TAPE was under selling pressure again & closed lower.
S&P 500 @ 1774.20, low 1770.45
RSI @ 34.76
CMF @ 0.036
Internals were :
Down volume led by 4.04 to 1 in NYSE & 3.05 to 1 in Nasdaq
Declining stocks led by 3.30 to 1 in NYSE & 3.27 to 1 in Nasdaq
Net new 52 wk lows were leading by 64 in NYSE & highs by 7 in Nasdaq
VIX UP 9.81% @ 17.35
Oil @ $97.36
Gold @ $1262.20
AH ER : LVS Down 1.95%, SYMC Down 2.07%,
CTXS Down 4.95%
LRCX UP 2.49%, QCOM UP 3.14%, FB UP 12.09%,
FLEX UP 12.34%
AH Futures UP
AH Asian Markets Down
AH Oil & Gold UP
About market, IBD tonight is changing its market outlook to "market in correction".Indices closed @ new lows & made lower lows which is a very weak technical picture.Chinese HSBC final PMI for January came in @ 49.5% lower than 49.6% Flash PMI. We have to watch how we close from hereon as weak market has weak closing. IF you see gain in any stock it is highly recommended to book it ASAP otherwise you may lose most of your gain as market weakness takes hold. Emerging markets may not take FED further taper well.Please keep in mind we are very close to being "deeply oversold"...thus a "V' bottom may form soon.
BLOG does NOT give buy or sell.
Saleem
12 comments:
Hey Saleem,
Bought MS @ 30.15.
I finally got some financial exposure back :).
Stocktrader
Hi Stocktrader,
MS has found support & is moving UP .....
Saleem
Hey Saleem,
I find POT interesting here on a bottoming of fundamentals and estimates.
In general I'd like to find a good way to play the food trade as more people eat in the world, and crops prices have been severely depressed recently. I wonder if the crazy weather will have impact through the growing season.
Stocktrader
Hi Stocktrader,
POT fundamental is severely challenged as they are guiding lower. For the whole year for the third time....
Saleem
Hey Saleem,
Bought MJN @ 78.438 ahead of earnings tomorrow morning.
I think the business of infant/children nutrition continues to be a large focus for parents and increasing birth rates in the US and China should provide nice tailwinds.
Stocktrader
Hey Saleem,
Bought AGU @ 87.04.
Stocktrader
Hi Stocktrader,
Good luck with MJN.
Saleem
Hi Stocktrader,
AGU has diversified businesses.
Saleem
Hey Saleem,
Bought POT @ 31.01535.
In listening to the conference call that just started 10 minutes ago, they are cautiously expecting a pickup in potash demand from around the world, building on some strength already seen in Q4 in key markets like the US. Also, their large capex plans are drawing to a close. This should provide for even more cash flows going forward. They already have a good dividend and buyback program in place.
I think there's a good chance many analysts call a bottom starting tomorrow. Cantor already came out intraday and upgraded to buy from hold.
Stocktrader
Hi Stocktrader,
Good luck with POT...it is coming off its lows......
Saleem
Hey Saleem,
They just said they plan to pickup their stock repurchase program to finish out by the end of this quarter due to bottoming fundamentals.
The stock just jumped $0.30.
Stocktrader
Hi Stocktrader,
cc sounds like "bottom is in"
Stockcharts target is $46..
Saleem
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