Indices were under selling pressure whole day.
S&P 500 @ 1676.12, low 1674.70...50 DMA 1679.53
RSI @ 46.06
CMF @ 0.078
Internals were :
Down volume led by 3.68 to 1 in NYSE & 3.18 to 1 in Nasdaq
Declining stocks led by 3.71 to 1 in NYSE & 2.99 to 1 in Nasdaq
Net new 52 wk highs were leading by 8 in NYSE & 50 in Nasdaq
VIX UP 15.95% @ 19.41
Oil @ $103.03
Gold @ $1325.10
In my portfolio :
Sold TRLA @ $45.41
Added 80% JKS @ $23.11
Portfolio AMCC FNSR JKS KOG YHOO YY
AH Futures Mixed
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE reacted to ongoing posturing in Washington. Dow & S&P 500 are below 50 DMA with Dow dipping lower than recent low. There is a chance that Democrat in Senate may table a resolution of Debt limit increase & House may have to go along, this will be a welcome change to current status quo with deadline of 17th approaching. Looks like we may close green on hope of resolution on famous "turnaround Tuesday".....
BLOG does NOT give buy or sell.
Saleem
9 comments:
Hey Saleem,
As usual for you, perfect timing:
07:29 EDT YHOO theflyonthewall.com:
Yahoo price target raised to $41 from $33 at Stifel
Stifel raised its target on Yahoo to reflect updates in the valuation of the company's Alibaba stake as Alibaba prepares to launch a U.S. IPO. The firm believes that Yahoo could distribute its Alibaba stake to Yahoo shareholders tax efficiently. Such a development would lead Stifel to increase its Yahoo price target by another $7. Stifel recommends buying Yahoo's stock. :theflyonthewall.com
Stocktrader
Hi Stocktrader,
Thanks for this note...looks very good for YHOO.....
Saleem
Hey Saleem,
Bought TZA @ 23.20 for protection. I am really starting to think this debt debate will go beyond October 17th.
Stocktrader
Hi Stocktrader,
YES..so far all posturing on day 8th....
Good luck with TZA.....
Saleem
Hey Saleem,
My only regret is I don't have any buying power left and would need to sell something to buy something else. When everything is falling, that won't help much!
Stocktrader
Hi Stocktrader,
TAPE is improving now......
You have strong stocks...pulling back today after a huge run.....
Saleem
Hey Saleem,
It is still early in the day. I think there's a decent chance the Nasdaq ends down 100+.
Stocktrader
Hey Saleem,
Sold BIDU @ 149.48. I almost sold earlier at 155+ when I saw lots of weakness in FB/YHOO/etc, but waited and missed a chance for a better fill.
I sold because there's 15 pts of downside possible left on the chart, even though I think the Chinese names also have a chance to do better than the US counterparts right now.
Stocktrader
Hi Stocktrader,
It is wise to focus on comfort level....
YES..Nasdaq is weakest with major weakness in leaders....not a good sign.....
Saleem
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