Indices closed down.
S&P 500 @ 1942.74, low 1929.22, high 1961.39
RSI @ 42.84
CMF @ 0.007..all indices are positive CMF as of tonight, Nasdaq being the highest ??????
Internals were :
Down volume led by 6.99 to 1 in NYSE & 4.17 to 1 in Nasdaq
Declining stocks led by 3.92 to 1 in NYSE & 3.38 to 1 in Nasdaq
Net new 52 wk lows were leading by 202 in NYSE & 104 in Nasdaq
VIX UP 11.42% @ 22.44
Oil @ $45.83
Gold @ $1124.80
AH Futures Down
AH Asian Markets Down
AH Oil UP
AH Gold Down
About market, TAPE worldwide was under severe selling pressure by close they were down in 3% range. US market fared much better and Nasdaq was the weakest @ 1.50%. Relative outperformance by US market is a very good indicator that we are not falling apart and have not taken any support level. Today's close was another higher lows compared to other 3 test of support. This TAPE is different which is not violating any support but remains weak. Maybe we have entered another sideways market like in 1970, where Dow went to 1000 and remained in a downtrend for many many years. It is definitely trading in a very narrow range which needs to be recognized by investors & traders. Have extremely short term trading strategy like daytrading may work better, until we get out of this malaise.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hi Saleem,
Bought SPLK @ 57.594.
Acting well this morning, TAM expanding, new products impressive...but most of all, a name I am very familiar with--so key to this market.
Stocktrader
Hi Saleem,
Bought FIT @ 39.144
I totally forgot I was going to buy back when it dropped back and missed yesterday's dip. I think this could be an "anointed" stock into year end with its big short interest and potentially continuing positive news flow, especially now that the Apple event has passed without much Watch fanfare.
Stocktrader
Hi Saleem,
Last week was another rough one with the portfolio losing 1.17% versus -0.15% for S&P and +0.47% for the Russell 2000. As of last Friday's close, I was only barely beating the S&P YTD at -4.79% vs -4.90%.
The TZA hedge hurt a lot as the market rallied much of the week and I sold near the market highs (TZA lows). The FCX trade (-8.9% in one day!) was another hurt along with FDX and CYBR (both around -3.5%), while my FIT trade (+13.3%) and AMBA trade (+7.9%) were helpful.
Portfolio as of this moment is as follows:
TZA (15.8% allocation), providing significant hedge due to 3x short characteristic
TGT (10.3%), FDX, MS, FIT, SPLK, AMBA (6.7%)
Cash (33.3%)
Stocktrader
Hi Stocktrader,
Good move with SPLK & FIT..both bucking negativity....
Your portfolio is in a reset mode, should perform better than averages....
Saleem
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