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:
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
Hi Stocktrader,
Thanks for your note about SINA...
I have to think about it now.
Saleem
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
Hey Saleem,
Steel is really suffering after that auto announcement about an all-aluminum body--look at AA in comparison!
Stocktrader
Hi Stocktrader,
Yes i saw the chart of AA vs X...tale of different technicals....
Saleem
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
Hi Stocktrader,
I think it was a good swap to SWKS....
Good luck with SWKS.
Saleem
Hey Saleem,
A lot of stocks looking nasty right now...
Stocktrader
Hi Stocktrader,
Nasdaq is weak...option expiry playing a big role.....
Saleem
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
Hi Stocktrader,
Hopefully after 3 we may see some uptick....normally MM are done by then with their strategy.
Saleem
Hi Stocktrader,
Sold SINA @ $74.89
Bought MU @ $ 22.46
Saleem
Hey Saleem,
Good luck with the swap. The market was tough today.
Stocktrader
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