Indices closed down.
S&P 500 @ 2045.17, low 2042.56, high 2062.50
RSI @ 58.28
CMF @ 0.230
Internals were :
Down volume led by 2.52 to 1 in NYSE & 2.44 to 1 in Nasdaq
Declining stocks led by 2.43 to 1 in NYSE & 2.41 to 1 in Nasdaq
Net new 52 wk highs were leading by 80 in NYSE & lows by 11 in Nasdaq
VIX UP 9.21% @ 15.42
Oil @ $35.89
Gold @ $1219.30
AH ER....CREE Down 18.86%
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE saw selling from open to close, Germany data was bad enough for a slump in DAX of 2.63%, other European exchanges were sharply lower in sympathy. IMF also made negative comment about world economy growth picture resulting in selling all over. Internals were better than indices. RSI also improved to get some buying underway. This was a typical selling on overbought condition, weak economic data & commentary from Fed to IMF.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hi Saleem,
Sold BAC @ 13.26 to free up some cash.
I'm not sure there's much they can do at this point to drive earnings growth so I think the cash might be better used for a different opportunity if one arises.
Stocktrader
Hi Saleem,
Did some more selling because the JPY and EUR continue to strength which could put pressure on the carry trades.
Sold URI @ 59.16
Sold FB @ 113.21
Sold RLYP @ 14.25
Stocktrader
Hi Saleem,
Sold SPLK @ 48.15 also.
The chart looks toppy and I think software could see a tepid start to the year given their increasing seasonality as they mature.
Stocktrader
Hi Stocktrader,
Good luck with your next picks.
Saleem
Hi Saleem,
I find myself in the strange situation where the companies I own/owned are my best picks, yet I'm not sure the price and/or market is right. So what happens is I'm trying this sell/buyback lower scenario, but that's not a game I like to play or one that has been historically good to me (although last week's try worked nicely). The market is definitely harder now after it was quite easy off the bottom until now.
Stocktrader
Hi Saleem,
Sold HUN @ 12.89
There was some massive short term put buying today, which I think is unusual considering the stock is not overbought and has had some new flows that bodes well for the future. We'll see if I made the wrong choice I guess...
Stocktrader
Hi Stocktrader,
YES...market is very different from 2014, 2015 & 2016 are much tougher.
Different sectors are in vogue but they are extremely volatile.
Good luck with rethink.
Saleem
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