Indices closed UP after some hesitation after open.
S&P 500 @ 1694.16, high 1696.81, low 1682.62
RSI @ 57.71
CMF @ 0.211
Internals were :
Down volume led by 1.32 to 1 in NYSE & .87 to 1 in Nasdaq
Declining stocks led by 1.45 to 1 in NYSE & 1.00 to 1 in Nasdaq
Net new 52 wk lows were leading by 58 in NYSE & highs were leading by 92 in Nasdaq
VIX Down 3.90% @ 12.31
Oil @ $106.83
Gold @ $1320.50
AH Futures Down
AH Asian Markets UP
AH Oil Down
AH Gold UP
About market, TAPE struggled with mixed internals but managed to close green. Too many bears are coming out of the closet & many bears are repeating their "flawed thesis".....This may force this bull to "climb wall of worries".....some battered bears are counting on September & praying that politicians give them a break......but for bears there is August to fear as we move higher to new highs.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
A few observations:
1. X has a better trailing EV/EBITDA than STLD and is probably more leveraged to an up cycle.
2. I'm staring at CLF and TCK looking to sell, but I still feel like they could see overshoot upside. FCX, X, and AA still seem undervalued.
3. FB, KORS, and CSOD are must-owns in their space. I suspect we'll continue to see flows into those names.
4. I've avoided a lot of pain in certain stocks by selling in recent days (MODN, RDN, M, WLH, YELP). That's as key to this market as the buys.
Stocktrader
Hi Stocktrader,
STLD has much better yield which is highly desirable in current cycle...i do agree that X has more torque.
Booking profit never hurts, IF you are wrong you can buy them back.
FB has a "confirmed breakdown" @ stockconsultant.com
KORS needs to catch breath.....
CSOD you are an expert on that stock..i do not monitor CSOD.
YES...selling @ right time is an art in itself........
Materials are looking yummy in a down market.
Saleem
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