Indices closed down.
S&P 500 @ 2170.95, low 2161.35, high 2173.79
RSI @ 50.06
CMF @ 0.125
Internals were :
Down volume led by 1.66 to 1 in NYSE & 1.39 to 1 in Nasdaq
Declining stocks led by 1.69 to 1 in NYSE & 1.73 to 1 in Nasdaq
Net new 52 wk highs were leading by 100 in NYSE & 82 in Nasdaq
VIX UP 2.29% @ 13.42
Oil @ $44.70
Gold @ $1311.40
AH ER...CRM Down 6.76%, CTRP Down 2.31%
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE continued its discounting process for higher interest rates by closing lower. We may have completed this process already today. Market will look ahead of jobs report. We may be looking @ buy the news now. Strong stocks should outperform in snapback. Stay diversified and show conviction and patience.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hi Saleem,
Trimmed some QRVO @ 57.61
I think I'm not liking the setup for AAPL suppliers into year end. I didn't sell all because I like the valuation and I think QRVO can take steps to improve margins which could be discussed at their analyst day later this year.
Stocktrader
Hi Stocktrader,
You have number of positions in pharmaceutical companies. It is almost certain that Hillary Clinton is going to be the President of Unites States. I think her presidency will have its impact on all these companies. I am very reluctant to add more to my position due to coming presidential election. What do you think? Your views would be appreciated.
Thank you and good luck with your trades
Joseph
Hi joseph,
I think the MYL saga actually shifted the discussion away from the innovative side of biotech and more toward the old drug/generic side of it which desperately needs reform. Those companies researching new treatments or cures I think will end up relatively safe yet have been beaten down with the group. This is where I see some opportunities.
TRIL specifically has held up quite well despite the pressures on the group, is supported by a solid and positively evolving fundamental outlook, and is not well known yet as evidenced by volume statistics. This represents the perfect trifecta for more gains ahead in my opinion.
My other holdings have their own stories, some which may work and some which may not, but individually don't represent a huge portion of my portfolio.
Stocktrader
Hi Stocktrader,
Good luck with your strategy.
Saleem
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