Indices closed near high of the day.
S&P 500 @ 2107.96, high 2109.98, low 2091.05
RSI @ 56.73
CMF @ 0.074
Internals were :
UP volume led by 2.47 to 1 in NYSE & 1.67 to 1 in Nasdaq
Advancing stocks led by 1.41 to 1 in NYSE & 1.13 to 1 in Nasdaq
Net new 52 wk highs were leading by 69 in NYSE & 63 in Nasdaq
VIX Down 4.08% @ 12.71
Oil @ $56.16
Gold @ $1186.90
Stocks which were UP 2% or more included GPRO RAD
QIHU YELP TSLA MU SWIR WUBA SINA YUM
MA V HIMX BRCM GMCR SPLK MCD CCJ
Z MLNX......
AH ER ...FB Down 2.19%, QCOM Down 2.92%
LVS Down 4.38%, TXN Down 6.52%, EBAY UP 6.17%
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE showed strength by reversing losses after open and closing near high of the day. CMF finally showing green which is a big improvement in internals of this market. Chinese Flash PMI has little significance tonight as China has embarked on stimulating their economy since latest easing of lending. Hopefully we have better reaction to earnings in AH of Thursday to have a strong Friday's close.
BLOG does NOT give buy or sell.
Saleem
3 comments:
Hi Saleem,
Sold YELP @ 50.62 to take profits.
Stocktrader
Hi Saleem,
I thought the GM conference call was very positive. They are laser focused on profitability and investing intelligently into their business. They talked about buying back shares as soon as they possibly could, and how the $5B buyback announced was only the "first tranche". They addressed the issues with the revenue/earnings miss, of which the "known" trouble areas of South America and Russia were highly contributing and a higher-than-expected tax rate hurt.
Overall, I think this pullback could be a great opportunity given the valuation, buyback, and dividend.
Stocktrader
Hi Stocktrader,
Just got back from doing chores.
Your analysis on GM is good for patient investor.
Good luck with proceed from YELP.
Saleem
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