TAPE surprised everyone by ignoring shutdown.
S&P 500 @ 1695.00, high 1696.55
RSI @ 54.22
CMF @ 0.112
Internals were :
UP volume led by 3.73 to 1 in NYSE & 3.95 to 1 in Nasdaq
Advancing stocks led by 2.58 to 1 in NYSE & 2.61 to 1 in Nasdaq
Net new 52 wk highs were leading by 171 in NYSE & 188 in Nasdaq
VIX Down 6.39% @ 15.54
Oil @ $102.04
Gold @ $1286.10
Stocks which were UP 1% or more included FNSR JKS KOG
YHOO LULU YY QIHU GMCR NFLX LNKD AAPL
SINA GRPN ARUN CRUS BRCM CIEN JDSU
KORS TXTR CSIQ EXPE AMZN BIDU
FFIV PCLN GOOG V SPLK X
STLD SPWR MGA TRLA
Z WYNN YELP
MLNX...
AH Futures Down
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, There needs to be some progress by Wednesday or else we may be looking @ deepening of crisis which is not good for US economy or market. TAPE showed lot of optimism by its strong close near high of the day. Suggest staying engaged with this strong bull market.
BLOG does NOT give buy or sell.
Saleem
8 comments:
Hey Saleem,
As I mentioned in my weekend writeup, I was looking to sell TNA and be more of a stock picker instead of a market timer. I did that today, selling TNA @ 63.70.
Stocktrader
Hi Stocktrader,
YES...as you planned & executed....
Good luck with bargain galore.....
Saleem
Hey Saleem,
My rationale was that the market will start to price in a longer government shutdown today, and I think the quarter-end/quarter-beginning flows are mostly over and so the overextended nature of some of the $RUT stocks might cause some consolidation.
I have my eyes on those stocks that left me behind, especially CLDX and KOG. You almost need a little biotech exposure in this market to keep pace.
Stocktrader
Hi Stocktrader,
This market rewards good fundamental & is not correcting them @ all....US & Chinese techs are still strong..case in point MU YY QIHU FNSR CIEN to name few.....KOG also looking good for a long time.....do not overlook Chinese Solar...they are in big time.....
Some food for thought $$$$$$
Saleem
Hey Saleem,
I am looking a BIDU somewhat because of the online travel IPO they are spinning off. I just have trouble with the Chinese stocks because the landscape can change so instantly with government intervention, and valuations are very rich already.
As for the US telco equipment providers, I just don't trust the cycle. I know the stocks have done extremely well--just when is it completely priced in?
These are some of the mental struggles I deal with. Same goes for MU really--how soon can new capacity come online to change the supply/demand dynamic? At least MU has tremendous new syngergies it can exploit with the Elpida steal.
Stocktrader
Hl Stocktrader
It is never clear cut ever..always risk in every thesis...
That is the beauty of handicapping..
Saleem
Hey Saleem,
After an initial re-dip, the market is looking stronger again. I was right for about 15 minutes...and don't have a good deployment plan right now. It seems every second I wait, the prices just keep moving higher. At least I don't have too much cash, and have plenty of high beta stocks to drive the portfolio which is up ~0.2% anyways right now.
Stocktrader
Hi Stocktrader,
Whenever you are ready to buy....i am sure you will find more than few ideas to work with.....
As your existing portfolio is working...so no rush to buy.
I am down .33% so far.....
Saleem
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