Indices closed UP.
S&P 500 @ 2182.22, high 2183.08, low 2168.50
RSI @ 59.46
CMF @ 0.203
Internals were :
Down volume led by 1.07 to 1 in NYSE & 1.04 to 1 in Nasdaq
Declining stocks led by .91 to 1 in NYSE & 1.43 to 1 in Nasdaq
Net new 52 wk highs were leading by 76 in NYSE & 45 in Nasdaq
VIX Down 3.56% @ 12.19
Oil @ $46.79
Gold @ $1348.80
AH ER....NTAP UP 7.45%, YY UP 3.4%
NTES UP 2.31%
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE fought its way back to positive in all indices & closed @ high of the day on Fed minutes, Fed is in no hurry to raise rates, this is good for equities as many traders were afraid for hawkish statement in minutes. Internals were weak but oil turned UP which also supported TAPE. Earnings tonight are positive. Monthly option expiry may play a positive role in next two days of trading.
BLOG does NOT give buy or sell.
Saleem
13 comments:
Hi Saleem,
Sorry I was out most of the day with errands.
Very nice job on VRX--your patience was well rewarded! :)
Good luck on the new picks. You have been hitting some great ones this year!
Stocktrader
Hi joseph,
Yes, it looks like another bidder is not around for RLYP. We did well regardless! :)
As for TRIL, it is nice to be in the right place at the right time once in a while. A couple of news pieces this week has put anti-CD47 companies and TRIL specifically on the radar. I like continued upside even from these levels.
Stocktrader
Hi Saleem,
Sold CY @ 11.32
Given my dealings with RLYP, I am now more fully aware than ever that takeover rumors can be totally false. CY was a takeover play for me, but is only fairly valued, or maybe slightly overvalued, without that bonus. I'll move towards a better fundamental story or valuation.
Bought very speculative CIE @ 1.28
The CEO and CFO both bought shares at 0.99 in recent days suggesting more upside than just these levels. An upgrade from hold to buy today helps also--you don't see that much in ~$1 story. I'll take a chance and see what happens.
Stocktrader
Hi Stocktrader,
Added 50% CMG @ $ 394.11
Saleem
Hi Stocktrader,
Good luck with CIE.
Saleem
Hi Saleem,
Good luck with more CMG. The stock is muddled to me right now, but you seem to work those situations so well!
Stocktrader
Hi Saleem,
I keep hearing about the huge optical cycle in play in China. I have been looking at OCLR, but fear I missed the best of the action. I'll keep it on the radar and maybe we'll get a pullback at some point.
Stocktrader
Hi Stocktrader,
Sold TRIL @ 14.59. It has grown almost 30 % in two days. I will wait for a pull back to buy again. CIE is also flying. I am happy for you. I am skeptical of some of the penny stocks. I also dont trust some of the Chinese stocks. Once I got burned because the stock was delisted from Nasdaq.
Thanks for sharing your trades. Good luck to you
Joseph
Hi joseph,
Good luck with TRIL re-entry...I am holding out for much higher :)
I normally don't buy stocks like CIE, but it was a particularly unusual setup that I thought had limited downside risk. I went very small in it, ~2% of portfolio, but I thought it had a chance for 50%-150% gain, so that would make a decent contribution to overall portfolio returns.
I starting playing much more in Chinese stocks after the crisis given China's huge stimulus and after nice successes on NTES ('03-'04?) and CSIQ ('07-'08) in my first attempts with those kinds of stocks. Things kind of fell apart then, but I was never still in when a delisting occurred, thank goodness, but I felt pain on some of them for reasons I didn't know at the time. RINO DEER TRIT were favorites of mine at certain points.
Stocktrader
Hi Stocktrader,
Sold CNQ @ $32.74
Saleem
Hi Stocktrader,
Sold UA @ $42.05
Saleem
Hi Saleem,
Nice sells after some gains--I haven't seen you trade this much in a while! :)
I really like energy here still, but UA is another "muddled" stock for me.
Stocktrader
Hi Stocktrader,
Yes.....i am trading much more than my normal strategy......
Market is lofty...thus my fast & furious approach.....
Saleem
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