Selling continued again & closed near low of the day.
S&P 500 @ 1845.04, low 1841.48, high 1864.04
RSI @ 44.52
CMF @ -0.070
Internals were :
Down volume led by 3.98 to 1 in NYSE & 3.34 to 1 in Nasdaq
Declining stocks led by 2.70 to 1 in NYSE & 3.27 to 1 in Nasdaq
Net new 52 wk highs were leading by 8 in NYSE & lows leading by 58 in Nasdaq
VIX UP 11.53% @ 15.57, high 16.01
Oil @ $100.44
Gold @ $1298.30
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE tried to fight back negativity first after open when it turned green but got turned back in deep red, then an hour before close another attempt to cut losses but was pushed back again near lows of the day. Buying attempt was a positive unlike Thursday & Friday when it was all down with internals being more weak. Too many pundits are scared & trying to handicap as to where the bottom is. In my opinion it is not important to worry about bottom but to look for opportunities to make money. Risk / Reward ratio is extremely compelling right now. Buying low never hurts in short / long run. Numerous trading opportunities are there even in high beta stocks which closed above lows of the day. Today FB, NFLX, YELP, NVDA, INTC closed green....so who was buying them & why?
BLOG does NOT give buy or sell.
Saleem
8 comments:
Hey Saleem,
This should easily be the largest volume day in CSOD's history.
Stocktrader
Hi Stocktrader,
In 1 hr triple the average volume?
Is there any news or speculation for CSOD...down 12% ?
Saleem
Hey Saleem,
I have found nothing, but many big blocks went off just under $40. It feels like some kind of forced morning liquidation. The way it closes should tell us whether it is just that or instead some kind of material news.
Stocktrader
Hi Stocktrader,
Thanks.
Saleem
Hey Saleem,
I found rumblings of an analyst lowering his PT due to poor channel checks, but only from a single unknown source. I'm sure something will pop up by close if this is true. If true, I would be disappointed for sure. CSOD is so very cheap, but if growth is about to slow, it doesn't look quite as cheap, and we'd have to start worrying more about new competition.
Stocktrader
Hi Stocktrader,
It is all about growth for high beta stocks.....price & growth go hand in hand.
Saleem
Hey Saleem,
Something in the market feels wrong still.
Stocktrader
Hi Stocktrader,
Enjoy the ride UP today.....whatever will be will be......
Saleem
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