Indices were under selling pressure & closed lower.
S&P 500 @ 1870.85, low 1862.36, high 1888.16
RSI @ 48.60
CMF @ 0.141
Internals were :
Down volume led by 4.03 to 1 in NYSE & 2.51 to 1 in Nasdaq
Declining stocks led by 2.30 to 1 in NYSE & 2.06 to 1 in Nasdaq
Net new 52 wk lows were leading by 12 in NYSE & by 95 in Nasdaq
VIX UP 8.22% @ 13.17
Oil @ $101.50
Gold @ $1293.60
AH ER : AMAT UP 1.71%, JCP UP 18.88%
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE had to deal with many negatives & only one positive. WMT, Russell, 10 year yield, weak economic data & last but not the least David Tepper comment, but unemployment claims were lowest in many years. I believe David was more of a noise than anything else, these Billionaire Hedge funds are not known for market timing & are not followed broadly, in Q1 he was buying PCLN, GOOG..we all know how they are faring. David is 60% exposed to equities as of last night & advising "not being overweight equities". His equity exposure end of Q1 was over $9 Billion. I believe that we saw capitulation & may have formed a strong support today due to high volume buying near low of the day.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
With Airbnb and Uber getting financing in the latest week valuing them at over $10B, surely Yelp is worth more than $4B? They are obviously not exact comparisons, but surely this speaks well of Yelp's valuation.
Stocktrader
Hi Stocktrader,
Most of these high beta has stabilized and YELP is behaving much better....Hopefully this goes much higher.
Saleem
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