Indices closed down.
S&P 500 @ 1852.21, low 1834.94, high 1868.25
RSI @ 36.91
CMF @ 0.104
Internals were :
Down volume led by 1.83 to 1 in NYSE & 2.03 to 1 in Nasdaq
Declining stocks led by 2.31 to 1 in NYSE & 1.88 to 1 in Nasdaq
Net new 52 wk lows were leading by 433 in NYSE & 441 in Nasdaq
VIX UP 2.08% @ 26.54
Oil @ $27.94
Gold @ $1198.60
AH ER...DIS Down 3.43%, SCTY Down 33.51%
PNRA UP 3.4%, AKAM UP 16.76%
AH Futures Down
AH Asian Markets Down
AH Oil UP
AH Gold Down
BIDU did not report although all brokerages were showing today as earnings day, Chinese New Year may be playing a role in this confusion.
About market, TAPE continues to be hostage to oil price movement as oil related loans are very much in focus.Janet Yellen testimony can help sentiment which may clear up her interest rate hike focus. There is extreme reaction to any disappointment in earnings and good earnings lose their gains quickly, thus a no win situation for now. Stay with conviction as this phase may be coming to an end soon.
BLOG does NOT give buy or sell.
Saleem
12 comments:
Hi Saleem,
I notice that BIDU hasn't even announced its fourth quarter earnings date yet. In 2015, they announced the earnings date of 2/11 on 1/23. In 2014, they announced the earnings date of 2/26 on 2/6. They have always had a press release to announce every quarterly earnings date, so it looks to me like they won't be reporting for weeks still.
Stocktrader
Hi Saleem,
Bought BAC @ 12.35 to get a bit longer and more cyclical.
Stocktrader
Hi guys,
Sold FB @103.10. It might go higher, but I have take the profit. I believe it is a good investment. Wait for a pull back. GL
Joseph
Hi Stocktrader,
Yes you are right about BIDU earning date,Google,zaks, TD Ameritrade had it all wrong.
Good luck with BAC.
Saleem
Hi Joseph,
Booking profit is a good idea.
Saleem
Hi guys,
Added more to my TZA hedge @ 66.30
I really can't make up my mind which way the market is going.
It is smart to book profit when you have it...
Stocktrader
Hi Stocktrader,
I will book profit whenever I can, until the market gets stabilized. We cannot do any investment at the moment. We must trade whenever we can.
What do you think of RLYP? It has been so weak these days. IBB is up. And yet it is down. Let us hope it will make a turn around.
GL
Joseph
Hi Joseph,
Two days in a row the very bearish MS analyst ($9 PT) has made negative commentary, both before yesterday's presentation and after.
Investors are nervous about the initial prescription data being slow-starting. With the buyout basically off the table (the company would never sell this low), we have only fear of the next move being lower instead of being optimistic for the future.
The more positive catalysts will come as the competitor's drug becomes very much more scrutinized given their ion exchange choice of sodium being problematic (PDUFA data 5/26), and when we see a steady ramp of our prescriptions, even if they start slower than some expect.
Given the very large market opportunity for the drug coupled with favorable chemistry, this is one of the few stocks I can forsee being much higher at this time next year even if the next month could still be volatile.
Stocktrader
Thanks Stocktrader for your feed back. let us hope for the best. Patience will reward us. Once again thanks so much. Gl
Joseph
Hi Saleem,
Sold FIT @ 14.98
The "new stake" today by the Salesforce CEO was just a conversion from one class of shares to another thereby changing the reporting look. The chart looks tentative here and I want to see if a better entry presents itself.
Stocktrader
Hi Stocktrader,
Good luck with new ideas.
Saleem
Hi Saleem,
Added to WLH @ 9.19
Mortgage applications were up 9.3% last week with refinance up 15.8% and purchase up 0.2%. I suspect this activity will accelerate with rates continuing lower this week, and I think purchases will play catch up. I already have good exposure with TREE, and wanted to add some to WLH which was my previously smallest position with P/E extremely low and priced in a distressed scenario that seems unlikely.
Stocktrader
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