Indices closed mixed.
S&P 500 @ 2086.05, high 2089.06, low 2052.09
RSI @ 47.04
CMF @ 0.057
Internals were :
UP volume led by 1.22 to 1 in NYSE & 1.24 to 1 in Nasdaq
Declining stocks led by 1.02 to 1 in NYSE & 1.24 to 1 in Nasdaq
Net new 52 wk lows were leading by 177 in NYSE & 102 in Nasdaq
VIX Down .73% @ 13.61
Oil @ $43.30
Gold @ $1123.60
AH ER ....CSCO UP 4.05%, NTES Down 3.54%
AH Futures Down
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, TAPE found support and made a powerful V bottom in all indices. We are deeply oversold and should rally from here. Chinese Yuan devaluation has put new pressure on Chinese exposure of many corporation. Chinese economic picture has worsened with 3.5% devaluation. Strong stocks with little to no exposure to China should rally hard.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hi Saleem,
Sold TDOC @ 28.644.
Even though their growth is spectacular, their margins are expected to decrease going forward, and their business model might not exactly match the right idea for the future. There are private companies that might be doing it better.
I don't have confidence in my own earnings forecast for this company, so I need to move to the sidelines for a while.
Stocktrader
Hi Saleem,
Well, totally messed that up LOL.
Stocktrader
Hi Saleem,
Bought AMZN @ 531.932.
If you can't beat 'em, join 'em.
Stocktrader
Hi Saleem,
Bought NEM @ 17.628
I feel like gold has more to run and I'll try to play it this way.
Stocktrader
Hi Saleem,
Sold KSS @ 55.304
You probably figured this was coming after my AMZN buy and comment :)
Stocktrader
Hi Saleem,
Bought FDX @ 164.35
I feel the down move is overdone as these guys capitalize on longer-term lower gas prices and the e-commerce growth worldwide.
Stocktrader
Hi Stocktrader,
Was busy with few chores.
Good luck with FDX,NEM,AMZN.....
Saleem
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