Indices closed down again.
S&P 500 @ 1787.87, low 1784.72
RSI @ 62.80
CMF @ 0.281
Internals were :
Down volume led by 2.28 to 1 in NYSE & 1.62 to 1 in Nasdaq
Declining stocks led by 2.27 to 1 in NYSE & 1.70 to 1 in Nasdaq
Net new 52 wk highs were leading by 38 in NYSE & 52 in Nasdaq
VIX UP 2.21% @ 13.39
Oil @ $93.34
Gold @ $1273.50
AH Futures Mixed
AH Asian Markets Mixed
AH Oil & Gold UP
About market, I am feeling a bit positive about TAPE going into Wednesday. Nasdaq was the-worst performer by shedding 71.50 points or down 1.79% while S&P 500 was down only .98%....this relative strength is encouraging. Nasdaq did react negatively to overbought conditions in two day selling, much of the froth is gone from Nasdaq. Sentiment has also turned negative in a hurry which is a contrary indicator based on my read. We may get technical bounce on Wednesday & may build from there. Fed minutes to be released @ 2 PM should give boost to equities.
BLOG does NOT give buy or sell.
Saleem
9 comments:
Hey Saleem,
Re-established my CSOD position @ 46.471. I'm going to trust my read and research.
Stocktrader
Hey Saleem,
Took a smallish position in DWRE @ 56.05 on the secondary with my available cash.
Stocktrader
Hi Stocktrader,
Good luck with CSOD.....
Saleem
Hi Stocktrader,
Good luck with Demandware....
Saleem
Hey Saleem,
I am pretty pleased with my portfolio right now. None of my companies are very overbought and they play on a strong economy.
I'm still looking for that 250-300K Novemeber jobs report, so I'm positioned for "taper" by focusing on companies that benefit from low commodity prices and consumer and business spending.
Stocktrader
Hey Saleem,
I meant low commodity prices but higher consumer and business spending from more jobs and a stronger economy.
Stocktrader
Hi Stocktrader,
January 2014 has a good chance of TAPER....
YES..it is important to be positioned in improving sector of economy.
Saleem
Hey Saleem,
I think EXPE looks interesting here based on both valuation and chart breakout potential.
Stocktrader
Hi Stocktrader,
YES..EXPE coming out of Flag formation.....very bullish....i have to sell something to buy based on my reduced exposure....
Saleem
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