Indices closed down.
S&P 500 @ 2180.89, low 2177.85, high 2185.44
RSI @ 63.50
CMF @ 0.315
Internals were :
UP volume led by 1.52 to 1 in NYSE & 1.07 to 1 in Nasdaq
Advancing stocks led by 1.35 to 1 in NYSE & .91 to 1 in Nasdaq
Net new 52 wk highs were leading by 255 in NYSE & 137 in Nasdaq
VIX UP .97% @ 11.50
Oil @ 43.02
Gold @ $1341.30
Stocks which were UP 1% or more included CNQ GG JCP VRX
CTRP SPLK SPWR SU KGC LVS WYNN SINA DNKN CHK
SWN TK SSYS RIG WB LNG M TCK SWIR AGU TRIP.....
AH ER...GPS Down 5.11%
AH Futures UP
AH Asian Markets UP
AH Oil Down
AH Gold UP
About market, TAPE digested huge gains from Friday, internals were mostly positive. Indices closed above lows of the day. TAPE remains healthy and we should resume this uptrend as soon as Tuesday. Stay with what is working and looks strong. Any weak day is a good day to execute your buy plan.
BLOG does NOT give buy or sell.
Saleem
8 comments:
Hi Stocktrader,
Added 30% GG @ $17.89
Saleem
Hi Saleem,
Good luck with GG!
Bought WLH @ 16.64
The next year outlook is still positive despite the unexpected hiccup guide for next quarter. Valuation is supportive here.
Stocktrader
Hi Stocktrader,
Good luck with WLH.
Saleem
Hi Saleem,
Sold GWPH @ 93.64
It is lacking new catalysts and hasn't participated in the rally to new highs. I'm moving to the sidelines to see what happens next...$90 or $100...
Stocktrader
Hi Saleem,
VRX to the moon (almost 19%). Good move to buy it and hold it. At times patience can reward you. Good luck.
Joseph
Hi Joseph,
Thanks for your appreciative note.
I am 99% patient until I have made money,then move on...
1% I sell because of relative value somewhere else.
We all practice our discipline to survive on wall & broad st.
Saleem
Hi Saleem,
Nice job on VRX!
A few more comments on WLH... When I was listening to the call last Friday, I heard about how without the unexpected charge, margins would have been guided higher for Q3. I also heard about how community count will continue to ramp into next year, and thought to myself, should I just buy here at $17.50? or keep waiting? I stayed patient, and got the better price today. I know the stock is even lower than my buy, but the one-time margin issue seems minor, and I think the buying opportunity here is good at 6x next year's EPS.
The risk is with a more general housing slowdown if price appreciation becomes even more problematic, or if long term interest rates move higher (which seems more and more unlikely with global buyers of our bonds being one of the few positive in the world...)
Stocktrader
Hi Stocktrader,
Thanks for your take in WLH, as usual thorough and with your own conclusions.
Saleem
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