TAPE was under selling pressure again.
S&P 500 @ 1963.71, low 1959.46, high 1976.39
RSI @ 57.82
CMF @ 0.324
Internals were :
Down volume led by 2.46 to 1 in NYSE & 6.34 to 1 in Nasdaq
Declining stocks led by 2.46 to 1 in NYSE & 3.86 to 1 in Nasdaq
Net new 52 wk highs were leading by 38 in NYSE & lows by 6 in Nasdaq
VIX UP 5.74% @ 11.98
Oil @ $103.40
Gold @ $1316.50
AH ER AA UP 1.21%
AH Futures Mixed
AH Asian Markets Down
AH Oil & Gold UP
About market, tonight IBD has changed its market outlook to "market under pressure". TAPE was extremely weak with high beta being crushed big time. Nasdaq internals were close to capitulation levels. Selling was intense & on high volume. Looks like another negative day & we may see a "turnaround by close". Dow may be the first index to find support, i am hoping that 16,722.55 will hold. Carter Worth is downright pessimistic & looking for 10% correction. Even if he is right we may see "oversold bounce" on Wednesday.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hey Saleem,
CMI on this Goldman removal from Conviction Buy list looks good. AA noted good truck demand last night and CMI just raised its dividend nicely, suggesting strong business growth. The chart is also set up for a nice run higher.
Stocktrader
Hi Stocktrader,
YES CMI could be a good buy on reaction to GS removal..
Economy is improving thus demand for trucks is a fair conclusion.
Saleem
Hey Saleem,
Swapped MSFT @ 41.753 for CMI @ 155.00.
MSFT's chart has been sluggish of late even with reports of robust PC refresh demand, and I wonder if people are trying to figure out what MSFT products will be prominent in the future landscape of technology. I also wonder if some of the big cap "old" tech stocks are overowned right now given their safe-haven status earlier this year.
Stocktrader
Hi Stocktrader,
CMI is near support and Stockchart.com see it going to $195 area....
Saleem
Hey Saleem,
Amazing separation by PFPT in the Gartner report for Secure Email Gateways. I look at a lot of these for other tech areas, and I've not seen many/any like this:
http://finance.yahoo.com/news/proofpoint-positioned-leader-2014-gartner-113000157.html
Check out the link embedded in the PR: www.proofpoint.com/mq
Stocktrader
Hi Stocktrader,
Read that report & speaks well of PFPT positioning.
Saleem
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