Indices closed mixed.
S&P 500 @ 2090.10, low 2087.08, high 2094.30
RSI @ 59.01
CMF @ 0.075
Internals were :
Down volume led by 1.29 to 1 in NYSE & .90 to 1 in Nasdaq
Declining stocks led by .93 to 1 in NYSE & 1.19 to 1 in Nasdaq
Net new 52 wk highs were leading by 75 in NYSE & 36 in Nasdaq
VIX Down 3.38% @ 13.43
Oil @ $49.48
Gold @ $1220.40
AH ER...SPLK Down 6.75%, PANW Down 9.91%
ULTA UP 8.33%
AH Futures UP
AH Asian Markets UP
AH Oil Down
AH Gold UP
About market, TAPE traded in an extremely narrow range which i have ever observed, range was only 7 points in S&P 500, so it was a no nothing session in low volume. GDP revision is on tap for 830 AM excitement, could be another narrow session for upcoming memorial day long weekend.Oil went through $50 but retraced by 52 cents. VIX getting near lower end of trading range, which may put resistance for equities.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hi Saleem,
Just like TSL yesterday, definitely some cautiousness for JKS in the second half of the year, but they remain the clear leader in the industry with amazing execution. I'll be trimming my overweight today as the gains in the last week have been great :)
Stocktrader
Hi Stocktrader,
JKS beat the expectations by a mile.
JKS is emerging as the best solar company with no excuse execution.
Good luck with your strategy.
Saleem
Hi Saleem,
Sold half my JKS @ 22.45
Poor price action and breaking below the 200 DMA on high volume. I might actually sell it all eventually today--I have good gains and the momentum appears to be gone for a company that reported so well.
Stocktrader
Hi Saleem,
Long JKS / Short CSIQ seems like an amazing pair trade at these levels (22.18/18.84).
Stocktrader
Hi Stocktrader,
Was out whole day.
You are good @ long / short trade....i am a novice ..so never try.
Saleem
Hi Saleem,
I don't usually do long/short pair trades because I only have limited funds in my trading account (as opposed to the much larger retirement accounts but that can't short stocks) and pair trades require devoted capital and time. That said, it seemed so obvious that JKS was well undervalued compared to CSIQ, and is likely still very much so even with the 3%+ gain in the pair trade since I mentioned it.
What a great week it was--somewhere in the +4.2% gain for the portfolio.
Have a wonderful extended weekend! :)
Stocktrader
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