Indices closed UP
S&P 500 @ 2187.02, high 2187.03, low 2180.46
RSI @ 61.34
CMF @ 0.268
Internals were :
UP volume led by 2.14 to 1 in NYSE & 1.46 to 1 in Nasdaq
Advancing stocks led by 2.39 to 1 in NYSE & 2.21 to 1 in Nasdaq
Net new 52 wk highs were leading by 158 in NYSE & 84 in Nasdaq
VIX Down 6.23% @ 11.43....not good for equity bulls?
Oil @ $48.89
Gold @ $1357.20
Stocks which were UP 1% or more included GG CNQ
KORS BIDU SPLK LULU SU OLED JKS QRVO
CSIQ SINA DNKN PCLN CHK SWN TK RIG
SSYS FEYE WB LNG YELP FSLR MU
CIEN TCK FCX DATA.....
AH ER...AMAT UP 5.56%, GPS Down 1.85%
AH Futures Down
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, TAPE closed @ high of the day after some hesitation earlier, internals were strong. Its monthly option expiry, which brings volatility to some stocks near certain strike price, it gives buying opportunity as a strategy @ desired price. I may look @ couple of stocks IF they come to my buy point. On Friday, there is a closing BLOG around 7 PM.
BLOG does NOT give buy or sell.
Saleem
12 comments:
Hi Saleem and Stocktrader
Bought AKS @ 4.80 and TRIL @ 13.72.
Let us hope the market will bounce back
Joseph
Hi joseph and Saleem,
Nice buys on the dip :)
Bought DKS @ 58.29 with the small buying power I did have.
I wanted back in this name and I liked the idea behind the purchase this morning.
Stocktrader
Hi Joseph and Stocktrader,
Good luck with AKS, TRIL and DKS.
Bought VRX @ $29.10
Saleem
Hi Saleem/all,
Good luck with a VRX rebuy! :)
Sold GM @ 31.46 to raise cash. I think the stock might be stuck here for a while despite thinking it is so well run right now. I have been considering selling FDX as trade deals get scrutinized so much right now.
Bought more DKS @ 58.58 to make a full position.
I think the analyst note on MACK is enlightening this morning. The company has many interesting trials underway in addition to their approved drug and is just a matter of when they could get more attention.
Stocktrader
Hi Joseph and Stocktrader,
Added 40% GOOG @ $773.78
Good luck with more DKS.
Saleem
Hi Stocktrader,
DKS is a good one. It is up already. Your comments on MACK helped me to buy it @5.01
Hope it goes up just like RLYP.
My Full time job doesn't permit me to make more comments.
Good luck to you and Saleem
Joseph
Hi joseph,
Here's the MACK note:
The sales ramp-up of Merrimack Pharmaceuticals Inc’s (NASDAQ: MACK) lead compound, ONIVYDE, is expected to be gradual in the current indication, BTIG’s Ling Wang said in a report. He reinitiated coverage of the company with a Neutral rating.
Slow Sales Ramp
ONIVYDE was approved in post-gemcitabine metastatic pancreatic cancer in the US. Although ONIVYDE could potentially result in a paradigm shift and has significant expansion opportunities, sales in the current indication could ramp up gradually in the first three quarters, analyst Wang mentioned.
“In our view, it will take time and a significant marketing effort to establish ONIVYDE as the standard of care, replacing multiple available treatments (not approved) currently used by oncologists,” Wang wrote.
MM-302 And MM-121 Prospects
MM-302 is in pivotal Phase II trial in breast cancer and data so far suggests a good success rate. MM-121 addresses a large unmet demand. “A potentially pivotal Phase II trial of MM-121 in heregulin positive NSCLC expects data in 2018…but the Phase II outcome (survival as the primary endpoint) is somewhat hard to predict given the lack of survival data from the prior trial in NSCLC,” the analyst commented.
Although Merrimack Pharma’s fundamentals are strong, MM-302 and MM-121 will be available only in 2017 or beyond, and the company’s shares could be range-bound in the near term.
Thanks Stocktrader for your detailed analysis on MACK. GL
Joseph
Hi Joseph and Stocktrader,
Started a position in CNQ @ $32.62...more to follow based on buying power?
Saleem
Hi Saleem,
Good luck with CNQ.
Steels hurting me today, and ever since I bought them really. Might have misstepped here.
Stocktrader
Hi Saleem,
I will say that part of my steel thesis is the prospect of consolidation which is desperately needed and would likely spark a huge rally in the sector. I'm starting to wonder if that's the only savior here though, or if there's enough cutting of capacity in China to propel earnings regardless...
Stocktrader
Hi Stocktrader,
Steels are not performing well @ all.
Analysts are extremely neutral or bearish....a reality we all have to deal with.
Takeover / consolidation is not a strong thesis.
AKS is a very small part of my portfolio, but i am wondering about its near term prospect.....
Saleem
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