Indices closed UP @ the highest point in all indices.
S&P 500 @ 1920.03, low 1909.82
RSI @ 64.69
CMF @ 0.253
Internals were :
UP volume led by 2.37 to 1 in NYSE & 1.96 to 1 in Nasdaq
Advancing stocks led by 2.02 to 1 in NYSE & 1.43 to 1 in Nasdaq
Net new 52 wk highs were leading by 162 in NYSE & 55 in Nasdaq
VIX Down .94% @ 11.57
Oil @ $103.58
Gold @ $1257.10
Stocks which were UP 1% or more included WUBA
LEN YY YELP LNKD AMZN PCLN AAPL
AG LVS KOG TSL JKS CSIQ SINA
CMG FFIV FSLR SPWR ONVO
INVN GTAT ARUN FNSR
NFLX PANW SPLK X
SLW CCJ TRIP
WLT......
AH ER, SPLK Down 9.51%, BLOX Down 29.78%
OVTI UP 17.23%
AH Futures Down
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, strength of this TAPE is obvious the way indices closed today, one more day to go in this exciting month of May & it may be another strong finish. Sector participation has broadened & strong stocks are outperforming. Stay the course as June may be a good one also.
BLOG does NOT give buy or sell.
Saleem
Hey Saleem,
ReplyDeleteBased on my idea that SPLK would issue soft guidance based on the new sales head, I think the results and conference call were mostly encouraged. I like the price here at 43.5, and am considering a position.
Stocktrader
Hey Saleem,
ReplyDeleteDid buy some at 43.85. I just have to be confident in what I think and not worry about the price action this second. I think the guidance was better than I thought given the sales head change, and I know they are still being conservative, so I should like the stock down 12% here...
Stocktrader
Hi Stocktrader,
ReplyDeleteEvery stock is a buy @ a certain price point.
Good luck with SPLK.
Saleem
Hey Saleem,
ReplyDeleteRe-added my housing exposure. I think rates being very low is a structural thing due to the world economy and not exactly reflective of the US. That said, I think we should look for stocks that can benefit from the lower for longer long term rates.
Bought WLH @ 26.496
Bought AXLL @ 46.048
I'm thinking of adding DHI or another homebuilder also that does lower end homes. I didn't have a good idea this second for that trade, so just added the WLH with which I was familiar even though it may not be the perfect trade.
Stocktrader
Hey Saleem,
ReplyDeleteBought back YELP @ 65.847.
You know my thoughts on this one.
Stocktrader
Hi Stocktrader,
ReplyDeleteI like your YELP purchase.....buying strong stocks is a good strategy.
Housing stocks are struggling...
Saleem
Hey Saleem,
ReplyDeleteBought DHI @ 23.74.
Stocktrader
Hey Saleem,
ReplyDeleteI didn't see your comment until I posted, but the chart on DHI looks the best of the group :).
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with your Strategy With housing stocks....they are in a tight range....will they breakout...We have to wait and see.
Good luck with this contrarian strategy.
Saleem
Hey Saleem,
ReplyDeleteThis selloff in SPLK is ridiculous, exacerbated by a Friday and month-end I'm sure. Their total addressable market is higher than basically all the other cloud stocks, so investors selling here are really missing the point.
Stocktrader
Hey Saleem,
ReplyDeleteI think YELP and SPLK are the two best buys here, hence the portfolio positioning.
Stocktrader
Hi Stocktrader,
ReplyDeleteBeside reallocation there is weekly option where puts may be playing a role.....
Bigger the drop faster rebound is a possibility.
Saleem
Hey Saleem,
ReplyDeleteAdded 50% more SPLK @ 41.757.
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with Additional SPLK.
Saleem
Hey Saleem,
ReplyDeleteBought MS @ 30.727.
I like their market positioning and chart.
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with MS..
Saleem
Hey Saleem,
ReplyDeleteAdded a small amount to my speculative position in CTRL @ 17.01.
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with CTRL.
Saleem