Indices were under selling pressure after opening higher.
S&P 500 @ 1857.44, low 1849.69, high 1873.34
RSI @ 52.12
CMF @ 0.060
Internals were :
Down volume led by 1.87 to 1 in NYSE & 3.58 to 1 in Nasdaq
Declining stocks led by 1.66 to 1 in NYSE & 3.13 to 1 in Nasdaq
Net new 52 wk highs were leading by 43 in NYSE & by 4 in Nasdaq
VIX UP .60% @ 15.09
Oil @ $99.60
Gold @ $1311.60
AH Futures UP
AH Asian Markets mixed
AH Oil Down
AH Gold UP
About market, TAPE was subjected to selling pressure. We are experiencing a "technical breakdown" in majority of high beta stocks which does not bode well for Nasdaq. Carter Worth is predicting a 13% correction in Nasdaq, his target is 3800 for Nasdaq. Sometimes we go through a major shift in market & this may be one of those situation. Do not be euphoric by a snapback which may happen on Tuesday, this is a normal TAPE action on its way to lower close in the week.
BLOG does NOT give buy or sell.
Saleem
14 comments:
Hey Saleem,
Bought YELP @ 80.00.
Stocktrader
Hi Stocktrader,
Good luck with YELP.
Saleem
Hi Stocktrader,
Sold TSL @ $14.76
Bought LULU @ $48.64
Saleem
Hi Stocktrader,
Added 75% LULU...
Saleem
Hey Saleem,
Good luck with the additional LULU. Expectations are quite low going into earnings.
It helps that we are 2 hours time difference from our usual. I can do some stock stuff in the morning while everyone is still sleeping.
Stocktrader
Hi Stocktrader,
Yes those 2 hours can add up to quality analysis.
YES..LULU is reporting before open on Thursday...hopefully i am not going to jinx its earning report.
Saleem
Hey Saleem,
Added to DATA @ 77.467.
Stocktrader
Hi Stocktrader,
Good luck with Additional DATA.
Saleem
Hey Saleem,
DATA is probably my #1 pick in the software space after these large declines. Their Q4 was unbelievable and their momentum should continue as I think their products are perfectly positioned in this environment. The secondary they just very recently did is probably weighing extra on the stock creating a larger downside move than should be expected even as their peers declined also.
Stocktrader
Hi Stocktrader,
When sentiment turns positive for high beta stocks DATA will do well.
Saleem
Hey Saleem,
Bought NOW @ 58.567.
Stocktrader
Hi Stocktrader,
Good luck with NOW.
Saleem
Hey Saleem,
I have one batch of cash left. I put an order to buy SPLK @ 72.07 and have to leave for the day. Hopefully these high fliers bottom today--they are so oversold.
Stocktrader
Hi Stocktrader,
You are only 69 cents away from getting a fill...it mat take SPLK another 5 mts to get there.
Saleem
Post a Comment