Indices closed in green despite talk of taper.
S&P 500 @ 1808.37, high 1811.52
RSI @ 62.77
CMF @ 0.160
Internals were :
UP volume led by 1.79 to 1 in NYSE & .98 to 1 in Nasdaq
Advancing stocks led by 1 to 1 in NYSE & .71 to 1 in Nasdaq
Net new 52 wk highs were leading by 96 in NYSE & 112 in Nasdaq
VIX Down 2.18% @ 13.49
Oil @ $97.34
Gold @ $1234.20
Stocks which closed green included AUY
SLW SB BIDU MU FB TSLA LUV
KORS AAPL GRPN GMCR Z
LRCX SNDK FNSR TWTR
LULU LEN CMG LNKD
LVS WYNN YELP X
FFIV GOOG EGO
PANW STLD
AEM JCP
WLT....
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE was weaker than headline numbers, internals were sloppy. TAPE may rest for a while until clarity from Fed about Taper. In the meantime it is a good idea to review & fine tune your portfolio for 2014. TAPE action in many sectors are very confusing, some are UP & some Down in same sector.Strong sector like Solar are testing & breaching 50 DMA. Commodity sector is showing sign of life.
BLOG does NOT give buy or sell.
Saleem
13 comments:
Hey Saleem,
Many of the dry bulkers are suddenly trading down this morning based on a WSJ report that GNK and EGLE are working with restructuring advisors to reduce debt. The $BDI hit a new multi-year high today staging a breakout to 2237 (+54). I think any dip in the strong ones could be the chance to pick them up cheaply in a really ramping day rate environment.
Stocktrader
Hi Stocktrader,
Thanks for your update on Dry Bulkers & rates which is trending up.
SB is definitely on my radar & is behaving better than most.
Saleem
Hey Saleem,
Thought you might be interested in this:
Rumor: SINA up on speculation Weibo will file an IPO :theflyonthewall.com
Stocktrader
Hi Stocktrader,
Thanks for the speculation.....i was hoping after TWTR 10% move yesterday...SINA cannot be far behind.....
Saleem
Hey Saleem,
I still think many of the Chinese internets are being weighed down by the upcoming Alibaba IPO. The amount of funds that managers in that space will have to raise to participate is pretty huge compared to the current market. Also to a much smaller degree, I wonder if the fact that regulators in China will be allowing IPOs again will have that same effect of finite money for the sector.
Stocktrader
Hi Stocktrader,
There is no outflow from BIDU traders...they are taking it to new all time highs daily.....
Pretty soon SINA & QIHU will take their turn in traders dream stock....
Alibaba valuation may scare traders away.....which may do the reverse of popular thesis.....
Saleem
Hey Saleem,
Wow yes. I hadn't looked at BIDU yet. It's too easy to overthink and miss the great trade!
Stocktrader
Hey Saleem,
Sold all my biotech based on topping/breaking charts and an aggressive reaction from GILD on the price war news.
Sold CELG @ 170.315
Sold OMED @ 25.623
Sold CLDX @ 24.119
Stocktrader
Hi Stocktrader,
Sold ARUN $17.25....
Bought RALY $18.05....that was a long wait for my fill @ my price...
Saleem
Hey Saleem,
Very nice price on RALY. I worry it will be a challenge to rally :) into year end based on portfolio window dressing, but the overall valuation is extremely favorable here. Who knows, maybe some of the holdout analysts will upgrade based on the price decline.
Stocktrader
Hi Stocktrader,
There is 0 margin on SB & DRYS..full on RALY..thus my decision.
Good luck with proceeds from Biotechs.
Saleem
Hey Saleem,
I feel a weirdness in the market right now. I sold some of my higher beta stocks to reduce exposure:
Sold CSOD @ 49.102
Sold TXTR @ 37.05
Sold EXPE @ 63.30
Stocktrader
Hi Stocktrader,
As per my BLOG from last night, i was expecting a digestive process until more clarity about Taper.
Always follow your own hunch.
Saleem
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