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
13 comments:
Hey Saleem,
Wow, ugly action in a lot of stocks today. I wish I had been here to get more of a feel.
Stocktrader
Hi Stocktrader,
More of the same today..
May get more ugly in indices.
Saleem
Hey Saleem,
Swapped DG @ 57.514 for SPLK @ 46.057.
I may try and pick up some YELP also.
Stocktrader
Hey Saleem,
Sold half my DHI @ 24.354 for YELP @ 68.665.
Stoktrader
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
Hi Stocktrader,
I like both of your swap.
Good luck with SPLK and YELP.
Saleem
Hey Saleem,
Also, people want to hate this market so much. It gets pretty unbelievable at times.
Stocktrader
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
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.
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
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.
Delta's only about 9%-10% of my holdings but not doubling down sounds like good advice.
Hi Firebird,
Some stocks do not stay down...it is OK to buy stocks which is moving north...
Saleem
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