Indices closed down.
S&P 500 @ 2045.95, low 2045.66, high 2072.29
RSI @ 47.33
CMF @ 0.147
Internals were :
Down volume led by 9.28 to 1 in NYSE & 3.84 to 1 in Nasdaq
Declining stocks led by 4.51 to 1 in NYSE & 3.51 to 1 in Nasdaq
Net new 52 wk lows were leading by 164 in NYSE & 110 in Nasdaq
VIX UP 14.38% @ 18.37
Oil @ $41.75
Gold @ $1081.00
AH ER....CSCO Down 5.07%, LOCO Down 8.25%
JWN Down 19.45%
AH Futures UP
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, TAPE was under intense selling pressure thanks to Oil, Commodities & Fed statements for higher rates, indices closed @ low of the day and went below 200 DMA in Dow & S&P 500. Was this the final flush before we stabilise and go higher, only Friday's TAPE may confirm this. Still recommend holding strong stocks in this challenging environment.
BLOG does NOT give buy or sell.
Saleem
9 comments:
Hi Saleem,
Sold WAFD @ 25.43
The widely held perception is that the Fed will raise in December, helping the banks, but the data is looking squishier now, I want to step back from this position and re-evaluate.
Stocktrader
Hi Saleem,
Bought SPLK @ 57.85 ahead of earnings next week.
Stocktrader
Hi Saleem,
Added to SWKS @ 74.667
Stocktrader
Hi Saleem,
I've been looking at stocks like HDP AMBA FIT GPRO for bounce candidates, but I didn't want to dig that deep. Anything with poor relative strength is getting absolutely crushed.
Stocktrader
Hi Stocktrader,
Good luck with SPLK and more SWKS.
Reaction to good earnings are bad also, look @ JCP today.
Saleem
Hi Saleem,
Yes. If the stock runs into earnings, I will probably sell ahead of them. It has a strange chart that continues to show distribution, short interest rising, the sector is bad, yet the price is drifting higher. I'm wondering if we can get some sort of squeeze here.
Stocktrader
Hi Stocktrader,
Wall Street has gone into stupid mode, everything is being dumped now, good time to show conviction till the dust settles.
Saleem
Hi Saleem,
This week seems like a reasonable selloff after a long up run and with a Fed that might raise rates into a questionable economy. I actually don't think the selling is quite done, but I'm horrible at that "sell now, buyback lower" game. I seem to always find a way to mess it up. I remain fully invested.
Stocktrader
Hi Stocktrader,
Good approach to deal with this TAPE, sit tight with best ideas.
Saleem
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