Indices closed down after 4 day gains.
S&P 500 @ 1909.78, low 1907.30, high 1914.46
RSI @ 61.54
CMF @ 0.256
Internals were :
Down volume led by 1.09 to 1 in NYSE & 1.17 to 1 in Nasdaq
Declining stocks led by .92 to 1 in NYSE & 1.57 to 1 in Nasdaq
Net new 52 wk highs were leading by 106 in NYSE & 41 in Nasdaq
VIX UP 1.48% @ 11.68
Oil @ $102.72
Gold @ $1259.30
AH ER, PANW UP 11.21%
AH Futures UP
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, today was a day to catch breadth after 4 day UP move. TAPE has the feel that it wants to push higher still. GDP report may cause some volatility but it may not last long as buying on the dip is the mantra.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hey Saleem,
I had a buy offer for YELP this morning but the stock ran away. I don't know why I keep selling this name. With no credible competition in their space, they can expand at will and control pricing.
Stocktrader
Hi Stocktrader,
Still Buy...GO for it....market order...
Saleem
Hi Stocktrader,
Added almost 50 percent GRPN @ 6.09
Saleem
Hey Saleem,
Interesting move. It is definitely beaten down. They really have leverage to the upside if their model gains traction.
Stocktrader
Hey Saleem,
Sold AXLL @ 44.634 and WLH @ ~26.29. Even though low rates should be helping to stimulate demand, there seems to be reluctance on the buyers' side. I'm going to wait for better signals here.
Stocktrader
Hi Stocktrader,
It is important to stay with stocks which has strength or about to turn.
Good luck with your Strategy.
Saleem
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