Indices were down again.
S&P 500 @ 1795.15, low 1787.85
RSI @ 59.02
CMF @ 0.171
Internals were :
Down volume led by 2.0 to 1 in NYSE & 1.59 to 1 in Nasdaq
Declining stocks led by 1.59 to 1 in NYSE & 1.63 to 1 in Nasdaq
Net new 52 wk lows were leading by 35 in NYSE & highs by 56 in Nasdaq
VIX UP 2.25% @ 14.55
Oil @ $96.04
Gold @ $1220.80
AH News :
OVTI Down 12.51%, JCP UP 3.86%
AH Futures UP
AH Asian markets Mixed
AH Oil & Gold UP
About market, internals continue to deteriorate which means TAPE needs to stabilize first before a firm support is found. As we have not corrected for eight weeks, it is a fair assumption that we are in one of those infrequent pullbacks. Participants are extremely anxious for Friday's jobs report which may keep a lid on any meaningful advance. Normally buying on weakness is a desirable strategy but it may be prudent to wait until Friday's TAPE.
BLOG does NOT give buy or sell.
Saleem
Hey Saleem,
ReplyDeleteI'm finally back from vacation and can't believe some of the stock moves in the short time I was gone. I was also shocked by the Investor's Intelligence survey...14.4 bearish?? I wonder if we worked some of that extreme bullishness off in recent days.
I'll be looking to do some portfolio revamp today and I'll post some stats later.
I knew OMED was undervalued! :) I just never traded it right.
Stocktrader
Hey Saleem,
ReplyDeleteBought a speculative position in SB @ 7.511. The dry bulk index ($BDI) is really looking good right now and this stock is nicely profitable.
Stocktrader
Hey Saleem,
ReplyDeleteSold RL @ 172.72 given the challenging retail pricing environment. I don't really think there's much downside, but the upside seems limited for now.
Stocktrader
Hey Saleem,
ReplyDeleteAdded a touch more SB @ 7.57 after a good morning bounce off the 50 DMA.
Stocktrader
Hi Stocktrader,
ReplyDeleteWelcome back from your well earned vacation....good to get away from the daily grind of Wall St...
Good luck with SB.....
Saleem
Hey Saleem,
ReplyDeleteAdded to RALY @ 24.915 ahead of earnings tomorrow night. I am comfortable with the name and the price at these levels even if the market doesn't "anoint" them into year's end.
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with RALY....its good to have long term view in some of your stocks....
Saleem
Hey Saleem,
ReplyDeleteSold AKS @ 5.90 after a very nice run and potential upcoming worries about taper and treasury yields.
Stocktrader
Hi Stocktrader,
ReplyDeleteGood move in booking nice gains in AKS....
Saleem
Hey Saleem,
ReplyDeleteI decided to re-enter my old nemesis OMED @ 29.63. Based on favorable sharing terms of the CELG deal, and alleviating the need for new financing for many years, and some new analyst targets >$40, I thought I'd see if there'd be some upside into year end. Based on the activity in the last two days in the face of market sluggishness, I think there's buyers waiting to step in should the stock fall at all, thereby limiting the downside.
Stocktrader
Hey Saleem,
ReplyDeleteI also might buy some CLDX on good reaction to the secondary announcement. I had hoped to get some around $25-$25.50, but it didn't stay there for more than a few moments.
The $VIX move is really interesting today--quite high given the elevated levels of the market.
Stocktrader
Hi Stocktrader,
ReplyDeleteSound rationale for OMED & CLDX....
Saleem
Hey Saleem,
ReplyDeleteBought CLDX @ 26.746.
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with OMED & CLDX..
CLDX is showing relative strength on bad day & negative news.
Saleem