Indices closed near low of the day after trying for green.
S&P 500 @ 1756.54, low 1755.72
RSI @ 62.55
CMF @ 0.305
Internals were :
Down volume led by 1.90 to 1 in NYSE & 1.03 to 1 in Nasdaq
Declining stocks led by 1.54 to 1 in NYSE & 1.60 to 1 in Nasdaq
Net new 52 wk highs were leading by 106 in NYSE & 60 in Nasdaq
VIX UP .73% @ 13.75
Oil @ $96.38
Gold $1323.70
Stocks which closed green 1% or more included FNSR JKS MU
FB YELP SINA YY NFLX YHOO AMCC EXPE CRUS
STLD MLNX....
AH ER :
KOG Down .15%, ADNC Down 2.80%, AIG Down 3.23%
FSLR UP 7.34%
AH Futures UP
AH Asian Markets Down
AH Oil & Gold Down
About market, Official Chinese PMI came in @ 18 month high @ 51.4% in October vs expectation of 51.2%, September actual was 51.1%. HSBC analyst is saying that this is as good as it gets for China, Q4 is being analyzed as Flat to Q3 & Q1 is predicted to decelerate for all of 2014. This analysis may need to be digested by the markets around the world. I am hoping that Chinese authority may take policy action to accelerate or maintain Q3 growth. US markets are digesting recent gains & is doing in an orderly manner. Friday is weekly Option Expiry which may result in indices being flattish as Market Makers are in control of stock price.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hey Saleem,
Added my remaining small amount of cash to CSOD @ 47.45. They report Monday after the bell and this is a report I'm very optimistic about.
Stocktrader
Hi Stocktrader,
Good luck with CSOD weighting, your analysis is mostly dead on.
Saleem
Hey Saleem,
Of all the conference calls I listened to last quarter, I believe I thought this was the most positive. I also saw an interview with the CEO recently, and I saw no indications in tone or words that business was below expectations.
The price action has been horrible recently, so that makes me somewhat nervous, but I have to trust my read on this one.
Interestingly, I just walked my friend through a call option purchase in CSOD. He bought 20 of the Feb 60s for 0.87. That encompasses two earnings reports, so I thought it would sell up well for a bullish trade.
Stocktrader
Hl Stocktrader,
Earnings are extremely difficult to predict as I have learned the hard way...sometimes every thing could be fine but stock heads south....
Hopefully your friends luck will come into play with CSOD....
Saleem
Hey Saleem,
The high growth stocks are being mostly ignored right now. This is leaving a lot of my picks in the dust.
Stocktrader
Hi Stocktrader,
Market goes through many phase..it may be the phase where "software" stocks are out of favor.....
Saleem
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