Indices closed down
S&P 500 @ 1942.04, low 1937.88, high 1988.63
RSI @ 41.85
CMF @ -0.067
Internals were :
Down volume led by 6.38 to 1 in NYSE & 3.33 to 1 in Nasdaq
Declining stocks led by 3.09 to 1 in NYSE & 2.20 to 1 in Nasdaq
Net new 52 wk lows were leading by 33 in NYSE & 8 in Nasdaq
VIX UP 5.34% @ 26.23
Oil @ $44.15
Gold @ $1102.00
In my portfolio :
Sold GPRO @ $33.90
Bought NXPI @ $88.93
AH ER...PANW UP 4.81%
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold UP
About market, tonight IBD has changed its market outlook to "uptrend under pressure" TAPE did a nasty reversal which is not good for building confidence in this market. This TAPE is becoming extremely selective, so it is important to look for winners, also pronounced weakness to be sold.
Hopefully we can find footing on Thursday to build upon. Patience and conviction are heavily in demand to cope with this volatility.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hi Saleem,
Bought TZA @ 11.84 to set up my hedge should I add more exposure.
Stocktrader
I made some money going with tza and tna when the market was going up and down. However I feel that the market will eventually go up after the interest rate decision. Even if Fed decides to increate a bit, initial reaction in the market should be a buying opportunity. Good luck to all
Hi Saleem,
Bought MS @ 33.51
It has less world exposure than many of the large financials and is taking advantage of growth trends in financial services.
Stocktrader
Hi Joseph,
I completely agree. I think if the Fed raises rates next week, it will be a huge relief (maybe not first reaction, but as people think further, yes). The TZA is more just a play on the nervousness ahead of that event and to give me more confidence in doing my usual stock picking in the mean time.
Stocktrader
Hi Saleem,
Bought CYBR @ 48.346 on the heels of PANW's quarter but also some of the strongest earnings in the group for itself. It's always a takeover candidate.
Stocktrader
Hi Saleem,
Made a few more adds (and feel so much better given I have the hedge!):
Bought PRU @ 78.55
Bought LNKD @ 189.733
Stocktrader
Hi Stocktrader,
Good luck with TZA,MS,CYBR,PRU & LNKD.....good looking portfolio.
Saleem
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