Indices tried to rally but closed mixed.
S&P 500 @ 1792.81, low 1779.09
RSI @ 57.56
CMF @ 0.175
Internals were :
UP volume led by 1.01 to 1 in NYSE & 1.02 to 1 in Nasdaq
Declining stocks led by 1.65 to 1 in NYSE & 1.42 to 1 in Nasdaq
Net new 52 wk lows were leading by 27 in NYSE & gains by 66 in Nasdaq
VIX UP 1.03% @ 14.70..high today @ 15.71
Oil @ $97.20
Gold @ $1247.20
AH Futures Down
AH Asian Markets Down
AH Oil UP
AH Gold Down
About market, TAPE continues to deteriorate , so far S&P 500 has lost 1.9%, Nasdaq 1.6%. I expect weakness to continue on Thursday. Friday may not be much better.Jobs report on Friday is expected to show Job growth of 180K, i am expecting 200K+++ which may spook this market. Most pundit expects 200K Job growth will trigger Taper. I am still expecting Taper in January 2014. Close on Thursday may reflect ongoing jitter about fear of strong job growth.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hey Saleem,
I'm adding to CLDX @ open (if 25.40 or lower) and selling AAPL @ open (if higher than 572.30) based on exhausting the catalysts for now.
Stocktrader
Hey Saleem,
Sold the AAPL @ 572.87. CLDX ramped just before open so I didn't get a fill. I will probably chase it up since the potential for negative catalyst seems small now and it should be a good 2014 winner.
Stocktrader
Hey Saleem,
Added to CLDX @ 25.90 and bought a smallish position in DRYS @ 3.53 based on the Baltic Dry Index spiking higher and the cancellation of their at-the-market offering.
Stocktrader
Hey Saleem,
Bought CELG @ 163.08. It got an upgrade today, has rested for a while so is not overbought, and still has a cheap P/E based on its growth.
Stocktrader
Hi Stocktrader,
Excellent trade in AAPL....
Good luck with CLDX, DRYS & CELG...
Saleem
Hey Saleem,
I'm really tempted to sell something and buy AAPL back (since I already bought CELG and DRYS with the AAPL sale proceeds). It is really screaming at me how cheap it is still and estimates and price targets likely to rise still. Additionally, it looks like one of those "anointed" stocks into year end.
The only real candidates are KORS and CSOD, although I'd like to keep the latter just in case of a buyout or more positive analyst coverage. The question becomes which is more likely: AAPL @ 600 or KORS @ 84?
Stocktrader
Hi Stocktrader,
You have a very easy solution....
Sell KORS & buy AAPL..
Saleem
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