Indices closed mixed after a huge run, Dow managed to close @ another record high.
S&P 500 @ 1809.60, high 1810.88
RSI @ 59.95
CMF @ 0.051
Internals were :
Down volume led by 1.22 to 1 in NYSE & 1.33 to 1 in Nasdaq
Declining stocks led by 1.36 to 1 in NYSE & 1.59 to 1 in Nasdaq
Net new 52 wk highs were leading by 68 in NYSE & 102 in Nasdaq
VIX UP 2.54% @ 14.15
Oil @ $98.77
Gold @ $1193.60
AH ER NKE Down .95% TIBX Down 9.93% RHT UP 12.43%
AH Futures UP
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, TAPE rested today, i am expecting a strong close on Friday Option Expiry. TAPE is all set to make series of new highs. Positioning for Year end rally & 2014 is a good strategy.
BLOG does NOT give buy or sell.
Saleem
Hey Saleem,
ReplyDeleteYou can't help but feel better after the GDP numbers and China's continued pledge to provide liquidity to its funding market. The Q3 GDP kind of shows the "clean potential" of the economy before all the Q4 politicism. This definitely bodes well for next year. I may have reversed my cautious tone in <24 hours (although that's normal for me to be uncomfortable looking for declines!)
It is pretty frustrating when you sell a stock you know is undervalued but convince yourself of problems with the economy or mechanical year-end issues and then see it suddenly jump 7% for no reason within an hour of selling (TRLA yesterday). Additionally, I've sold things recently like AKS and SB which are other unloved stocks that just keep going. What if RALY had been the buyout today instead of MKTG? I'd be kicking myself for selling...
The key is not to make things harder than they really are--I still need practice on that...
Stocktrader
Hi Stocktrader,
ReplyDeleteIt is good to reevaluate strategy & conclusions IF it is warranted..
Who said it is easy on Wall & Broad.
Good luck with your "new focus"
Saleem
Hey Saleem,
ReplyDeleteBought WDC @ 82.51 on multiple positive analyst comments and a great chart.
Stocktrader
Hi Stocktrader,
ReplyDeleteWDC is becoming analysts favorite lately....
Good luck
Saleem
Hey Saleem,
ReplyDeleteBought back some TXTR @ 40.728. The risk/reward has changed given the large price rise so I only bought back around half of what I had yesterday.
I am still selling FB and MHK at close, so I realistically have a lot of funds to deploy today.
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with your favorite TXTR...
Saleem
Hey Saleem,
ReplyDeleteThe $BDI was surprisingly up nicely today so I re-established some dry bulker positions:
Bought SB @ 9.738
Bought DRYS @ 3.72
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with SB & DRYS...
Saleem
Hey Saleem,
ReplyDeleteBought some other stocks based on valuation and takeover possibilities:
Bought CSOD @ ~51.41 avg
Bought TRLA @ 33.78
Stocktrader
Hey Saleem,
ReplyDeleteI'm looking to buy AAPL at close after selling FB/MHK. I hope it doesn't run too much. It should have sell pressure from the rebalances, hence my waiting.
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with TRLA & CSOD....
About FB & AAPL swap....i think rebalancing may bring FB to green but nothing spectacular while AAPL has found support & is moving UP....
Saleem
Hey Saleem,
ReplyDeleteMy thoughts exactly, although FB seems to be setting up a nice cup-and-handle formation. It remains to be seen how quickly it can break out of it.
Stocktrader
Hey Saleem,
ReplyDeleteArgh. I am super frustrated with the RALY move after I sold yesterday trying to game the market (same with missing 8% in TRLA). Nice job holding on! :)
Stocktrader
Hi Stocktrader,
ReplyDeleteRALY is finally higher than my $18.05 purchase price....this whole sector is UP strongly on MKTG takeover look @ MKTO.....nicely UP.
Saleem
Hey Saleem,
ReplyDeleteI have intentionally avoided all the marketing cloud companies (and security software too). There are many competitors and barriers to entry are low. I'm not sure when the party ends for the eventual losers in the space(s), but I think there's a lot more risk there than in established enterprise players like CSOD TXTR RALY SPLK where the product is much more specialized.
Stocktrader
Hi Stocktrader,
ReplyDeleteYou have done outstanding research in this sector...you got me interested in RALY after going through its cc & giving contrary opinion to the downgrade......
Thanks !!!!
Saleem
Hey Saleem,
ReplyDeleteSold FB @ 54.85.
Even though the market on close buy orders should be huge, I fear there's a massive amount of shares gaming that S&P addition. I think we end just under $55 to cancel all those outstanding call options, so I figured I'd just sell now and save the volatility.
Stocktrader
Hi Stocktrader,
ReplyDeleteIt is the MM which decides where to put it under.....yes they were shooting to keep under $55....
Saleem
Hey Saleem,
ReplyDeleteEnded up selling MHK @ 142.84 which was disappointing.
Bought AAPL @ 549.554. I think this is the single best retailer to play for the Christmas quarter, and a surprise China Mobile deal could happen at any time.
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with AAPL..yes it looks very good now....
Saleem