Indices were under renewed selling pressure, all indices closed down.
S&P 500 @ 1781.56, low 1772.88
RSI @ 34.54
CMF @ 0.032
Internals were :
Down volume led by 2.34 to 1 in NYSE & 4.04 to 1 in Nasdaq
Declining stocks led by 2.86 to 1 in NYSE & 3.43 to 1 in Nasdaq
Net new 52 wk lows were leading by 58 in NYSE & 5 in Nasdaq
VIX Down 3.97% @ 17.42
Oil @ $95.72
Gold @ $1263.40
AH ER : STX Down 6.15%, AAPL Down 8.08% in heavy AH volume of 6.92 million shares.
AH Futures Mixed
AH Asian Markets Mixed.....only Australia down every other indices are green including China.
AH Oil UP
AH Gold Down
About market, All indices closed below 50 DMA. We may test Nasdaq low from today of 4052.63, IF we close above this number then we have completed this correction. This was a quick 3 day pullback of 4.21% which is pretty mild in terms of % move but many stocks went below 50 DMA in a hurry. Hopefully we should see a green close in S&P 500 & Dow , Nasdaq may not due to AAPL & its affect on many suppliers.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hey Saleem,
Sold AAPL @ 507.555.
I realize that this could be the perfect chance to get AAPL "cheap" ahead of new products or services, but I think upside is limited for now as people digest the slowing smartphone environment.
For now I am keeping SWKS and CRUS. I expect CRUS may have factored in most of the "bad news" for tonight's earnings.
I have my eye on FCX again with potential positive developments around shareholder activism or a more positive Indonesian resolution, but will probably keep the dry powder for now.
Stocktrader
Hi Stocktrader,
It is tough to evaluate any stock in terms of future prospects.....AAPL has lagged behind in specs to Samsung for a long time...lately its prowess has been overrated....
SWKS should do well based on its guidance..thus visibility is very high.....
CRUS we should know tonight in terms of where they are headed.
Saleem
Hey Saleem,
Sold NUAN @ 15.15.
Even though the company guided this quarter higher (from much lowered previous guidance), the company's execution in the past has not been good. I feel it is prudent to wait for the earnings conference call to evaluate the true prospects. The stock has not acted well after the pop.
Stocktrader
Hi Stocktrader,
Sometimes TAPE makes the decision for all of us......
Good luck with future moves.
Saleem
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