Indices closed down again on political wrangling.
S&P 500 @ 1692.77, low 1691.88
RSI @ 54.28
CMF @ 0.047
Internals were :
UP volume led by .96 to 1 in NYSE & 1.41 to 1 in Nasdaq
Advancing stocks led by 1.03 to 1 in NYSE & .89 to 1 in Nasdaq
Net new 52 wk highs were leading by 84 in NYSE & 125 in Nasdaq
VIX Down .50% @ 14.01
Oil @ $102.66
Gold @ $1336.20
Stocks which were UP 1% or more included ANR JKS AUY
KNDI YY TSLA TCK LEN FB SINA RDN CF CSIQ
SU FFIV GG LRCX CSOD X EGO SLW AEM
SPWR YELP MLNX.....
AH ER BBBY UP 6.37%
AH Futures UP
AH Asian Markets Down
AH Oil & Gold Down
About market, S&P 500 have closed down for five straight days. Dow is below 50 DMA which is not a good thing technically speaking. S&P 500 is 2.2% lower from high. All this weakness is giving buying opportunities & strong leadership is visible also. We have three trading days left for month end & quarter end window dressing which may change the tone of this TAPE.
BLOG does NOT give buy or sell.
Saleem
Hey Saleem,
ReplyDeleteBought X @ 21.15. I was able to buy back lower than when I sold (21.32 on 9/19), but sure missed some good opportunties to add quite a bit lower.
Some of the market leaders are really acting well, and have been, throughout this multi-day losing streak. I think once the uncertainty lifts, it will be very difficult to buy the quality stocks for decent prices.
Stocktrader
Hi Stocktrader,
ReplyDeleteX has been outperforming its sector.
Good luck with X.
YES...leaders have been on a roll while major indices are down....sign of "great things to come"
Saleem
Hey Saleem,
ReplyDeleteAdded to MS @ 27.30.
I still can't find new names that interest me, so I find myself adding to current/recent names.
Stocktrader
Hi Stocktrader,
ReplyDeleteGood to add where conviction is...
Sold my long time hold AUY $10.45...seasonality is ending on Sep 30th.....
Saleem
Hey Saleem,
ReplyDeleteGood luck with your next pick!
I'm not sure what to do here with my cash. I feel like I need to be fully invested, but can't find anything. YELP looks somewhat interesting, but can I really buy way up here? Should I just add to stocks I already have?...they are risky enough that I worry about too much concentration. I'm tempted to just buy TNA or something and just get generic beta exposure.
Stocktrader
Hi Stocktrader,
ReplyDeleteMany stocks look interesting but valuation is the issue.....
YES..you can avoid all that & buy TNA...
Saleem