Indices marked time & closed mixed after record close.
S&P 500 @ 1707.14, low 1703.55
RSI @ 68.26
CMF @ 0.281
Internals were :
UP volume led by .75 to 1 in NYSE & 1.35 to 1 in Nasdaq
Advancing stocks led by .70 to 1 in NYSE & 1.38 to 1 in Nasdaq
Net new 52 wk highs were leading by 95 in NYSE & 212 in Nasdaq
VIX Down 1.17% @ 11.84
Oil @ $106.56
Gold @ $1302.40
Stocks which closed green included CLF MU AUY
FB CSIQ SPWR FSLR POT TCK GMCR
NFLX TSLA AAPL LULU EXPE M
BBRY YUM LVS FFIV COH
PCLN V GRPN WPRT
RVBD CRUS TRLA
MOS MLNX
Z WYNN.....
AH ER :
MKTG UP 8.33%
AEO Down 17.28%
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, Indices rested today not too far from its close on Friday. Sometimes TAPE needs to catch its breadth. I do not expect too much pullback here, some digestion of gains. Buying on any weakness have paid off big time.
BLOG does NOT give buy or sell.
Saleem
11 comments:
Hey Saleem,
The KORS conference call was very upbeat. They are growing comps at fantastic rates, but also have fresh plans for store count increases in Europe, Asia, and the Middle East where margins are even higher than in the US. Cash is growing faster than their needs and options they are considering include buybacks and dividends. So far this quarter high ticket items like leather jackets and high-end handbags are the standout sellers. They believe their opportunity for mens' sales, especially in non-US markets, is another area of barely-tapped future growth.
Everything went right with the conference call, and guidance is laughably conservative. This is a perfect combination of technical breakout from a well-developed base and extreme fundamental strength to drive earnings growth. I plan to hold the position.
Stocktrader
Hi Stocktrader,
YES..KORS earnings were much better than expected & they are practicing UPOD.....
Bought KORS option $72.50 for .25 cents..expires Friday
Saleem
Hey Saleem,
It's days like this when you wish you had cash...
I expect a strong rebound into close--this selloff is fake! :)
I'm trying to select a lower beta stock I have to sell in order to raise funds and add to YELP and FB. I really, really like those two investments.
Stocktrader
Hi Stocktrader,
Low beta YHOO......
Saleem
Hey Saleem,
I think YHOO is too mispriced to sell here, as well as M for now, so that kind of kills my low betas haha.
I'm looking at selling OMED because I'm really kind of lost on it, or CMI because I'm just not excited about trucks or valuation or Chinese competition, or SODA because the price action is sluggish post-pop and potential negative competitive catalysts upcoming.
Stocktrader
Hi Stocktrader,
Now you have a list of 4 to create some buying power....
Saleem
Hey Saleem,
Ok. I sold OMED @ ~20.80 avg and added to YELP @ 52.52 and FB @ 38.33.
Stocktrader
Hi Stocktrader,
Good move in adding to FB & YELP...
Good luck with overweight position.
Saleem
Hey Saleem,
I read a commentary about how BHP should buy MOS (which includes a Canadian potash mine) instead of developing their own Canadian potash mine now. Given the US-status of MOS, it wouldn't face the same regulatory scrutiny as the failed BHP/POT bid some years ago. I'm not sure if, or how, I'd play this, but it makes a lot of, lot of sense to me.
Stocktrader
Hey Saleem,
This isn't the article I read (don't know where it was), but this gives some insights into the dynamics at the moment:
http://beta.fool.com/sarfarazis/2013/08/02/will-bhp-billiton-abondon-its-only-remaining-mega/42288/?source=eogyholnk0000001
Stocktrader
Hi Stocktrader,
Potash industry is in total turmoil with Russian showing the door to Cartel.......
It may take @ least 1 year before Potash price stabilizes....then takeover makes sense.....
Saleem
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