Indices closed UP.
S&P 500 @ 1921.83, high 1934.47, low 1878.93
RSI @ 35.91
CMF @ -0.088
Internals were :
UP volume led by 3.34 to 1 in NYSE & 3.12 to 1 in Nasdaq
Advancing stocks led by 2.07 to 1 in NYSE & 2.18 to 1 in Nasdaq
Net new 52 wk lows were leading by 621 in NYSE & 524 in Nasdaq
VIX Down 5.04% @ 23.95
Oil @ $31.20
Gold @ $1073.60
Stocks UP 3% or more included BIDU BBRY CNQ FB VDSI
FCX TCK NTES SWIR SINA CMG SU CRUS AMCC X
CSOD VRX AGU.......
AH ER....INTC Down 4.4%
AH Futures Down
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, TAPE reversed from lower lows into a strong close. Many stocks group participated in this rally except solar stocks which is hurting due to situation in Nevada & its supplier. This rally is wait and see and has to prove itself. TAPE has been damaged badly and may need several attempts to build a solid base. Keep an eye on internals as it is still very weak.Every Friday or before long weekend there is a closing BLOG only.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hi Saleem,
Sold PLNT @ 14.78 as it hasn't dropped much, but also lacks specific catalysts that are more present in other stocks.
Bought TREE @ 68.30 as the franchise remains strong and it seems that mortgage activity may actually pick up as the rates fall.
Side note: Very frustrated as I missed this by pennies in the 67.50 range and had to buy more than 1% higher eventually...
Stocktrader
Hi Stocktrader,
Good luck with TREE.
This TAPE is in freefall.
Saleem
Hi Saleem,
These moves are just echoes of the crash that was straight down to start the year. I don't see the big selling anymore, just lack of buyers in most cases. This can eventually lend to individual stock outperformers as the cash at investment managers is large and differentiation of companies can shine through. I'm positioning for this action.
Stocktrader
Hi Stocktrader,
We have entered emotional selling, pain @ highest level. Turnaround imminent. ..
Saleem
Hi Saleem,
The Russell 2000 is down 15% in three weeks. I've never seen a move like that in a major index that I can remember. I think it is so far overdone that TNA is probably a great play right now (40.70).
Stocktrader
Hi Stocktrader,
Today has the feel of capitulation. ...since new year it's down move fast and furious. .
Saleem
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