Indices closed mixed digesting gains of yesterday.
S&P 500 @ 1722.34, high 1729.86, low 1720.20
RSI @ 70.18
CMF @ 0.194
Internals were :
Down volume led by 1.86 to 1 in NYSE & 1.18 to 1 in Nasdaq
Declining stocks led by 1.40 to 1 in NYSE & .85 to 1 in Nasdaq
Net new 52 wk highs were leading by 311 in in NYSE & 198 in Nasdaq
VIX Down 3.16% @ 13.16
Oil @ $106.39
Gold @ $1369.30
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold Down
About market, TAPE was digesting yesterday's gains. I expect TAPE to continue to show its strength in near term. 1750 in S&P 500 is doable in this run. It is smart to continue booking gains & rotate into lower RSI stocks.
BLOG does NOT give buy or sell.
Saleem
20 comments:
Hey Saleem,
Your JKS purchase worked perfectly--nicely played!
Stocktrader
Hi Stocktrader,
Thanks for your comment about JKS purchase.
Saleem
Hey Saleem,
Sold SPLK @ 62.95 to take profits. It is *very* expensive at these levels, but certainly could keep moving higher. I think the very high P/S leaves it vulnerable to a pullback at some point so I picked this opportunity to sell after the nice run post-earnings I got from it.
Stocktrader
Hi Stocktrader,
Good move in booking profit from SPLK.
Saleem
Hey Saleem,
I'll tell you what though. I'm feeling very uncomfortable having any cash. I don't know if that's a contrarian good thing with everyone "all in"? or if it means I need to redeploy quickly because the market will keep grinding higher?
Stocktrader
Hi Stocktrader,
I suggest putting cash to work in many stocks which are performing well......
This TAPE has the "feel" of best market i have EVER seen.....
My 2 cents!!!!
Saleem
Hey Saleem,
Sold ARUN @ 17.802 avg.
I realized yesterday as it fell that I really don't have an edge on the stock, and it doesn't have a "pure enough" chart to warrant a position given all the other stocks I follow. I'll keep following it and maybe I'll understand the company better in future quarters.
Stocktrader
Hey Saleem,
Of course it shoots straight up as soon as I sell...the dangers of owning a stock you don't know--it could easily have gone the other direction, but bottom line, you don't know enough to make informed decisions.
Stocktrader
Hi Stocktrader,
ARUN is trying to build a base.....it may move near earning report time...analyst are warming up towards ARUN....
Saleem
Hey Saleem,
I should have bought more TXTR this morning after the secondary priced. I've become more comfortable with the valuation given the lack of competition, huge market opportunity, and positive economic backdrop.
It would not surprise me to see this stock never look back from these levels--there's just no other way for institutional investors to play the space, and the gobbling up of the 4.6M+ secondary just days after the official launch shows the appetite.
Stocktrader
Hi Stocktrader,
TAPE action is very impressive on TXTR ...huge volume & 7%+ UP move.
Saleem
Hey Saleem,
I took my lumps and bought more @ 41.75. Since I think an approach on $50 is likely, I didn't see a need to fuss over $0.50-$1.
Stocktrader
Hi Stocktrader,
Good move to add in TXTR....
Saleem
Hey Saleem,
Added to RALY @ 31.12 based on nice valuation, great/accelerating business momentum, and takeover possibilities.
Stocktrader
Hi Stocktrader,
Good move to add in RALY..TXTR @ new 52 wk high.....
Saleem
Hey Saleem,
Trimmed a little FB @ 46.97. I think it's up on the rebalance and the risk/reward is slightly shifting.
Stocktrader
Hey Saleem,
Wow, I didn't expect that extended of a spike, but still happy with the trim after such a good run.
I'll be taking the opportunity to look at a lot of stocks and positioning over the weekend.
Stocktrader
Hi Stocktrader,
FB has been amazing.....
Good luck with your analysis over the weekend.
Saleem
Hey Saleem,
I trimmed FB by 1/4 to make it an even 10% of the portfolio so nothing huge. It only barely trails CSOD in position size now.
Stocktrader
Hi Stocktrader,
Rebalancing is a nice problem to have.....all due to your research, conviction & proper weighting....
Saleem
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