Indices closed lower on profit taking.
S&P 500 @ 2107.78, low 2098.26, high 2115.76
RSI @ 59.55
CMF @ 0.415
Internals were :
Down volume led by 1.53 to 1 in NYSE & 1.92 to 1 in Nasdaq
Declining stocks led by 1.45 to 1 in NYSE & 1.78 to 1 in Nasdaq
Net new 52 wk highs were leading by 89 in NYSE & 31 in Nasdaq
VIX UP 6.29% @ 13.86
Oil @ $50.52
Gold @ $1204.40
AH ER...AMBA UP 6.03%
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE digested huge gains which prompted profit taking. Market internals turned negative with indices and may take some more digestive days. It is important to show some conviction IF fundamentals are not decelerating. Patience and diversification is the way to be in this market. Profit taking is good around lofty levels.
BLOG does NOT give buy or sell.
Saleem
5 comments:
Hey Saleem,
I don't know whether to save my cash for two speculative opportunities, or just pick up some FDX here. I like the well-rested chart and the growing package volumes. I just think upside is limited to 10%--is that enough these days?!
Stocktrader
Hey Saleem,
I solved my dilemma, bought some SGMO @ 17.325 avg.
Stocktrader
Hi Stocktrader,
Good luck with SGMO....
Saleem
Hey Saleem,
CLF is tempting here with multiple board members purchasing shares in the open market. A short squeeze here would be massive.
Stocktrader
Hi Stocktrader,
You are an old fan of CLF.....
With dd everything works.....
Saleem
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