Indices closed UP.
S&P 500 @ 2096.29, high 2097.40, low 2082.10
RSI @ 47.75
CMF @ -0.105
Internals were :
UP volume led by 2.14 to 1 in NYSE & 1.93 to 1 in Nasdaq
Advancing stocks led by 1.76 to 1 in NYSE & 1.45 to 1 in Nasdaq
Net new 52 wk lows were leading by 14 in NYSE & highs by 94 in Nasdaq
VIX Down 3.77% @ 14.81
Oil @ $59.97
Gold @ $1180.90
Stocks which were UP 1% or more included RAD VDSI
VIPS YELP TSLA DNKN YUM HIMX AMCC
NFLX SBUX CSOD MLNX....
AH ER... ADBE Down 1.36%
AH Futures UP
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, TAPE was strong and closed @ high of the day. Internals improved substantially. Greece situation is moving in positive direction. Fed statement will be a boost for bulls, Q & A session will confirm that interest hike is not imminent and may be as low as 1/8% hike in September.Market should be strong on Wednesday.
BLOG does NOT give buy or sell.
Saleem
8 comments:
Hi Saleem,
Sold MOMO @ 16.412 to take profits.
Stocktrader
Hi Saleem,
Did a bit of a reset this morning...
Sold HDP @ 26.833
Sold NXPI @ 103.283
Sold HUN @ 22.521
Sold OMED @ 25.21 avg
Sold SPLK @ 71.607
I wanted to reduce exposure given some outsized gains in some positions.
Stocktrader
Hi Saleem,
Sold FB @ 82.033
Stocktrader
Hi Saleem,
Sold PRU @ 89.622
I don't trust the high levels of bullish sentiment surrounding the financials and prospects for rate increases.
Stocktrader
Hi Stocktrader,
Surprised @ your sell.
But it is all about your strategy.
Good luck with next moves....
Saleem
Hi Saleem,
I really don't like the charts here, and the internals of the market seem squishy to me. The truly good stocks are stretched, and the poor stocks are on the verge of breakdown--that doesn't leave much upside for either. Also, I think the economy is in a lose/lose scenario--either it strengthens and the Fed goes or it weakens and profits suffer. It is also summer and July is traditionally bad for small caps.
All this tells me to move to the sidelines. The portfolio needed a refresh anyways--too many laggards getting lost in the shuffle.
Stocktrader
Hi Saleem,
Trimmed some CSOD @ 33.303
Stocktrader
Hi Stocktrader,
Now you have a real war chest $$$$$$
Saleem
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