Indices closed @ absolute high of the day, fast & furious short covering was the catalyst today.
S&P 500 @ 2061.23, low 2018.98
RSI @ 57.06
CMF @ 0.018
Internals were :
UP volume led by 8.64 to 1 in NYSE & 5.49 to 1 in Nasdaq
Advancing stocks led by 4.30 to 1 in NYSE & 3.08 to 1 in Nasdaq
Net new 52 wk highs were leading by 170 in NYSE & 94 in Nasdaq
VIX Down 13.53% @ 16.81
Oil @ $54.11
Gold @ $1194.80
Canadian $ @ 84.25
Portfolio AKS BBRY EGO LULU MU NXPI TSL
Stocks which were UP 3% or more included AKS EGO NXPI
QIHU GG YY TWTR LNKD BIDU TSLA GRPN FB
SWIR LVS WB FEYE FSLR SPWR YNDX C
AMCC LSCC CIEN FNSR SPLK ABX
AEM CCJ DATA CSOD MS GS
WYNN TRIP......
AH ER NKE Down 2.89%, PIR UP 8.06%, RHT UP 10.85%
AH Futures Mixed
AH Asian Markets UP
AH Oil & Gold UP
BBRY Reports before open, expectations are :
Q3 Sales $935.66 Million, EPS Loss of 5 cents
Q4 Guidance Sales $926.62 Million, EPS Loss of 6 cents
I expect a beat & guide UP.......
About market, TAPE gave a lot of trouble to shorts today, who had no choice but to cover in a hurry, i do not believe that short covering is over. We may have another strong close on Friday. We have only 5 trading days left in the year, which may create more opportunities for stronger stocks, chase strength NOT weakness.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hey Saleem,
As promised, rebought SPLK @ 59.785 after the technical tone improved. Hopefully there's a ton of shorts or liquidated longs that need to rebuy quickly before year end. Either way, it remains my favorite new tech story despite better price performance recently of DATA and PANW.
Stocktrader
Hi Stocktrader,
Good luck with your all time favorite SPLK.
Saleem
Hey Saleem,
Amazingly, despite extreme short term overbought conditions, the medium term looks fine--RSI 58 on $SPX, no problem! :)
Stocktrader
Hi Stocktrader,
YES..we are OK in short term.
All the shorts are scrambling with last 2 days move.
Saleem
Hey Saleem,
Bought FCX @ 23.10.
I considered this for days, but finally decided to go for it. I think oil may have bottomed, and copper is holding up so well. Given they maintained their dividend today, I think investors can be relieved. They also have potential catalysts like activist investors, takeover talks, or spinoffs.
Stocktrader
Hey Saleem,
I also think it provides a hedge of sorts to all the "cheap oil" plays I have in the portfolio.
Hi Stocktrader,
Your timing on FCX could be perfect given that oil is firming UP finally.
YES...it IS a good hedge.
Saleem
Post a Comment