Indices took off around 2 PM and closed @ high of the day.
S&P 500 @ 2020.85, 2021.66, low 1980.90
RSI @ 47.71
CMF @ 0.048
Internals were :
UP volume led by 4.43 to 1 in NYSE & 2.53 to 1 in Nasdaq
Advancing stocks led by 2.75 to 1 in NYSE & 1.75 to 1 in Nasdaq
Net new 52 wk highs were leading by 104 & lows by 58 in Nasdaq
VIX Down 7.34% @ 19.43
Oil @ $49.57
Gold @ $1276.90
Stocks which were UP 1% or more AKS EGO GPRO TSL
FEYE SWIR JCP QIHU GG AEM YELP YHOO TSLA
AAPL BABA LVS JKS CSIQ AMZN SU EBAY FSLR
SPWR CRUS SNDK JDSU FNSR C GMCR SPLK
CCJ MA DATA MGA MS CNQ WYNN GS
AGU TRIP MLNX KORS ......
AH Futures Down
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, TAPE took a U turn around 2 PM and never looked back and closed @ high of the day. Today's backdrop was lot of negative news from China & US, all data were below expectations, TAPE being so strong based on backdrop is puzzling @ best, we definitely need a confirmation of this strong improvement in internals and change in buying psychology. Solar stocks were strong as China upped its installation target and lately analysts have been positive towards solar. Dogs of the market are extremely attractive in this TAPE.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Ego is up nicely. I suppose the Greek fear has subsided.
GG might be a less risky gold mine.
Regarding oil: The ISIS attack in northern Iraq took out 300K barrels/day production. I admittedly don't understand how the worker strike will cause higher oil prices. The rig drop was substantial, but production might still be rising from wells already drilled.
I'm hoping oil dips in the middle of the month, because oil storage levels remain high. However, it might recover sharply since production is expected to decline later in the year. I assume there is plenty of storage even now at Cushing.
If you look at mid-December and mid-January, oil stocks are interesting here because of something to do with rotation from one futures month into the next. So mid-February could be an opportunity.
I'm curious why copper is rising now. FCX would be a good copper play, I assume. I expected copper to fall much lower due to falling demand.
The dollar is sure weakening...
VXX and UVXY have been some of the best performers lately, but they're straight gambling - might be a useful hedge for someone if VIX falls and then rises later.
Hey Saleem,
At least by selling everything I avoided the SSYS disaster! :)
I should have bought that JKS and X yesterday. The "good" Europe momentum is ruling now--US internationals might have bottomed? US small caps might still underperform? Still a tricky market...
Stocktrader
Hi Firebird,
Thanks for your post regarding your take on many items.
When Oil went down from $140 to $42, it was bound to snap back as it was overdone.
Gold, Oil, Copper, Iron Ore and Solar were decimated..thus became dog of the market..they are the best deal.
Saleem
Hi Stocktrader,
My tablet is not working on Google ?
SSYS you escaped big time....
I added 65% TSL @ $10.03
I added 40% EGO @ $5.00
Hopefully , you are all set to make a move in your new stocks.
Saleem
Hey Saleem,
I am mentally frozen still, and internals are relatively weak today despite the gains.
I'm upset I didn't stick with ETN. I knew they'd do better than last quarter's disappointment, but I feared the general market too much...
Stocktrader
Hi Stocktrader,
Take your time, when you are ready then it is a good decision.
Yes..ETN is UP almost 8%.....
Saleem
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