Indices closed down as traders waited for fed statement.
S&P 500 @ 1781.00, low 1777.05
RSI @48.74
CMF @ -0.111
Internals were :
Down volume led by 1.43 to 1 in NYSE & .92 to 1 in Nasdaq
Declining stocks led by 1.17 to 1 in NYSE & 1.20 to 1 in Nasdaq
Net new 52 wk highs were leading by 1 in NYSE & 49 in Nasdaq
VIX UP 1.12% @ 16.21
Oil @ $97.22
Gold @ $1230.10
AH Futures UP
AH Asian markets Mixed
AH Oil & Gold UP
About market, it is all about Fed statement @ 2 PM, i expect Fed statement to highlight consensus on the need to start taper in January or March as some are speculating, my bet is still January small taper then going up each month. Indices will jump around in anticipation plus actual release, after UP & DOWN moves until 3 PM we should close substantially higher. Taking advantage of any dip should pay off by end of the day.
BLOG does NOT give buy or sell.
Saleem
10 comments:
Hey Saleem,
Added a small amount of KOG @ 10.71 (the proceeds from GRPN).
The report alleviated serious concerns about the weather in ND, and the company indicated they had no further need for capital raises and they can fund 2014 capex strictly from cash flows and available liquidity.
The expect production to increase ~45% YoY and currently have ~60.8% of their expected 2014 capacity already hedged.
Here's a key line for me which indicates where the company stands now:
"As we continue to move toward full-scale development of our core Williston Basin properties, we believe we are transitioning to a new chapter for Kodiak. Moving beyond the leasing, exploration, and delineation stages, we are excited to focus on development and maximizing recoveries and returns."
This means less risk and more actual profits from the company, which institutional investors might really latch onto.
Stocktrader
Hi Stocktrader,
Thanks for sharing KOG info.
Saleem
Hey Saleem,
Sold CLDX @ 23.008 because it is acting very strangely in the last 30 minutes or so. Maybe it's nothing, but I'd rather sell first on speculative biotechs and see what happens.
Stocktrader
Hey Saleem,
Well darn...looks like I got faked out by just a standard intraday fluctuation. I guess I'll look to re-establish.
Stocktrader
Hi Stocktrader,
CLDX is lower than your sell price...
Saleem
Hey Saleem,
Today has been strange in a number of ways with many of my watched stocks making big moves, mostly downward. I'm not sure if this is just general illiquidity ahead of the Fed, but the underperformance of big names like NFLX, TSLA, FB, AAPL, and QIHU is troubling.
Stocktrader
Hi Stocktrader,
You should include LNKD...which is down $12....
Saleem
Hey Saleem,
Yes. LNKD, MU, JKS, CF, STLD, X, SPLK, YELP, CLDX...more beta with relatively large down moves.
Stocktrader
Hey Saleem,
Bought back the CLDX @ 23.08 based on sell pressure abating and even relative strength as the market has weakened intraday. I didn't miss too much in price--the biggest problem is I'm on the 3-day rule now so hopefully something drastic doesn't happen.
Stocktrader
Hi Stocktrader,
Good luck with CLDX.
Saleem
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