Indices closed lower as Fed minutes failed to inspire positive close.
S&P 500 @ 2048.72, low 2040.37, high 2052.14
RSI @ 69.44
CMF @ 0.553
Internals were :
Down volume led by 1.49 to 1 in NYSE & 2.39 to 1 in Nasdaq
Declining stocks led by 1.62 to 1 in NYSE & 2.52 to 1 in Nasdaq
Net new 52 wk highs were leading by 14 in NYSE & lows by 26 in Nasdaq
VIX UP .72% @ 13.96
Oil @ $74.58
Gold @ $1193.90
AH ER... GMCR Down .75%, CRM Down 4.95%
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold Down
About market, TAPE was under pressure and internals are mostly negative. Chinese HSBC Flash PMI came in @ 50.00 vs estimate of 50.3, Chinese data has been on the weak side for a while, how much that is discounted market can decipher. Due to monthly Option Expiry on Friday, i expect weakness to continue on Thursday when most of the positions are squared off. Overbought conditions remain and will keep any UP move under check.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hey Saleem,
There is no evidence to suggest this yet, but I think we may have seen the top in fast casual dining for now.
With the economy and jobs market convincingly improving now, I think consumers will shift spending from the "spend a little extra income going out to a decent place to eat" to "saving for a big purchase".
We often see an IPO in the sector mark this top--see HABT today.
Just something I've been thinking about...
Stocktrader
Hey Saleem,
To follow on, I think one of the beneficiaries of this could be housing, whether in finally deciding to buy a new home, or making improvements to an existing one, or buying updated appliances.
I'm sure other plays could work here too, but it seems to me that if this does work, housing could see the biggest boost in both sentiment and spending.
It will be interesting to see if this thesis really does play over the next year. I am contemplating whether I have my exposure where I want it...
Stocktrader
Hey Saleem,
Sold half my SPLK @ 64.29.
Given the post-earnings reaction to CRM, and the very sluggish trading in DATA after that *huge* beat and raise, I fear that SPLK might not perform even with a good quarter.
I am tempted to sell the whole position, but love the story a lot. I'm still considering it though...
Stocktrader
Hi Stocktrader,
Was out, just came back.
YES...economy improves and new sector comes into play....
Good luck with SPLK earnings.
Saleem
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