Indices closed down.
S&P 500 @ 2003.69, low 2001.78, high 2022.34
RSI @ 56.57
CMF @ 0.130
Internals were :
Down volume led by 4.73 to 1 in NYSE & 3.15 to 1 in Nasdaq
Declining stocks led by 2.65 to 1 in NYSE & 2.37 to 1 in Nasdaq
Net new 52 wk highs were leading by 33 in NYSE & 13 in Nasdaq
VIX UP 9.28% @ 17.67
Oil @ $46.66
Gold $1165.40
AH News .....JPM Down 1.67%, INTC Down 2.78%
SNDK UP 11.70%
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, TAPE closed near low of the day, Nasdaq dipped below 50 DMA, Internals were weak. This weak TAPE was anticipated and may have few more days of sideways to down action. There is nothing to worry, as this pullback is routine and healthy, only 3% max pullback is anticipated, not the dire prediction by Jimmy the Cramer, by 10 days we could be near or above 200 DMA. Next few days switch to better performing stocks and show patience and conviction, unlike our CNBC guru conviction matters.
BLOG does NOT give buy or sell.
Saleem
Hi Saleem,
ReplyDeleteSold PRU @ 77.066
With interest rates staying so low, I feel like my overweight in financials is unwarranted for now. I think PRU is a great franchise, but just feel like my capital can be deployed better elsewhere.
Stocktrader
Hi Stocktrader,
ReplyDeleteSold FEYE @ $29.51
Good luck with your next pick.
Saleem
Hi Saleem,
ReplyDeleteSold AMBA @ 55.154
Negative note after note on GPRO is finally taking its toll on AMBA. People are questioning whether action cameras are just a fad. If so, this could significantly impact AMBA's short term earnings trajectory. Given the chart, I have to move to the sidelines for now.
Stocktrader
Hi Stocktrader,
ReplyDeleteBought NFLX @ $109.15.
Saleem
Hi Saleem,
ReplyDeleteIt is an interesting day. Good luck with your new picks.
Stocktrader
Hi Saleem,
ReplyDeleteBought an overweight AMZN position @ 544.50
If you can't beat 'em, join 'em.
To be more technical though, the chart says downside is limited and there are so many investment managers that just don't own AMZN because of "valuation". We might get one of those catchup quickly trades to $600.
Stocktrader
Hi Stocktrader,
ReplyDeleteAMZN is a great pick...had in my short list, but NFLX earnings tonight bumped it off....the gambler in me went for NFLX vs steady AMZN....
Saleem
Hi Saleem,
ReplyDeleteBought SPLK @ 55.399
I had to own this again. Their platform capabilities make this a true winner in the long term. Hopefully I don't get crushed in the mean time...
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with SPLK.
Saleem