Indices closed @ low of the day.
S&P 500 @ 2079.28, low 2079.11, high 2093.01
RSI @ 39.07
CMF @ -0.106
Internals were :
Down volume led by 2.68 to 1 in NYSE & 2.62 to 1 in Nasdaq
Declining stocks led by 2.42 to 1 in NYSE & 1.85 to 1 in Nasdaq
Net new 52 wk lows were leading by 61 in NYSE & highs by 95 in Nasdaq
VIX UP 7.60% @ 15.29
Oil @ $58.14
Gold @ $1173.60
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
Before open LULU reports, here are the expectations :
Sales Q1 $418.94 million, EPS 33 cents
Guidance Q2 Sales $439.78 million, EPS 34 cents
There is a firefight going on between bulls and bears on this earning report, expected move is around 10%+-....being a Taurus, i remain a bull.
About market, TAPE is in the process of flushing out over optimistic traders, it may have completed the process today, Despite intense selling, internals in Nasdaq is giving hope for the bulls. Buying on weakness remains a mantra , which may be extremely productive many months out. Focus on strong stocks and have no more than 1 speculative position.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hi Saleem,
Nice quarter from LULU!
The market is treacherous right now. I think we are in a spot where catalysts are lacking for the upside, but there's not a major cut in estimates that require a big downside move. I think this is why specific stock picking is working so well. With so much negative sentiment, and so many "professionals" in cash, I think we continue to merely churn here, with a few select stocks making great moves (and how I still haven't been able to catch AMBA--was out yesterday morning and came back to see it up $7!).
My portfolio last week was up 2.00% in a great outperformance. GPRO RUBI CSOD WLH and C were all up +4.0%. Too bad I gave back a majority of that nice week in just one day yesterday! Hopefully today sees some better action by midday. I'm targeting LC and/or MOMO for buys as their lockup expirations are today and could signify a climax in the sell pressure.
Hope all is well! :)
Stocktrader
Hi Saleem,
Sold C @ 55.46
Bought speculative MOMO @ 16.07
Bought speculative LC @ 16.67
Both new stocks came off lockup today but are speculative.
Stocktrader
Hi Saleem,
Bought a bit more MOMO @ 15.31. The more I think about the story, the more excited I am about it. The biggest risk is the "Chinese" factor, but the underlying business model is exactly perfect for our current world.
Stocktrader
Hi Stocktrader,
Good luck with MOMO & LC.
Saleem
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