Thursday, October 10, 2013

Indices closed UP 2.18% to 2.26%.....NICE !!!!

TAPE was on fire on hope of a deal on debt ceiling.

S&P 500 @ 1692.56

RSI @ 53.58

CMF 0.017

Internals were :

UP volume led by 12.98 to 1 in NYSE & 11.80 to 1 in Nasdaq

Advancing stocks led by 6.15 to 1 in NYSE & 5.40 to 1 in Nasdaq

Net new 52 wk highs were leading by 81 in NYSE & 77 in Nasdaq

VIX Down 15.92% @ 16.48

Oil @ $103.01

Gold @ $1296.90

Stocks which closed UP 2% or more included AMCC FNSR JKS YHOO DRYS LNKD CLDX LULU QIHU TRIP NFLX FB 
TSLA KORS YY CSIQ EXPE AMZN EBAY LVS 
WYNN BIDU PCLN MA V GRPN ARUN 
CRUS LRCX BRCM CIEN JDSU C 
CSOD M SPLK SBUX X STLD 
SPWR MGA MS GS RALY
YELP MLNX.....

AH ER MU Down 1.68%.....MU was a reported beat on Sales @ $2.843 Billion vs expectations of $2.71 Billion, EPS came in @ 29 cents incorrectly reported @ 20 cents in press release but clarified in conference call @ net net 29 cents vs expectations of 25 cents..a beat by 4 cents....? Conference call was very upbeat!!!

AH Futures Mixed

AH Asian Markets UP

AH Oil & Gold Down

About market, TAPE got just the excuse to go up in a hurry when politicians cried uncle. It was a broad based rally & closed @ absolute high of the day in two indices. Once the talk starts it should be productive but it is a game of chicken & doing absolutely little in the end. YES TAPE will run with little bit of work & lot of drama. IBD is so impressed with TAPE today that they have changed their market outlook tonight to "market uptrend under pressure"

BLOG does NOT give buy or sell.

Saleem


12 comments:

stocktrader_1996 said...

Hey Saleem,

Sold DRYS @ 3.50 at open.

Stocktrader

Stocks100 said...

Hi Stocktrader,

YES..DRYS is not moving @ all.

Saleem

stocktrader_1996 said...

Hey Saleem,

Sorry, wrote a quick note while watching the open. I sold DRYS because shipping rates are falling back again and there's a seasonality pattern that may have created the spike initially. The secondary may alleviate the short term cash needs, but the catalysts for gains from here are predicated really on P/E expansion and short squeeze. I don't have confidence when they report.

Basically, it was a trade that didn't act as expected (was expecting the secondary offering to create signficant buying interest). That didn't happen, so I'll wait for further moves.

Stocktrader

stocktrader_1996 said...

Hey Saleem,

Bought SODA @ 60.95. In this questionable earnings time, I wanted to stick with companies where I listened to the conference call and have some confidence in the numbers. I mostly own the companies that fit this criteria, but SODA is one I didn't.

I know there's many fears with this company, but I think much of that might be priced in currently, or at the least, limits the downside. Valuation is fair and the short interest is high.

Stocktrader

Stocks100 said...

Hi Stocktrader,

What is your take on CLDX...looks interesting.....

Saleem

stocktrader_1996 said...

Hey Saleem,

In retrospect, there was a massive amount of speculative long/covering short activity that happened. I think it needs a while to digest all that, possibly hanging between 25-30 while it does.

Stocktrader

Stocks100 said...

Hi Stocktrader,

Thanks for your take on CLDX.....

SODA...looks like has found support.

Good luck with SODA.

Saleem

stocktrader_1996 said...

Hey Saleem,

Bought MNST @ 53.72.

I've been watching this stock on and off for a while, and especially took notice when an analyst recently noted the persistent volume and market share gains.

It seems increasingly as though the brand value is defensible and declining soft drink sales will force the larger players to search for growth stories within their industry to purchase (part of the SODA story also).

Technicals are improving with MACD and A/D looking good for a charge on that 200 DMA which could really change investor sentiment.

Stocktrader

Stocks100 said...

Hi Stocktrader,

You must like beverage business...SODA & now MNST......

Good luck with both !!!!

Saleem

stocktrader_1996 said...

Hey Saleem,

Yes, I think a dramatic shift is happening in the beverage industry in the US. I think SODA and MNST are some of the best ways to play this shift.

Granted, these aren't my usual kind of plays, but I do have some experience with both, and I think everyone (both investors and companies) is finally having to admit the consumer shift is real.

Stocktrader

stocktrader_1996 said...

Hey Saleem,

I possibly should have just gone with a TNA buy, but I just find more comfort in individual stocks.

Stocktrader

Stocks100 said...

Hi Stocktrader,

You enjoy researching & finding good stocks on the verge of breaking out...which is the best route.

Saleem