Thursday, September 24, 2015

Indices closed down .34% to .48%.....

Indices closed down.

S&P 500 @ 1932.24, low 1908.92, high 1937.17

RSI @ 41.25

CMF @ 0.035

Internals were :

Down volume led by 1.42 to 1 in NYSE & 1.32 to 1 in Nasdaq

Declining stocks led by 1.48 to 1 in NYSE & 1.46 to 1 in Nasdaq

Net new 52 wk lows were leading by 338 in NYSE & 158 in Nasdaq

VIX UP 6.06% @ 23.47

Oil @ $44.91

Gold @ $1153.80

AH ER....PIR Down 6.23%, NKE UP 8.34%, JBL UP 9.38%

AH Futures UP

AH Asian Markets Mixed

AH Oil UP

AH Gold Down

About market, TAPE continued its basing set up which includes testing & retesting of support and moving higher from support. IF TAPE gets this painful, it only means one thing, we are ready to move higher, TAPE gave this indication yesterday by closing substantially higher than low, but had to retest support today. Fed statement tonight was a rehash of many meetings, but Fed chief not feeling 100% got more coverage. As you may have noted, i was very comfortable with highest exposure, because, i have seen these painful bout in markets before, IF you show conviction near bottom, it gives very quick return.

BLOG does NOT give buy or sell.

Saleem

11 comments:

stocktrader_1996 said...

Hi Saleem,

Sold TZA @ 11.88

With the Fed on track to raise rates and the government shutdown seemingly less likely, I think the hedge is less needed and I have more confidence in individual picks to perform on their own.

Stocktrader

stocktrader_1996 said...

Hi Saleem,

Wow, the Russell 2000 is very divergently bad today. I guess I should have kept that hedge.

Stocktrader

stocktrader_1996 said...

Hi Saleem,

Bought CYBR @ 50.777

It has been a wonderfully performing stock this well. I think the trend might continue, and the pullback from moving averages today represents a good opportunity I believe.

Stocktrader

stocktrader_1996 said...

Hi Saleem,

I meant "wonderfully performing stock this week*"

It got two upgrades and a positive comment.

Stocktrader

stocktrader_1996 said...

Hi Saleem,

Bought MOS @ 32.01

I wanted some agriculture exposure as I think crop prices have bottomed. I figured buying the stock that already pre-announced poor results would be a decently safe play. Also, the POT/K+S situation seems to be heating up again, so merger chatter may lend a positive backdrop to the stock.

Stocktrader

stocktrader_1996 said...

Hi Saleem,

Bought URI @ 62.95

I keep thinking about that conference early in the month where URI said that August was coming in a bit better than expected. I think oil has found a place of stabilization, and I think the chart is fairly constructive. I'll try this position to get some cyclical exposure in which I am somewhat lacking.

Stocktrader

Stocks100 said...

Hi Stocktrader,

Good to see you in "bull mode"

Good luck with CYBR,MOS & URI....

Saleem

stocktrader_1996 said...

Hi Saleem,

I "felt" the bottom yesterday and almost sold my TZA during some of the depths yesterday. I wanted to keep my safety blanket though in the case of a serious government shutdown. Today, that scenario is likely off the table, so I think we have some clear sailing for a bit, especially in this oversold situation.

Stocktrader

Stocks100 said...

Hi Stocktrader,

No matter what, there are always some issues market has to deal with, but we play with odds & the odds are pretty good for a run to 50 DMA......

Saleem

stocktrader_1996 said...

Hi Saleem,

Ugh. The day I most needed the hedge and I took it off first thing. Crazy market...

Stocktrader

Stocks100 said...

Hi Stocktrader,

YES...it remains a "tough market" to navigate....its a new norm.....turns on dime....

Saleem