Indices staged an oversold bounce by closing green.
S&P 500 @ 1634.96, High 1641.18, low 1627.47
RSI @ 37.44
CMF @ - 0.027
Internals were :
UP volume led by 1.27 to 1 in NYSE & 2.04 to 1 in Nasdaq
Advancing stocks led by 1.26 to 1 in NYSE & 1.43 to 1 in Nasdaq
Net new 52 wk lows were leading by 42 in NYSE & highs were leading by 10
VIX Down 1.67% @ 16.49
Oil @ $110.10
Gold @ $1418.80
Stocks which were UP 1% or more included CLF KOG
GRPN CSIQ SPWR M GMCR NFLX LNKD FB
SINA NTES RDN BBRY LVS BIDU CRUS
SNDK AMCC FNSR SBUX MCD WLT
Z WYNN LVS IBN......
AH ER GES UP 18.49%
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold Down
About market, as expected volatility has increased based on low volume & vacation time. Syria, Fed Taper & Debt limit are additional factor in the mix. I do not expect volatility to calm down until week of September 9th. I expect Thursday & Friday to be more volatile due to long weekend & imminent military operation.
BLOG does NOT give buy or sell.
Saleem
14 comments:
Hey Saleem,
Bought LCC @ 15.90. It seems like there's a greater chance the merger will happen, earnings power is good regardless, and oil looks ready to roll over after Syria calms down.
Stocktrader
Hey Saleem,
Sold TZA @ 26.66. I think the market is oversold enough in price and sentiment to see possibly a strong rally today. I know this is "playing" the market a little, but I don't feel the need for the hedge today--everything seems good.
Stocktrader
Hi stocktrader,
LCC chart looks ready to move UP UP UP......
YES..Oil is having its last hurrah!!!
Saleem
Hi Stocktrader,
TZA served its purpose on Tuesday for you......
Saleem
Hey Saleem,
Bought TRLA @ 41.639.
Stocktrader
Hey Saleem,
I think the chance is increasingly likely that nothing happens in Syria. I think a lot of this rally is predicated on that, whether it comes true or not.
Stocktrader
Hi Stocktrader,
Syria will get customary greeting of
Six cruise missile on the weekend..then they will kiss and be friends again..
Saleem
Hi Stocktrader
Good luck with TRLA.
Saleem
Hey Saleem,
Thanks!
Apparently I shouldn't have sold Z recently. I think it speaks to a greater market theme that some of these high fliers just kept on flying through this "correction". That tells me the market is not worried about underlying growth and that this is just a pause.
I was considering PSUN for a pre-earnings play tonight, but they just got a mention on CNBC and now it's harder to judge the risk/reward. I was also looking at SPLK and may do something there. Both companies report after the bell.
Stocktrader
Hi Stocktrader,
SPLK has come down to very attractive level......
Saleem
Hey Saleem,
I did try with PSUN @ 3.81. I've actually been watching it for over a week and was too scared to enter a couple days ago when it was much lower. At these prices, I don't think there's much downside even if my upside has been limited.
Stocktrader
Hi Stocktrader,
Stockcharts has a target of $10.75 on PSUN......
Saleem
Hey Saleem,
Sold OMED @ 16.702. It just isn't acting well after a biotech merger announcement and the market rebound...trimming those underperformers...
Stocktrader
Hi Stocktrader,
Good idea to trim underperformer.
Saleem
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