Indices closed mixed.
S&P 500 @ 1912.53, high 1918.01, low 1872.23
RSI @ 45.37
CMF @ 0.046
Internals were :
UP volume led by 2.05 to 1 in NYSE & .97 to 1 in Nasdaq
Advancing stocks led by 1.74 to 1 in NYSE & .998 to 1 in Nasdaq
Net new 52 wk lows were leading by 147 in NYSE & 236 in Nasdaq
VIX Down 1.50% @ 21.65
Oil @ $32.38
Gold @ $1141.30
AH ER...GPRO Down 8.68%, TTWO UP 8.29%
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE tested support and made higher low and double bottom in S&P 500. It was an unbelievable V shape turnaround which usually marks a major upturn.Oil made its biggest single day gain of 8%+. All indices are showing positive CMF. Today had the feel of capitulation. Stay engaged with this TAPE now and hopefully we all benefit with our exposure.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hi Saleem,
I agree today had a certain feel about it like everything will be ok. Oil seems to bounce hard every time it gets a 2x.xx price, so maybe we have hit bottom. Even a stable price around $32 can lead to an orderly exit of weaker players. We definitely need a day of follow through buying to confirm, but I'm more optimistic than in a while about where we are in the stock cycle.
Stocktrader
Hi Stocktrader,
V double bottom should create a buying frenzy.
Even Carter Worth should be ready to draw a northbound chart now.
Saleem
Hi Stocktrader,
Added 30% FB @ $111.34.
Saleem
Hi Guys
I can't believe all my commodities are giving my money back. They are all on fire..fcx, aa , and auy. Good luck to you all
Joseph
Hi Joseph,
Making $/$$ always good.
Saleem
Sold AUY @2.21 . I never imagined I would get the profit. I had to buy 2000 shares more at 1.60. Given the market turbulence and rate hike, it was a difficult decision to make since gold is bound to go down. I was just lucky to get the money back. Gl
Joseph
Hi guys,
Good luck with the new moves!
I almost sold my SPXS hedge this morning, but I want to see how oil performs through the whole day (and maybe tomorrow). I have enough beta in the portfolio anyways that I'm outperforming the market today despite the hedge(s). I am a little underexposed to cyclical stocks, so I'd probably want to add there when I sell the SPXS hedge. I consider the TMF to not be so much of a hedge, but a thesis play instead. It has the added benefit of providing some hedging characteristics.
Stocktrader
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