Indices closed mixed as TWTR IPO took center stage while Nasdaq social stocks took a beating.
S&P 500 @ 1770.49, high 1773.74
RSI @ 65.49
CMF @ 0.418
Internals were mixed :
UP volume led by 1.39 to 1 in NYSE & .78 to 1 in Nasdaq
Advancing stocks led by 1.13 to 1 in NYSE & .93 to 1 in Nasdaq
Net new 52 wk highs were leading by 144 in NYSE & 79 in Nasdaq
VIX Down 4.52% @ 12.67......Flashing yellow for bearish action
Oil @ $94.80
Gold @ $1317.80
AH ER :
QCOM Down 4.04%, WFM Down 9.18%, SCTY Down 9.81%
AH Futures Down
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, Nasdaq & internals were on the weak side. Bull Bear ratio flashing serious warning for bearish action, bulls @ 55.2% & bears @ 15.6%, this is the lowest level of bears since April 2011 a 30 month low. TWTR IPO is priced @ $26 which values TWTR @ IPO price @ $14.4 Billion IF it pops as expected it will surpass LNKD in market cap @ open. LNKD is expected to earn by Dec 2014 $2.22 per share while TWTR is expected to create losses by Dec 2014. Market flashing yellow in VIX & bear %, be careful as we may see sharp reversal in TAPE.
BLOG does NOT give buy or sell.
Saleem
Hey Saleem,
ReplyDeleteWow on that Investors Intelligence survey--that is troublesome indeed.
I suspect we may see disappointment after a potentially less dovish ECB--I wonder if that can take some froth out?
Stocktrader
Hi Stocktrader,
ReplyDeleteYES....froth is tipping over....need to be very careful here.....
Saleem
Hi Stocktrader,
ReplyDeleteBooked profit in AMZN @ $357.53..
Saleem
Hey Saleem,
ReplyDeleteNice profits on that trade! :)
I'm expecting a strong rally in risk stocks after TWTR starts trading. It's valuation will show that other stocks are undervalued comparatively.
I put in a buy order for FB around 49.35 that I'm not sure if went through or not. The site is overloaded right now and I can't get to order status.
Stocktrader
Hi Stocktrader,
ReplyDeleteI am sure you are filled with FB....
I am expecting a serious downturn in Nasdaq as per my BLOG from last night.
Saleem
Hey Saleem,
ReplyDeleteCall me crazy, but I expect the YELP/LNKD/FB all to end on their highs.
Stocktrader
Hi Stocktrader,
ReplyDeleteIt is OK to "dream".......
Saleem
Hi Stocktrader,
ReplyDeleteAdded 35% JKS @ $23.62....
Saleem
Hey Saleem,
ReplyDeleteGood luck with JKS. I'm not a believer, but you've made so much money playing it beautifully!!
Stocktrader
Hey Saleem,
ReplyDeleteFinally...was able to see the order status. Got FB @ 49.367.
Stocktrader
Hi Stocktrader,
ReplyDeleteThanks for your note re JKS....this is one stock where i was fortunate to make profit each trade.....
Good luck with FB add on.
Saleem
Hey Saleem,
ReplyDeleteIt was definitely unfortunate timing this morning. My thesis that these social stocks would quickly turn today is not working at all so far. The overall market is down hard.
I feel like people are overreading a lot of signals, and there's really no other place to be except in stocks, so I expect a turn soon...
Part of today's selloff might be related to people taking off positions ahead of the jobs report tomorrow.
Stocktrader
Hi Stocktrader,
ReplyDeleteTAPE is very tricky to predict for most.....
Today's selling is healthy to take some of the "froth out"
Many stocks are trading near support now thus a turn UP in many stocks is inevitable.
It is not as bad as it looks.....
Saleem
Hey Saleem,
ReplyDeleteCLDX is helping my portfolio look better than the underlying tone, otherwise I'm sure it'd look ugly.
Stocktrader
Hi Stocktrader,
ReplyDeleteCLDX phase 1 trial is showing good reaction....deserves to go Up 20%...
good for your portfolio especially today....
Saleem