Indices closed near low of the day in reaction to Fed statement.
S&P 500 @ 1642.80, low today 1639.43
RSI @ 35.66
CMF @ 0.009
Internals were :
Down volume led by 4.37 to 1 in NYSE & 2.89 to 1 in Nasdaq
Declining stocks led by 2.62 to 1 in NYSE & 2.08 to 1 in Nasdaq
Net new 52 wk lows were leading by 115 in NYSE & highs were leading by 18 in Nasdaq
VIX UP 6.91% @ 15.94
Oil @ $103.85
Gold @ $1370.10
AH ER :
HPQ Down 7.80%, LTD Down 2.34%, HAIN UP 7.34%
AH Futures Mixed
AH Asian Markets Mixed
AH Oil & Gold Down
About market, Chinese Flash PMI in August came in @ four month high @ 50.10 from 47.7 in July. This should give a lift to Commodities & may cut negativity which has crept in. @ low today S&P 500 lost 70.24 points from high or 4.11% pullback. 10 yr bond yield keeps creeping UP, currently @ 2.913. 30 yr mortgage is @ 4.56%. Hopefully most of the froth is out of this market. Staying with conviction & with a theme should pay off in trading.
BLOG does NOT give buy or sell.
Saleem
12 comments:
Hey Saleem,
Bought some TZA back @ 26.68. I've got plenty of good long exposure that I felt I needed to protect a little.
Stocktrader
Hey Saleem,
And a little more @ 26.30.
Stocktrader
Hey Saleem,
And more @ 26.259--this puts me almost to the hedged position I had yesterday before selling...and I got it back at lower levels :).
Stocktrader
Hi Stocktrader,
TRY TRY TRY...until.......
Good luck with TZA.....
Saleem
Hey Saleem,
And more @ 26.29. Sorry for all the posts--I just bought little chunks as the market rallied but the small caps stalled some. That was my last TZA buy for today for sure.
Ideally, I would have just sold CLF and others instead, but I'm stuck in those for a couple days given the moves yesterday.
Stocktrader
Hi Stocktrader,
It is more than OK to post every trade in BLOG...who knows some visitors may be following your lead in TZA......
Saleem
Hey Saleem,
HPQ is really interesting here at $22.15 given the massive cash flows there--I believe about $4/sh is estimated for next year. That's a lot of ability to return cash to shareholders or improve the business through acquisitions!
Stocktrader
Hi Stocktrader,
On any miss or guide down..it is prudent to wait & see how analysts views are & then evaluate.
Saleem
Hey Saleem,
My only regret right now is selling YHOO. I've been personally noticing that their online presence has increased and I find myself clicking on their sites more often. It doesn't surprise me that YHOO surpassed GOOG in unique visitors last month.
Even though the Alibaba IPO is likely postponed until next year, I'm not sure that diminishes the value or stock support, and the growth in the organic business is all upside.
I'm probably looking for an entry point here, although if the market does breakdown at some point, the Alibaba stake will be valued less also.
I have about two cash positions available which I will use for stock purchases. I feel like I have enough hedge at this point.
Stocktrader
Hi Stocktrader,
I know how it feels..when you do not own a stock which is doing better...
BUT...we live to fight for another $$$
Saleem
Good morning.
Well, we're getting our bounce. This could be it or we might have another 15 S&P points. I'm thinking one more up day. GLTA
Vic
Hi Victor,
I will wait for market to tip over before initiating any "triple puts"
Saleem
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