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

13 comments:

stocktrader_1996 said...

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

Stocks100 said...

Hi Stocktrader,

Thanks for your note about SINA...

I have to think about it now.

Saleem

stocktrader_1996 said...

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

stocktrader_1996 said...

Hey Saleem,

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

Stocktrader

Stocks100 said...

Hi Stocktrader,

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

Saleem

stocktrader_1996 said...

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

Stocks100 said...

Hi Stocktrader,

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

Good luck with SWKS.

Saleem

stocktrader_1996 said...

Hey Saleem,

A lot of stocks looking nasty right now...

Stocktrader

Stocks100 said...

Hi Stocktrader,

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

Saleem

stocktrader_1996 said...

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

Stocks100 said...

Hi Stocktrader,

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

Saleem

Stocks100 said...

Hi Stocktrader,

Sold SINA @ $74.89

Bought MU @ $ 22.46

Saleem

stocktrader_1996 said...

Hey Saleem,

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

Stocktrader