Indices closed UP.
S&P 500 @ 1952.28, high 1965.29, low 1937.19
RSI @ 43.47
CMF @ -0.105
Internals were :
UP volume led by 1.46 to 1 in NYSE & 2.04 to 1 in Nasdaq
Advancing stocks led by 1.16 to 1 in NYSE & 1.35 to 1 in Nasdaq
Net new 52 wk lows were leading by 105 in NYSE & 31 in Nasdaq
VIX Down 7.09% @ 24.37
Oil @ $45.92
Gold @ $1109.30
Stocks which were UP 1%+ CNQ FB RAD VDSI
AMBA LNKD GOOGL AAPL SWIR TWTR
COH MU JKS AMZN EXPE YELP FSLR
YNDX FNSR GMCR SPLK SBUX
AEM CSOD BRCM Z.....
AH ER...FNSR Down 10.53%, ZUMZ Down 20.31%
PFPT UP 8.66%
AH Futures UP
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, TAPE braved lowest jobless data, plus super bearish comments from David Tepper who is looking for 20% correction and Carter Worth looking for 1800 in S&P 500. Market has learned to do their own things despite bear parade. TAPE may have finished discounting Fed rate hike and it may be "buy the news". Stay with your best ideas with conviction and patience.
BLOG does NOT give buy or sell.
Saleem
4 comments:
You'd mentioned oil analysts: http://www.ogj.com/articles/2015/09/steo-global-oil-consumption-revised-down-on-weak-china-economic-data.html
Anyway, I'll post back when I've bought something. I'm not in a rush. I remain more bearish than you, though I like oil.
If I understood China and the broader copper market better, I'd consider FCX. As things stand: I'm oblivious. Platinum and silver will also be good at some point. But when? I won't know.
LL has been interesting. I bought originally at 13.3, then I was shocked by the following crash. Sold at small loss. Then I got spooked by "analysts", didn't buy back lower as planned, and the stock rocketed up. It bottomed well below any rational valuation which had me confounded, thinking there were details I wasn't privy to.
Anyway, whenever it falls below 14 again, which it has done several times, I might finally buy back. I think 13.7 has been a support. It's a dangerous stock though to be sure. I personally like the company and acting CEO much better than do most, and I doubt the legal risks, though they are possible. It seems no one likes a company unless it's already overvalued and flawless.
Hi Saleem,
Bought TGT @ 76.96
I've been trying for a while to find a good way to play the consumer spending story based on low gas prices and a healthy job market. KSS has not been working for me due to lack of differentiation, but TGT seems like a good pick. The new CEO is still working on streamlining operations, and the business seems to be regaining its consumer mojo as an upscale, yet affordable alternative to WMT. The valuation seems fair, estimates seem reasonable, and the dividend/buyback provide a good buffer. If nothing else, it seems "safe" here.
Stocktrader
Hi Stocktrader,
Good luck with TGT...
Saleem
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