TAPE was under selling pressure & closed near low of the day.
S&P 500 @ 1958.12, low 1955.59, high 1981.80
RSI @ 50.06
CMF @ 0.254
Internals were :
Down volume led by 5.81 to 1 in NYSE & 4.59 to 1 in Nasdaq
Declining stocks led by 4.40 to 1 in NYSE & 4.16 to 1 in Nasdaq
Net new 52 wk highs were leading by 49 in NYSE & lows by 37 in Nasdaq
VIX UP 32.18% @ 14.54
Oil @ $103.19
Gold @ $1316.90
AH ER....STX Down 1.66%, IBM Down 1.97%,
AMD Down 18.82%
GOOG UP .99%, SWKS UP 8.44%
AH Futures Down
AH Asian Markets Down
AH Oil UP
AH Gold Down
About market, TAPE was weak thanks to many geo-political aggression & tension being ratcheted UP. The good news is that internals capitulated today in a hurry as selling was extreme. I do not expect things to go from bad to worse in world politics or in markets. I am expecting a "green close on Friday"...sorry to Jimmy the Cramer who was panicking today. This TAPE has so much strength otherwise we should have seen 3% drop easy on heightened tension in Gaza & Ukraine.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hey Saleem,
There is definitely something going on at RALY. Recent insider buys (shocking in a cloud company!) and an activist stake coupled with this recent price action tells me something is up. I wonder if we'll see that takeover soon?
Stocktrader
Hi Stocktrader,
RALY is definitely acting better lately....You are close to that company...
Valuation is compelling for a takeover.....
Saleem
Hey Saleem,
Bought some RALY @ 10.873.
Even on momentum alone it looks good for a run past $12. If the company works out a sale, it could easily be $15-$18.
Stocktrader
Hi Stocktrader,
Good luck with RALY.
Saleem
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