Indices closed near low of the day on oil weakening again.
S&P 500 @ 2035.33, high 2055.53, low 2027.92
RSI @ 47.51
CMF @ 0.151
Internals were :
UP volume led by 1.31 to 1 in NYSE & 2.25 to 1 in Nasdaq
Advancing stocks led by 1.39 to 1 in NYSE & 1.52 to 1 in Nasdaq
Net new 52 wk lows were leading by 114 in NYSE & 13 in Nasdaq
VIX UP 8.36% @ 20.08
Oil @ $59.95
Gold @ $1225.60
Stocks which were UP 1% or more included LULU TSL
SWIR QIHU YY YHOO LNKD BIDU KORS GRPN
BABA FB WUBA COH LVS CSIQ EBAY YUM
MA ARUN LSCC CIEN FNSR PANW M
GMCR MCD DATA WLT TRLA Z
WYNN MLNX.....
AH ER ADBE UP 8.12%
AH Futures Down
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, TAPE tried to stage a strong oversold bounce but due to oil below psychological $60 became a weak oversold bounce by close. Close was discouraging, but these things must not overrule good strategy. Oil direction is unknown @ the moment which is affecting big loans in that sector & GDP impact. Patience is a requirement for dealing with day to day emotional swings in the market, market is trying to discount oil impact on world economy. Stay engaged in good quality stocks with your own research & conviction.
BLOG does NOT give buy or sell.
Saleem
3 comments:
Hey Saleem,
FCX looks interesting here at $22.
Stocktrader
Hi Stocktrader,
FCX is not a pure play on gold,copper or oil.
Saleem
Hey Saleem,
I think that may be a good thing. Gold has already fallen and may hold or rise from here if things get funny in the world. Copper hasn't fallen much at all, so earnings power remains there. Oil seems so oversold that it can't fall much further/might rebound?
It seems like a good play. The biggest worry is if copper starts to plunge too, but also year end effect dampening the stock performance.
Stocktrader
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