Indices closed mixed.
S&P 500 @ 2001.76, high 2006.12, low 1989.38
RSI @ 63.74
CMF @ 0.297
Internals were :
UP volume led by 2.40 to 1 in NYSE & 1.77 to 1 in Nasdaq
Advancing stocks led by 1.98 to 1 in NYSE & 2.21 to 1 in Nasdaq
Net new 52 wk highs were leading by 61 in NYSE & 9 in Nasdaq
VIX UP 2.9% @ 17.35
Oil @ $37.90
Gold @ $1264.00
Stocks which were UP 1% or more included ABX CNQ
LULU PANW SWIR COH TSLA SU FFIV LNG
YELP FEYE AAL LRCX SLW GG AEM CCJ
DATA MGA ORCL VRX ZG AGU......
In my portfolio :
Reduced FB by 20% @ $105.10
AH ER...SHAK Down 8.81%, URBN UP 12.25%
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, TAPE was mixed by close but there was a major split in direction of sectors, FANG definitely seems to have weakened quite a bit, thus my reduction of FB weighting from #1 to #3 weighting. I keep an eye on changing TAPE action. Market seems to be pulling back after a long sharp run. It will be interesting to see which sectors will hold up better, i do have my ideas and pick.
BLOG does NOT give buy or sell.
Saleem
11 comments:
Hi Stocktrader,
Bought CNQ in pre-market @ $25.65.
Saleem
Hi Saleem,
Good luck with the rebuy. I am nervous about the commodity sector after the huge run, but CNQ appears to be one of the better positioned.
Question for you: How does the C$ factor into their earnings? Do you have to game that side of it also?
Stocktrader
Hi Stocktrader,
CNQ hedges their production in US$, they also export to US.
Canadian $ hedging is normal business practice for all exporters.
Saleem
Hi stocktrader,
Your TZA trade a good one. You jumped in at the right time. I also have a position but the price is 49.20. Jumped in a little early.
Good luck to everyone
Joseph
Hi Saleem,
Sold TZA @ 48.60
I think the small caps could potentially take another leg up as they've been beaten down for so long. This also frees up more cash for stock picking for me.
Stocktrader
Hi guys,
I agree with stocktrader with his view with small cap. Usually the first quarter of the year is for small cap to go high. Good luck.
Joseph
Hi Saleem,
Bought SPLK @ 45.85
This isn't an ideal entry, but I'll try to play against the flattening 50 DMA.
Stocktrader
Hi Saleem,
Added a bit to FB @ 106.52 with my remaining cash.
FB had fallen to my smallest position as other "speculative" positions extremely outperformed. I thought this was a great chance to add, again with the 50 DMA as downside support.
Stocktrader
Hi Stocktrader,
Reduced FB by 60% @ $106.58.
Added 180% CNQ @ $25.15.
Good luck with SPLK.
Saleem
Hi Saleem,
Wow, exact opposite sites of the FB trade! :)
As I mentioned yesterday, the daily selloffs we experienced on Friday and yesterday was refreshing the market to the point that we didn't need a big selloff. I expect a better finish today to really confuse all the traders.
Things are much different in the world than just a month ago. The seeming bottom in oil has changed the game in more profound ways than people realize, because they didn't actually realize how much traders/investors had started to price in over the months/year some kind of huge collapse in any oil-producing country as well as bank defaults rampant throughout the world system.
I think the market digests mostly sideways here and so I believe the need for protection is minimal.
Stocktrader
Hi Stocktrader,
Stock selection is critical @ this stage in market, easy money has Be
been made.
Now it's slow and painful road to making money IMHO.
Saleem
Post a Comment