Indices gave up gains and closed @ low of the day.
S&P 500 @ 2091.50, low 2091.50, high 2107.63
RSI @ 52.50
CMF @ -0.014
Internals were :
Down volume led by 1.97 to 1 in NYSE & 1.72 to 1 in Nasdaq
Declining stocks led by 1.29 to 1 in NYSE & 1.05 to 1 in Nasdaq
Net new 52 wk highs were leading by 88 in NYSE & 72 in Nasdaq
VIX UP 1.57% @ 13.62
Oil @ $47.51
Gold @ $1191.40
AH Futures UP
AH Asian Markets UP
AH Oil UP
AH Gold Down
About market, TAPE struggled with growth in US & Germany & slowdown in China, in the end fear of interest rate hike took hold. S&P 500 closed @ absolute low of the day including fraction for two days in a row, not a sign of strength. Last two days TAPE is a mystery for me, gains are lost in a hurry and low of the day close all over. CMF has dipped in red for the first time since February in Dow & S&P 500 while Nasdaq is ready to go in red. I still believe any weakness to be bought while we churn & build a base for new all time highs.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Sold LL 31.4 in pre-market.
I don't know what to expect from report @ 10am.
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Bought COP in after-market yesterday 62.56
Hi Western,
I admire your ability to trade LL so well--nicely done!
I'm too chicken to play the oils directly and am playing through things like chemicals.
Stocktrader
Dang, the news is bullish for LL. The testing will only be whether the flooring is safe for normal use.
And this ordeal will last for months.
Thanks, well I didn't manage to buy LL in the 29 area today. Hopefully my low offer fills though.
COP apparently has a lot of short interest against it. I might resell.
I do not know the oil industry well, just know that COP has good assets.
Hi Saleem,
Added to FB @ 83.547.
I think there is so much more FB can do to enhance their ecosystem from a consumer and profitability standpoint, and no other ecosystem on Earth boasts 1.3B users. With management fully engaged, and zero chance of competition, I can't think of a better company to overweight at this time.
From a chart standpoint, FB rested for a long time in the $72-$82 range, which should set them up for a lengthy breakout higher--magnetic pull to $100?
I am expecting positive analyst commentary after their developers conference and ahead of the earnings report.
Stocktrader
Hi Stocktrader,
YES..FB is a very good choice for long term strategy....
Saleem
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