Tuesday, May 6, 2014

Indices closed down .78% to 1.38%......

Indices closed sharply lower.

 S&P 500 @ 1867.72, high 1883.69

 RSI @ 50.02

 CMF @ 0.191

 Internals were :

 Down volume led by 3.06 to 1 in NYSE & 4.84 to 1 in Nasdaq

 Declining stocks led by 2.18 to 1 in NYSE & 3.68 to 1 in Nasdaq

 Net new 52 wk highs were leading by 48 in NYSE & new lows were leading by 45 in Nasdaq

 VIX UP 3.84% @ 13.80

 Oil @ $99.50

 Gold @ $1308.60

 AH ER : TRIP UP 2.13%, FSLR UP 4.06%, GRPN Down 6.40%

                FEYE Down 10.93%, WFM Down 14.08%

 AH Futures Down

 AH Asian Markets Down

 AH Oil & Gold UP

 About market, S&P 500 & Nasdaq closed @ absolute low of the day, Dow missed it by 1 point. This TAPE was ugly & everything took a toll. S&P 500 & Dow are barely above 50 DMA while Nasdaq is way lower than 50 DMA. Strictly on technicals, IF we close above 50 DMA in any indices it will be a major source of comfort for all technicians. TAPE has been sloppy since 2014 & strategy need to recognize this change, first, option is a no go where equity can evaporate in nanosecond. Being diversified in your high comfort stocks is absolutely mandatory. IF you are buying today & selling immediately, you need to revisit your trading approach & thesis.

 BLOG does NOT give buy or sell.

 Saleem



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12 comments:

  1. stocktrader_1996May 7, 2014 at 6:44 AM

    Hey Saleem,

    In a scary buy, I bought YELP @ 53.00. Speculation should begin that YHOO buys YELP with the Alibaba proceeds.

    Stocktrader

    ReplyDelete
  2. stocktrader_1996May 7, 2014 at 6:56 AM

    Hey Saleem,

    Bought SPLK @ 46.626.

    Stocktrader

    ReplyDelete
  3. stocktrader_1996May 7, 2014 at 7:07 AM

    Hey Saleem,

    I think SPLK is setting up for a massive hammer candle bottom.

    Volume and price action were extremely vicious today, and now it looks like the volume has slowed, which likely means the selling has abated.

    In their press release this morning, they noted "strong fiscal first quarter FY15 results".

    Stocktrader

    ReplyDelete
  4. stocktrader_1996May 7, 2014 at 7:09 AM

    Hey Saleem,

    I will also note that PFPT filled the earnings gap and could be a good pickup here given it sold off this morning on FEYE's less-than-stellar results, a contrast to PFPT's great results.

    Stocktrader

    ReplyDelete
  5. Stocks100May 7, 2014 at 7:20 AM

    Hi Stocktrader,

    Market is in bad shape again...its selling across the board.

    Sincerely hope that your purchase are profitable.

    Saleem

    ReplyDelete
  6. Stocks100May 7, 2014 at 8:24 AM

    Hi Stocktrader,

    Sold MU @$26.32

    Tripled my position in SWIR @ $18.90

    Saleem

    ReplyDelete
  7. stocktrader_1996May 7, 2014 at 8:38 AM

    Hey Saleem,

    Good luck with the swap. I am amazed at the relative strength in MU--that was a great trade for you! :)

    Stocktrader

    ReplyDelete
  8. Stocks100May 7, 2014 at 8:46 AM

    Hi Stocktrader,

    Thanks for your comment.

    MU saved my portfolio from other explosions...It was time to revisit some of my bad timing....SWIR looked awfully tempting....

    Saleem

    ReplyDelete
  9. Stocks100May 7, 2014 at 9:55 AM

    Hi Stocktrader,

    Bought KOG @ $12.21.

    Saleem

    ReplyDelete
  10. stocktrader_1996May 7, 2014 at 10:16 AM

    Hey Saleem,

    I think KOG is pretty good here--nice buy!

    Stocktrader

    ReplyDelete
  11. stocktrader_1996May 7, 2014 at 10:45 AM

    Hey Saleem,

    In additional to speculation surrounding YHOO being able to purchase YELP with Alibaba proceeds, I think the rumors of cars.com being offered $3B is helping also.

    Stocktrader

    ReplyDelete
  12. Stocks100May 7, 2014 at 11:21 AM

    Hi Stocktrader,

    Any good news or good rumor will help relevant stock....

    Good luck with YELP getting HELP$$$$

    Saleem

    ReplyDelete