Indices closed UP.
S&P 500 @ 2180.38, high 2183.48, low 2170.19
RSI @ 55.70
CMF @ 0.140
Internals were :
UP volume led by 4.83 to 1 in NYSE & 2.02 to 1 in Nasdaq
Advancing stocks led by 2.60 to 1 in NYSE & 1.68 to 1 in Nasdaq
Net new 52 wk highs were leading by 180 in NYSE & 121 in Nasdaq
VIX Down 5.20% @ 12.94
Oil @ $46.98
Gold @ $1327.10
Stocks which were UP 1% or more included AKS CMG GG
KORS SPLK FB ABX KGC AEM LVS LEN SINA YUM
DNKN TK YELP SPWR MU TCK.....
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE was UP today despite better economic data pointing to higher interest rates & lower oil. Strong stocks continue to outperform. Internals were strong. Another UP day will confirm today's snapback. This is a TAPE for conviction & patience, when it looks bleak, immediately it turns UP.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
Trimmed some SPLK @ 59.28
It feels like the sector is under a "cloud" with slowing growth as the sector matures and the proliferating idea of Fed rate hikes. Although I still believe SPLK is a long term winner, I think upside is limited for now. This sale drops it to my #2 position.
Bought speculative position in CNAT @ 1.95
These guys were recently mentioned for having the most effective treatment for the Zika virus in their developing drug for liver disease. Even though the buzz is that these guys would have to license that drug for little to no money, I think there's still value in that drug or technology for this $42M market cap company. It is worth a small try in my opinion.
I don't know what my fascination with these speculative plays are recently, but I feel like the timing is right for special situations. They all wouldn't work obviously, but I figure if I try a basket, I'll get some right :)
Stocktrader
Hi Stocktrader,
Good luck with CNAT.
Yes...basket of speculative stocks should work out.You only need one winner.
Saleem
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