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:
Hey Saleem,
Sold DRYS @ 3.50 at open.
Stocktrader
Hi Stocktrader,
YES..DRYS is not moving @ all.
Saleem
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
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
Hi Stocktrader,
What is your take on CLDX...looks interesting.....
Saleem
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
Hi Stocktrader,
Thanks for your take on CLDX.....
SODA...looks like has found support.
Good luck with SODA.
Saleem
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
Hi Stocktrader,
You must like beverage business...SODA & now MNST......
Good luck with both !!!!
Saleem
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
Hey Saleem,
I possibly should have just gone with a TNA buy, but I just find more comfort in individual stocks.
Stocktrader
Hi Stocktrader,
You enjoy researching & finding good stocks on the verge of breaking out...which is the best route.
Saleem
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