Indices closed UP despite hotter inflation & weaker housing data.
S&P 500 @ 1941.99, high 1943.69, low 1933.55
RSI @ 63.74
CMF @ 0.503
Internals were :
UP volume led by 2.02 to 1 in NYSE & 2.65 to 1 in Nasdaq
Advancing stocks led by 1.68 to 1 in NYSE & 2.17 to 1 in Nasdaq
Net new 52 wk highs were leading by 121 in NYSE & 75 in Nasdaq
VIX Down 4.66% @ 12.06
Oil @ $106.36
Gold @ $1272.00
Stocks which were UP 1% or more included
GRPN LULU OWW RAD SWIR
MU COH LEN TSL JKS CSIQ FSLR
SPWR TSLA SINA EXPE ONVO INVN
SNDK LSCC JDSU M YY YELP JCP NFLX
GMCR X STLD AEM MS GS WLT TRLA MLNX......
AH ER ADBE UP 9.42%
AH Futures Mixed
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, It is all about Fed policy announcement, there is always a possibility that HFT may not like wording or two & may trip this rally for the day. Market has too much momentum & buying power on the sideline for any selling to last more than half a day. It is Q& A which will be used to get an answer that may not be bull friendly. Let us see how we close as this TAPE has surprised many bears.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hey Saleem,
Early this morning, I rebought the AAL I sold yesterday. Got 41.85.
I realized there wasn't really a good reason to sell as the stock is not overbought and the oil situation seems contained. The airlines have great pricing power, which should help if any disruptions occur.
Stocktrader
Hi Stocktrader,
Good luck with AAL....rethink is a good idea...
Saleem
Hey Saleem,
Purchase applications were down 4.7% this week reversing about half the gains from last week. Although we are net ahead of two weeks ago, many housing indicators are mixed at best. I am thinking hard about my bullish thesis here. One of the few things I have going for me right now is the heavy bearishness surrounding housing stocks.
Stocktrader
Hi Stocktrader,
Housing sector is out of favor for a very good reason...
Funds can be deployed for better TAPE action.
Saleem
Hey Saleem,
There was a problem with my previous try at posting--it timed out trying to send it to the site.
Anyways, bought PANW @ 80.145.
It is a clear leader in the security space, which is consistently gaining in importance for IT spending. The only thing holding it back right now is RSI, but I think the slight pullback plus great company momentum can propel it higher. It got an upgrade yesterday which I think perfectly aligns with my thesis:
June 17, 2014
08:55 EDT PANW theflyonthewall.com:
Palo Alto price target raised to $100 from $90 at RW Baird
Baird raised its price target on Pal Alto (PANW) to $100 from $90 citing the recent litigation resolution with Juniper (JNPR), the reception of Wildfire in the APT market, and the potential for Cyvera to be the next leg in the company's fundamental story. Baird keeps its Outperform rating the shares. :theflyonthewall.com
Stocktrader
Hi Stocktrader,
PANW is a strong stock and requires conviction vs trading.
Good luck.
Saleem
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