Indices closed down.
S&P 500 @ 2075.81, low 2071.62, high 2099.30
RSI @ 54.28
CMF @ 0.123
Internals were :
Down volume led by 2.07 to 1 in NYSE & 2.07 to 1 in Nasdaq
Declining stocks led by 1.87 to 1 in NYSE & 1.96 to 1 in Nasdaq
Net new 52 wk highs were leading by 117 in NYSE & 57 in Nasdaq
VIX UP 10.53% @ 15.22
Oil @ $46.03
Gold @ $1266.40
In my portfolio :
Sold MSFT @ $49.78
Bought FB @ $117.12
Stocks which closed green included CMG FB NTES JCP
ABX GG SLW AEM LVS WYNN LNKD SINA WB
MU SU SWIR CSOD VRX AGU.....
AH ER...BIDU UP 4.29%, LNKD UP 7.97%
EXPE UP 10.85%, AMZN UP 12.62%
BIDU Q1 EPS was a beat by 3 cents and is guiding higher Sales for Q2
AH Futures UP
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, TAPE was in green around 2 PM when Mr Icahn informed the world that he has zero AAPL shares, also predicted day of reckoning for market, that is all what was needed by many traders and they started selling in heavy volume. After hour earning reports were stellar from AMZN, LNKD , EXPE & BIDU which should tell Icahn followers, selling was not a great idea. This was the pullback which we got in a hurry in 2 hours.
BLOG does NOT give buy or sell.
Saleem
15 comments:
Hi Saleem,
Rebought BAC @ 14.71
Stocktrader
Hi Saleem,
Bought SPLK @ 52.10
Stocktrader
Hi Saleem,
I had lots of plans today including maybe buying some DAL and FB on the dips also, but I ran out of buying power obviously. I maybe should have chosen something other than BAC, but the prospect of buying back much cheaper than yesterday was too appealing.
I am surprised with the resilience of oil in the face of declining stock markets overseas (yes, I know a lot of this is a weak dollar situation), but also the stabilization of interest rates--I think maybe investors are getting a whiff of inflation given the commodity price rebound. This was my main reason for rebuying BAC.
Stocktrader
Hi Stocktrader,
Good luck with BAC & SPLK.
Commodities are in vogue as even Europe is growing GDP wise.
Inflation in North America, Asia is a huge reality.
Saleem
Hi Saleem,
Sold WLH @ 14.56
I should have followed my gut and pared earlier, and then I had a good chance to sell yesterday but wanted to really think through it.
WLH is at the negative inflection point of a number of trends including west coast geography and higher priced homes. Also, MTH really put a damper on margin trends for homebuilders. I think it is proper to sit back on the sidelines for now.
I'll be looking at mostly FB for purchase, although I do want to get into TWTR at some point in the future.
Stocktrader
Hi Saleem,
Bought FB @ 116.72
Stocktrader
Hi Saleem,
I listened to the EMN call this morning (didn't post until now, sorry). They sounded pretty downbeat in certain areas of their business like commodity chemicals, offset by positivity surrounding their specialty chemicals differentiation. The did indicate on the call that they potentially could be as low as -5% YoY EPS this year, which I would characterize as a different tone than their press release indicating a push towards flat YoY.
These guys are traditionally very conservative with tone and guidance, so I think that's why we are seeing a rise from the bottom in the stock price, but I'm nervous enough about some of the things they said that I may trim some of my chemicals exposure in coming weeks.
Stocktrader
Hi Stocktrader,
Good luck with FB.
Chemical stocks are seeing very good margins as per DD.
Eastman is doing UPOD.
Good luck with your strategy.
Saleem
Hi Saleem,
I will note on EMN though, that I was somewhat "worried" they might try to make an acquisition of a smaller player, but it actually seems like they are interested in divesting their commodity business and want to return more capital to shareholders, so those are positive points.
Stocktrader
Hi Saleem,
There is some talk of "peak margins" in chemicals as the raw commodities are starting to increase in price along with oil, but end demand is not growing that quickly for the finished products. I heard some of that from DOW, and DD's positivity was really on the agriculture side. I will be thinking more about this over the weekend, and will depend on the price action also.
HUN's call was very upbeat yesterday btw, but I fear they are *too* excited about their prospects. That said, they still have good upside should things turn out even moderately well for them, and their pursuit of the titanium dioxide spinoff/divestiture could be a nice return for shareholders.
Stocktrader
Hi Saleem,
I've listened to so many conference calls this week that I'm pretty exhausted lol. The weekend can't come fast enough...:)
It will take a while to really digest everything I heard this week.
Stocktrader
Hi Stocktrader,
You are a very detail oriented analytical trader, i am very sloppy on FA, pay too much attention to TA for stocks and markets.
Weekend is here and you need to take Saturday off from info overload.
Saleem
Hi Stocktrader,
Sold QRVO @ $44.60
Bought CNQ @ $29.91
Saleem
Hi Saleem,
Many charts are starting to look tougher. Some of the semis in particular look like rolling over topping action (SWKS I follow closely). Hopefully my NXPI can continue the outperformance.
The resilience of oil continues to surprise me. I've thought it was time for a pullback days ago, but it creeps higher every day it seems.
Good luck with your swap!
Stocktrader
Hi Saleem,
Sold EMN @ 75.96
Their conference call commentary told me they were facing some headwinds that could limit growth this year. I also want some cash for Monday to see if anything happens with Japan over the weekend.
Stocktrader
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