Indices were down due to Chinese clampdown on use of corporate bonds as short term financing for stocks, this resulted in 5.31% slump in Shanghai exchange. US stocks are fighting back as indices may have found short term support & is near high of the day, Nasdaq is green already.
S&P 500 @ 2055.57, low 2034.17, high 2057.60
Internals are positive all over....very good sign for equities.
Oil UP 38 cents
Gold UP $37.00.....highest level in a month
Canadian $ UP 45 tick @ 85.67
VIX UP 7.25% @ 15.24, high today 16.68
Portfolio AKS BBRY EGO LULU NXPI TSL
Most stocks are UP
@ 2.35 following are red :
BBRY TSL MU PCLN KORS FB WUBA LVS
JKS CMG YUM WB FEYE SNDK BRCM
C M SPLK SBUX MCD MS TRLA Z
WYNN GS.....
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hey Saleem,
Sold GS @ 195.65.
I wasn't sure how much the proposed surcharge rules would hurt GS, and the commentary about trading was not that positive today from the banking conference.
Given that it rebounded so nicely from the lows, and there might be a pause point up here, I thought it best to sell now and look for another setup.
Stocktrader
Hi Stocktrader,
Good move in GS....
Saleem
Hey Saleem,
The timing of that surcharge rule proposal release was inopportune. It was right as I had to leave for the kids' pickup and didn't know how banks would react. Clearly it wasn't a problem! I'll have to look to re-enter. At least SPLK worked beautifully today :)
Stocktrader
Hi Stocktrader,
Only C was impacted today due to their guidance.
Saleem
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