).
PFPT continues to carve out a specific niche in online security that is important, but I worry about their growth rate slowing a bit from here and competitors could certainly address PFPT's specific niche in the future. Their relationship with MSFT is also changing slightly.
There was really nothing new from ZNGA that you didn't get in the report itself. The new CEO is very optimistic about the talent, games pipeline, and broader opportunity in a growing market. To me, despite cost cutting efforts, their overhead still appears too high for an industry so easy to enter.
Stocktrader
Hi Stocktrader,
PFPT reaction is positive while ZNGA is way lower.....
Saleem
Hey Saleem,
PFPT has shockingly low volume for an earnings day. I guess there's no sellers today...
Stocktrader
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