Indices closed lower but above lows of the day.
S&P 500 @ 1930.11, low 1925.78, high 1943.35
RSI @ 58.90
CMF @ 0.479
Internals were :
Down volume led by 2.39 to 1 in NYSE & by 2.13 to 1 in Nasdaq
Declining stocks led by 1.41 to 1 in NYSE & 1.85 to 1 in Nasdaq
Net new 52 wk highs were leading by 84 in NYSE & by 49 in Nasdaq
VIX UP 8.28% @ 12.56
Oil @ $106.53
Gold @ $1274.00
AH news : FNSR Down 22.46%, INTC UP 5.54%
AH Futures Down
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, TAPE reacted to panic selling due to Iraq situation. When TAPE trades on escalation of tension then it is not about fundamental @ all. We have to wait for Oil to come down to find footing in this TAPE. Once Iraq is out of news then TAPE will be back on bull run. We have seen majority of reaction already due to hike in Oil prices. Stay with your high conviction stocks.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hey Saleem,
Sold WLH @ 25.723 avg.
I wanted to reduce my housing exposure some because the thesis isn't quite playing out like I thought. I still have exposure with better performers, DHI and AXLL.
Trimmed GM @ 35.684.
I think the stock could be on hold until we see the final compensation packages to victims and are able to quantity the balance sheet hit and finally rid ourselves of the negative headlines.
Bought MSFT @ 41.08.
If INTC is talking about great business PC demand, I think MSFT could potentially benefit even more.
Stocktrader
Hi Stocktrader,
Good adjustment in your portfolio.
MSFT is under excellent management.
YELP is flying for you.
Saleem
Hey Saleem,
Thanks for the kind words.
I was tempted to take profits in YELP this morning like I did in my trading account, but I think the downside is still limited to ~$70, but upside is good ($90?). I'll stick with it for a while and see what happens.
I know GRPN is moving for you which is nice! :)
Stocktrader
Hi Stocktrader,
We must thank PCLN for the bump in YELP and GRPN.
Saleem
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