Monday, July 7, 2014

Indices closed lower .26% to .77%......

Indices closed lower in today's trading.

 S&P 500 @ 1977.65, low 1974.88, high 1984.22

 RSI @ 67.33

 CMF @ 0.354

 Internals were :

 Down volume led by 3.26 to 1 in NYSE & 4.07 to 1 in Nasdaq

 Declining stocks led by 2.29 to 1 in NYSE & 4.05 to 1 in Nasdaq

 Net new 52 wk highs were leading by 78 in NYSE & 59 in Nasdaq

 VIX UP 9.79% @ 11.33

 Oil @ $103.53

 Gold @ $1317.00

 AH Futures Down

 AH Asian Markets Down

 AH Oil Down

 AH Gold UP

 About market, TAPE was much weaker than headline close. Internals were extremely weak with 4 to 1 downside in Nasdaq. This pullback may last until Wednesday when confusion will be rampant on release of  Fed minutes. Any buying should be postponed until closing minutes of Wednesday when prices could be much more attractive. Try Gold Stocks as gold pricing has gone a revolutionary change in terms of London Fix of gold prices, it is not a monopoly of 4 banks anymore, but is represented by all stakeholders including mining companies, this change started today & there is strong speculation that gold prices will shoot much higher.

 BLOG does NOT give buy or sell.

 Saleem


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13 comments:

  1. stocktrader_1996July 7, 2014 at 9:26 PM

    Hey Saleem,

    Wow, ugly action in a lot of stocks today. I wish I had been here to get more of a feel.

    Stocktrader

    ReplyDelete
  2. Stocks100July 8, 2014 at 6:17 AM

    Hi Stocktrader,

    More of the same today..

    May get more ugly in indices.

    Saleem

    ReplyDelete
  3. stocktrader_1996July 8, 2014 at 8:51 AM

    Hey Saleem,

    Swapped DG @ 57.514 for SPLK @ 46.057.

    I may try and pick up some YELP also.

    Stocktrader

    ReplyDelete
  4. stocktrader_1996July 8, 2014 at 9:00 AM

    Hey Saleem,

    Sold half my DHI @ 24.354 for YELP @ 68.665.

    Stoktrader

    ReplyDelete
  5. stocktrader_1996July 8, 2014 at 9:14 AM

    Hey Saleem,

    I think these names got washed out enough given their stories are intact and/or improving still as the economy strengthens. The intense panic selling since Friday in some of these names finally puts them back in the range worth buying.

    Stocktrader

    ReplyDelete
  6. Stocks100July 8, 2014 at 9:14 AM

    Hi Stocktrader,

    I like both of your swap.

    Good luck with SPLK and YELP.

    Saleem

    ReplyDelete
  7. stocktrader_1996July 8, 2014 at 9:22 AM

    Hey Saleem,

    Also, people want to hate this market so much. It gets pretty unbelievable at times.

    Stocktrader

    ReplyDelete
  8. Stocks100July 8, 2014 at 9:25 AM

    Hi Stocktrader,

    When market turns negative it is hard to tell IF low point in any stock has reached...but we all have to take calculated risk at attractive levels.

    Today nasdaq is killing high beta...

    Saleem

    ReplyDelete
  9. Western FirebirdJuly 8, 2014 at 9:29 AM

    I'm down on Delta as much as I'm up on Duke Energy. (larger position in Duke.) I might sell Duke soon. It's perhaps a sign of bottom when I'm too fearful to buy more Delta.

    Refineries tip the balance, putting me in the red. Brent price is falling too quickly, but I'm learning from my mistakes.

    ReplyDelete
  10. Stocks100July 8, 2014 at 10:09 AM

    Hi Firebird,

    When market is down it is important to evaluate in a rational manner without being reactive or emotional..

    This pullback was long overdue..

    Doubling down is not a good strategy. Being diversified is much better...

    Saleem

    ReplyDelete
  11. Western FirebirdJuly 8, 2014 at 10:15 AM

    I wish I'd bought EGO when below 6. FCX has been popular lately.

    RAD and banks are good I suppose. BOFI hit 67.57 today, gosh.

    ReplyDelete
  12. Western FirebirdJuly 8, 2014 at 10:21 AM

    Delta's only about 9%-10% of my holdings but not doubling down sounds like good advice.

    ReplyDelete
  13. Stocks100July 8, 2014 at 10:21 AM

    Hi Firebird,

    Some stocks do not stay down...it is OK to buy stocks which is moving north...

    Saleem

    ReplyDelete