Indices closed above key technical levels on US data.
S&P 500 @ 1885.52, high 1885.84....a new all time high.
RSI @ 61.22
CMF @ 0.022
Internals were :
UP volume led by 2.41 to 1 in NYSE & 6.49 to 1 in Nasdaq
Advancing stocks led by 2.55 to 1 in NYSE & 3.22 to 1 in Nasdaq
Net new 52 wk highs were leading by 158 in NYSE & 91 in Nasdaq
VIX Down 5.62% @ 13.10
Oil @ $99.74
Gold @ $1280.00
Stocks which were UP 3% or more included WUBA MU
OWW SWIR EXPE FB BIDU TSLA NFLX PCLN
TSL JKS CSIQ YNDX GRPN ARUN AMCC
PANW GMCR SPLK CCJ CSOD TRLA
Z TRIP YELP......
AH Futures UP
AH Asian Markets UP
AH Oil Down
AH Gold UP
About market, TAPE was on a bull run when Nasdaq was strong & closed above 50 DMA after 5 trading days of being under 50 DMA. IBD tonight is changing its market outlook to "uptrend resumes". It was nice to see that high beta turned around on high volume. US economic data in past two days gave confidence to traders to bid this market higher. Jobs report on Friday should exceed consensus of 195K which will give another boost to TAPE.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hi Stocktrader,
Bought RAD @ $6.39.
Saleem
Hey Saleem,
Sold WUBA @ 46.00 and bought GM @ 34.66.
Good luck with RAD. I don't follow that one but it looks like it hit support and could bounce nicely from here.
Stocktrader
Hi Stocktrader,
GM is UP......
Good luck !!!
Saleem
Hey Saleem,
I tried to sell WUBA above $47 with a limit order set pre-market but it just touched $47 and didn't breach this morning.
I just feel that the 6M shares will weigh on the stock and that generally $45ish a fairer price after the ~20% move in just days.
Stocktrader
Hi Stocktrader,
WUBA business model is very interesting...Craig list of China is what sold me...EPS gain of 100 percent going forward is very good.
Saleem
Hey Saleem,
I definitely agree and its the one I gravitate to most often. I'm just trying to play some relative value situations by rotating.
Stocktrader
Hi Stocktrader,
Only 2 million shares are being increased in secondary other 4 million is coming from existing shareholder of WUBA......thus not a major dilution....
After a long time i feel excited about prospect of WUBA.
You did the right thing by booking a huge profit in WUBA & put into other idea of GM....
Saleem
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