Indices closed down.
S&P 500 @ 2018.94, low 2017.22, high 2037.97
RSI @ 57.11
CMF @ 0.268
Internals were :
Down volume led by 3.34 to 1 in NYSE & 3.81 to 1 in Nasdaq
Declining stocks led by 2.45 to 1 in NYSE & 2.96 to 1 in Nasdaq
Net new 52 wk highs were leading by 27 in NYSE & lows by 29 in Nasdaq
VIX UP 6.03% @ 16.70
Oil @ $45.20
Gold @ $1167.10
In my portfolio :
Sold TSLA @ $210.00
Bought BIDU @ $149.24
AH ER....TXN UP 9.44%, EBAY 8.43%, AXP Down 3.79%
AH Futures UP
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, TAPE was weak with leaders under selling pressure again. Internals were weak also. Looks like this pullback has run its course by closing near low of the day. This pullback is normal in an ascending TAPE. Leaders should be back on track starting Thursday, tech earnings were better than expected, this should improve the sentiment. Stay the course.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hi Saleem,
Good luck with the swap.
The market really hurt in a lot of places today. If not for GM (and FDX) doing well and being two overweights in my portfolio I would have had an extremely tough day. I hope tomorrow looks a bit better! :)
Stocktrader
Hi Saleem,
Sold my overweight part of AMZN @ 563.72 ahead of earnings. With the stock having run so much already, and a general market unease about high growth/PE stocks, I feel a bit more caution is warranted.
Trimmed further an already slight underweight in TWTR @ 29.44. Given the current market attitude towards these kind of stocks, I felt it prudent to stay smaller until we have more information or traction in the turnaround plans from the new CEO.
Stocktrader
Hi Saleem,
Sold another TWTR chunk @ 29.70--have cut the position in half today. It is approximately the same size as LBIO now. It just screams at me about how it is the "wrong kind of stock" for this market upturn.
Stocktrader
Hi Saleem,
Sold the rest of my TWTR @ 29.50.
As the market runs into major resistance at both the 200 DMA and the "breakeven" mark on the year, I'm trying to pare back some exposure. TWTR seems to be the wrong kind of stock for this market and has a lot to prove before investors have longer term confidence.
I'm also looking carefully at other stocks as sale candidates.
Stocktrader
Hi Stocktrader,
Good move with TWTR.
AMZN ER should be very strong..courtesy WMT.
Good luck with your strategy
Saleem
Hi Saleem,
Sold BABA @ 71.017
Sold SPLK @ 57.026
More profit taking on stocks that might be questionable for this market.
Stocktrader
Hi Stocktrader,
Booking profit is a good thing$$$$$
Saleem
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