Indices were under mild selling pressure & closed lower.
S&P 500 @ 1826.77, low 1823.73
RSI @ 57.81
CMF @ 0.061
Internals were :
Down volume led by 1.33 to 1 in NYSE & 1.25 to 1 in Nasdaq
Declining stocks led by 1.16 to 1 in NYSE & 1.66 to 1 in Nasdaq
Net new 52 wk highs were leading by 105 in NYSE & 106 in Nasdaq
VIX UP 1.53% @ 13.55
Oil @ $93.43
Gold @ $1238.00
In my portfolio : Added 175% KOG @ $10.66
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, S&P 500 closed down for 3 straight days but the intensity of selling was missing & we did not slumped @ close...a very bullish sign. S&P 500 lost 25.71 points from absolute high or 1.39% which is pretty mild. TAPE did not go into any serious selling. When TAPE acts strong it is important to recognize that selling pressure has abated. Even TWTR recouped 50% of its losses by close. I think TAPE wants to go higher.
BLOG does NOT give buy or sell.
Saleem
13 comments:
Hey Saleem,
Here's an interesting note this morning...
08:28 EDT RALY theflyonthewall.com: Rally Software initiated with an Overweight, named a Top Pick at Stephens
Stephens initiated Rally Software with an Outperform and named it an 2014 Best Idea given its best in class product, high customer satisfaction, strong management, and improving end markets. Price target is $30. Target $30. :theflyonthewall.com
Stocktrader
Hey Saleem,
Busy day for my small software players:
08:59 EDT TXTR theflyonthewall.com: Concerns about Textura overblown, says JMP Securities
After Textura fell 15% in the wake of allegations raised by a short selling blog, JMP Securities believes that concerns about the company are overdone. The firm thinks that the stock is attractive at current levels and keeps a $41 price target and Outperform rating on the shares. :theflyonthewall.com
Stocktrader
Hi Stocktrader,
Thanks for sharing RALY & TXTR bullish news.....
Good luck with your strategy.
Saleem
Hi Stocktrader,
Bought LULU option $60 strike expiring this Friday for .24 cents..it got an upgrade & increase in price target to $73....
Saleem
Hey Saleem,
I saw that upgrade. I think the KORS downgrade is weighing somewhat for now, but I think your trade is very interesting--good risk/reward! :)
Stocktrader
Hi Stocktrader,
Thanks for your note re LULU...again i put my price in & waited for the fill....@ open they were asking 38 cents for LULU option....
Saleem
Hey Saleem,
Congrats again on those solars! My dislike for the sector has turned me away from a fantastic gain. I wonder if we're in the middle innings of a major short squeeze here? In my smaller trading account, I, probably stupidly, am trying a day trade in CSIQ starting from $39.35. I'll stop out at $38.05, but I think upside is maybe $46-48...everything else in the portfolio is short, BAC, X, CLF.
I know you probably don't want these kinds of trades on the blog given I could flip this in seconds, but I thought the CSIQ idea was interesting enough to mention.
Stocktrader
Hey Saleem,
Already bailed @ 39.15. It was silly to both post that comment above as well as probably making the trade itself.
I'll refrain from such nonsense in the future! :)
Stocktrader
Hi Stocktrader,
You are welcome to post any trade long or short.....this is a BLOG of ideas.....
Good luck with your 3 shorts....
IF one can make money then it is as good as any other idea...
Saleem
Hey Saleem,
I am very interested to see if we lose our rally today or not. Given how we've been so sluggish lately, I think there's got to be a strong rally day, and certainly if this holds, today is that day. That said, there is a lot of curious action all over the market today--some stocks up huge, some stocks strangely down.
Stocktrader
Hi Stocktrader,
It is very hard to tell before close IF this was a "technical bounce"...
Nasdaq internals are better than SPX....
Saleem
Hey Saleem,
One of the reasons I don't like talking about my trading account is because I always feel obligated to give updates, and I make dozens of trades and rethinks daily, so that can get confusing and not helpful.
I think CLDX looks interesting again based on great biotech action today in stocks like EPZM, PCYC, NBIX, etc.
Stocktrader
Hi Stocktrader,
I understand your rationale.
Saleem
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