Indices closed near high of the day on Fed minutes.
S&P 500 @ 1968.89, high 1970.36, low 1925.25 ( lower low)
RSI @ 48.19
CMF @ 0.017
Internals were :
UP volume led by 4.46 to 1 in NYSE & 3.62 to 1 in Nasdaq
Advancing stocks led by 4.09 to 1 in NYSE & 2.35 to 1 in Nasdaq
Net new 52 wk lows were leading by 241 in NYSE & 242 in Nasdaq
VIX Down 12.15% @ 15.11
Oil @ $87.31
Gold @ $1206.00
Stocks which were UP 2% or more included EGO LULU SWIR
LEN TSL QIHU GG YY YELP TWTR KORS AAPL OWW
COH JKS SINA DNKN EBAY V WB FSLR ONVO
HIMX ARUN CRUS BRCM CIEN C NFLX
PANW GMCR SPLK X STLD ABX
SLW AEM TRLA AGU.....
AH ER AA UP 2.36%
AH Futures Down
AH Asian markets Mixed
AH Oil & Gold UP
About market, Fed minutes was interpreted as dovish, Fed were concerned about struggling world growth & strength of US $, another interpretation was that rise in interest rate will be based on data not time, so we went UP in a hurry. We need confirmation of this rally on Thursday, otherwise it was just a "relief rally" or short covering from extremely oversold conditions. Internals are still struggling & weak. Stay conservative & defensive until "all clear" is given by TAPE.
BLOG does NOT give buy or sell.
Saleem
19 comments:
Hey Saleem,
Bought GS @ 185.71.
Stocktrader
Hi Stocktrader,
Added 70 percent AKS @ $6.90.
Good luck with GS.
Saleem
Hey Saleem,
Bought AA @ 16.16.
It was a great earnings report and looks like upside next year still remains due to expected favorable supply/demand dynamics.
Stocktrader
Hey Saleem,
I've been looking at the steels all yesterday and today. AKS seems so tempting, but I'm trying hard to buy strength.
Stocktrader
Hi Stocktrader,
Good luck with AA
Buying strength is a better strategy, I had to average down after my initial purchase @ $9.26 in
AKS.
Saleem
Hey Saleem,
Bought a speculative position in ACHN @ 10.348.
Good luck with the AKS addition. I really like the small caps here and you might get some great gains on a snapback rally.
Stocktrader
Hey Saleem,
Bought LYB @ 102.32.
I wanted to add a chemical companies with their input costs dropping so dramatically.
They got named a top pick in the sector by RBC capital today.
Stocktrader
Hi Stocktrader,
Good luck with ACHN.
Saleem
Hey Saleem,
Bought GM @ 31.47.
Stocktrader
Hey Saleem,
As you can tell from my pickups, I think this rally is for real, contrary to what I thought about the previous spike rally last week.
Stocktrader
Hi Stocktrader,
Buying low has its advantages.
Good luck with GM.
Saleem
Hey Saleem,
Bought NXPI @ 65.10.
Stocktrader
Hi Stocktrader,
Excellent entry price on NXPI.
Saleem
Hey Saleem,
As you know I've owned NXPI before, and the chart is finally setting up well in my opinion. I wasn't going to go with a semi because I'm a bit nervous about a possible short-term demand problem, but things lined up well here I thought.
Stocktrader
Hi Stocktrader,
NXPI is growing nicely and is dominant in growing field of NFC.
Saleem
Hey Saleem,
Reluctantly I bought FDX @ 157.35.
I wanted to wait to hear how the ruling about drivers might impact earnings, but decided to go with a more macro picture of more deliveries and lower fuel costs, and saw an opportunity on this dip.
Stocktrader
Hey Saleem,
Bought some YELP @ 70.161 with my remaining cash.
Even though I'm concerned about the European expansion, I think the chart may be poised for upside now that the YHOO takeover chatter has subsided.
Overall, I am following my plan from the weekend to buy beaten down cyclicals and high growth secular trends into this technically-driven weakness.
We are about to find out quickly whether this was smart, or was just plain nuts... In the bull case, the market closes down less than 150 pts today driven by strength in the Nasdaq.
Stocktrader
Hi Stocktrader,
Was out for some chores.
Good luck with FDX, YELP & LYB...
But market is not cooperating today?
Saleem
Hey Saleem,
We were in the midst of a rally try when more ebola headlines hit from Europe. Now everything is in question...
Stocktrader
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