Indices closed down.
S&P 500 @ 1913.86, low 1903.07, high 1970.09
RSI @ 34.13
CMF @ -0.088
Internals were :
Down volume led by 30.71 to 1 in NYSE & 13.06 to 1 in Nasdaq
Declining stocks led by 6.30 to 1 in NYSE & 3.81 to 1 in Nasdaq
Net new 52 wk lows were leading by 92 in NYSE & 45 in Nasdaq
VIX UP 10.45% @ 31.40
Oil @ $45.41
Gold @ $1139.80
AH ER... QIHU UP 2.89%, AMBA Down 9.17%
MRVL Down 11.29%
AH Futures UP
AH Asian Markets Down
AH Oil & Gold Down
About market, TAPE was under another bout of selling and we tested support in all indices. S&P 500 successfully defended 1900 area as it held 1903.07 and closed well above. Internals had all the hallmark of capitulation, you do not see 30 to 1 downside volume, unless there is relentless selling. Bears were out in full force making wild prediction of how low we are going to go, Louise Yamada took the cake by predicting 1600 in S&P 500 in weeks. Based on what i can interpret, we are all set to go higher while the deck is clear.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
I'm not sure where the confusion in GPRO came from...we knew they weren't releasing new products in Q3 already:
"stocktrader_1996 said...
Hi Saleem,
Great move. I am locked up until Monday on that one--hopefully it holds until then because I'm done with it. I think without the product releases this quarter, there's a chance for sluggish stock action.
Stocktrader
July 24, 2015 at 10:42 AM"
I will also note this analyst report yesterday:
"09:18 EDT GPRO
theflyonthewall.com: GoPro supply chain cuts forecasts after August slowdown, says Cleveland Research
Cleveland Research said its recent talks with members of GoPro's (GPRO) supply chain indicate September quarter shipments appear to be tracking below expectations to-date following a slowdown in August. The firm added that its checks suggested GoPro will likely refresh product in October, with the potential for the company to introduces as many as 3 new SKUs. Cleveland Research has Buy rating on GoPro shares. Ambarella (AMBA) is among the companies that supply chips to GoPro. :theflyonthewall.com"
If the new products really do come in October, I bet GPRO/AMBA really rocket higher because I think the market is currently pricing nothing new before Christmas...
Stocktrader
Hi Stocktrader,
Thanks for your and Cleveland Research comments, GPRO & AMBA are reacting to obvious, but there is always latent positive hidden in those obvious.
Short term reactions are very common on Wall & Broad, i definitely see beyond the noise.
Saleem
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