Thursday, January 16, 2014

Indices closed mixed.....

TAPE was under mild selling pressure on poor earnings reports.

 S&P 500 @ 1845.89, low 1840.30, high 1847.99

 RSI @ 60.34

 CMF @ 0.322

 Internals were :

 Down volume led by 1.12 to 1 in NYSE & 1.22 to 1 in Nasdaq

 Advancing stocks led by 1.39 to 1 in NYSE & 1.01 to 1 in Nasdaq

 Net new 52 wk highs were leading by 160 in NYSE & 172 in Nasdaq

 VIX UP 2.04% @ 12.53

 Oil @ $93.96

 Gold @ $1240.20

 AH ER : INTC Down 4.71%, SWKS UP 9.54%

 AH Futures Mixed

 AH Asian Markets Down

 AH Oil & Gold UP

 About market, considering bad earnings report, internals were on the positive side. TAPE wants to go higher & is fighting any setback with remarkable resiliency. Many sectors continue to outperform even when indices were mixed. Stay engaged with this TAPE as we are going higher.

 BLOG does NOT give buy or sell.

 Saleem
at

13 comments:

  1. stocktrader_1996January 17, 2014 at 5:24 AM

    Hey Saleem,

    Here's a note on SINA this morning which probably explains the weakness. I think the point made is worth considering:

    08:16 EDT SINA theflyonthewall.com:

    SINA downgraded to Hold from Buy at Jefferies

    Jefferies downgraded SINA to Hold after its channel checks indicated a lack of advertiser interest in Sina Weibo as a social commerce platform. The firm believes government oversight reduces the likelihood of a Twitter-like platform emerging in China and lowered its price target for SINA shares to $85 from $107. :theflyonthewall.com

    Stocktrader

    ReplyDelete
  2. Stocks100January 17, 2014 at 6:39 AM

    Hi Stocktrader,

    Thanks for your note about SINA...

    I have to think about it now.

    Saleem

    ReplyDelete
  3. stocktrader_1996January 17, 2014 at 8:16 AM

    Hey Saleem,

    I briefly went through the transcript of SWKS's conference call to look for readthroughs to CRUS. I didn't see any as they didn't talk about mobile/tablet so much, but their initiatives into the Internet of Things is pretty compelling from an investment perspective. I would not be surprised to see it move quite a bit higher in coming weeks/months.

    Stocktrader

    ReplyDelete
  4. stocktrader_1996January 17, 2014 at 8:31 AM

    Hey Saleem,

    Steel is really suffering after that auto announcement about an all-aluminum body--look at AA in comparison!

    Stocktrader

    ReplyDelete
  5. Stocks100January 17, 2014 at 9:04 AM

    Hi Stocktrader,

    Yes i saw the chart of AA vs X...tale of different technicals....

    Saleem

    ReplyDelete
  6. stocktrader_1996January 17, 2014 at 9:48 AM

    Hey Saleem,

    Swapped LRCX @ 54.52 for SWKS @ 30.763.

    LRCX seems to be headed for more sluggishness after some big semis reported uninspiring capex plans. SWKS reported a great quarter/guidance and is a standout in the semi space right now.

    Stocktrader

    ReplyDelete
  7. Stocks100January 17, 2014 at 9:59 AM

    Hi Stocktrader,

    I think it was a good swap to SWKS....

    Good luck with SWKS.

    Saleem

    ReplyDelete
  8. stocktrader_1996January 17, 2014 at 10:32 AM

    Hey Saleem,

    A lot of stocks looking nasty right now...

    Stocktrader

    ReplyDelete
  9. Stocks100January 17, 2014 at 10:39 AM

    Hi Stocktrader,

    Nasdaq is weak...option expiry playing a big role.....

    Saleem

    ReplyDelete
  10. stocktrader_1996January 17, 2014 at 10:47 AM

    Hey Saleem,

    I completely forgot about options expiry. I'm sure MM's are trying to hold things down--lots of calls bought in the last month given all the bullishness.

    Stocktrader

    ReplyDelete
  11. Stocks100January 17, 2014 at 11:33 AM

    Hi Stocktrader,

    Hopefully after 3 we may see some uptick....normally MM are done by then with their strategy.

    Saleem

    ReplyDelete
  12. Stocks100January 17, 2014 at 12:32 PM

    Hi Stocktrader,

    Sold SINA @ $74.89

    Bought MU @ $ 22.46

    Saleem

    ReplyDelete
  13. stocktrader_1996January 17, 2014 at 3:23 PM

    Hey Saleem,

    Good luck with the swap. The market was tough today.

    Stocktrader

    ReplyDelete