Indices closed UP after bout of profit taking.
S&P 500 @ 1754.67, high 1759.33
RSI @ 68.16
CMF @ 0.280
Internals were :
UP volume led by 2.31 to 1 in NYSE & 1.03 to 1 in Nasdaq
Advancing stocks led by 2.63 to 1 in NYSE & 1.22 to 1 in Nasdaq
Net new 52 wk highs were leading by 405 in NYSE & 255 in Nasdaq
VIX UP 1.29% @ 13.33
Oil @ $97.80
Gold @ $1342.60
Stocks which were UP 1% or more included GMCR MU
AMZN JKS KORS LULU TRIP LEN FNSR CMG
DNKN CSIQ FSLR SBUX EGO SLW GG
AEM SPWR.....
AH ER: PNRA Down 3.05%, BRCM Down 8.11%,
CREE Down 15.23%
AH Futures Down
AH Asian Markets UP
AH Oil & Gold Down
About market, TAPE cheered a weak jobs report as it keeps Fed from changing its bond buying program. There was a sudden "sell program" hit the TAPE & everything went from green to red after open. TAPE found its footing after buying came in again. TAPE certainly wants to move further UP but keep an eye on RSI around 72 when sellers may take hold again.
BLOG does NOT give buy or sell.
Saleem
10 comments:
Hey Saleem,
Sold YHOO @ 33.60 and bought CLDX @ 24.338 and added to LCC @ 21.87.
I've been looking at AAPL since $480, but just can't seem to find a place in the portfolio. I think their products are regaining any status that may have slipped in the last year, and I think their recent initiatives to expand their ecosystem bodes very well for the future. I think it makes a charge on $580 short term and then $680 longer term.
Stocktrader
Hey Saleem,
I sold YHOO because I think core momentum has slipped some based on their lowered Q4 guidance (not just below expectations, but YHOO lowered from their previous guidance). Also, the valuation frenzy surrounding Alibaba may have reached a short term peak.
I'm not sure it has much downside given the Alibaba "put", but I'm not sure there's a case for an upside catalyst, and the chart looks like it needs a rest anyways.
Stocktrader
Hi Stocktrader,
You have reviewed your portfolio & made decision on how you feel about YHOO.....
I feel safe with YHOO than many other high flier who are showing weakness.
Good luck with CLDX & oversized position with LCC.....
AAPL is a strong buy$$$$$
Saleem
Hey Saleem,
I made a controversial move: sold FB @ 51.661 and bought AAPL @ 523.575.
I wrote about my bull case for AAPL and additionally I'll throw in some return of capital to shareholders as a potentially positive catalyst.
As for FB, they actually had an analyst lower estimates slightly today based on slightly weaker September sales than originally expected:
ITG Research lowered Facebook Q3 North American revenue estimate to $900M-$910M from $910M-$920M previously, in-line with consensus of $909M. The reduction is due to slower September transaction volumes than previously expected. :theflyonthewall.com
I think many people are expecting a large beat. If the actual revenue number is really tracking that close to consensus, FB might be overowned right now. The long term outlook is still fantastic, so I'll try to find a way to rotate back in. FB really needs to be a core holding in the portfolio.
Lastly, if AAPL really does start ramping in stock price, you might see some rotation out of FB.
Stocktrader
Hey Saleem,
Also, I have YY to capture social sentiment if that ramps back up.
Stocktrader
Hi Stocktrader,
It was a good swap from FB to AAPL....
Saleem
Hi Stocktrader,
Sold TSLA $162.50
Bought JKS @ $25.10
Saleem
Hi Stocktrader,
Bought FNSR $25.86...
Saleem
Hey Saleem,
Good luck on both!
I'm torn between buying old winners on pullbacks or looking at companies more fresh in investors' eyes.
Stocktrader
Hi Stocktrader,
A combination of both is better.
Saleem
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