Indices closed mixed.
S&P 500 @ 2170.86, low 2157.09, high 2173.56
RSI @ 50.01
CMF @ 0.154
Internals were :
Down volume led by 1.24 to 1 in NYSE & .72 to 1 in Nasdaq
Declining stocks led by 1.10 to 1 in NYSE & .87 to 1 in Nasdaq
Net new 52 wk highs were leading by 84 in NYSE & 82 in Nasdaq
VIX UP .45% @ 13.48
Oil @ $43.16
Gold @ $1317.10
Stocks which were UP 1% or more included GG
NTES KORS BIDU CTRP PANW EGO ABX
KGC LVS SINA EXPE MA FEYE YELP
WB TWTR FSLR SPWR AMCC CIEN
LRCX PANW TCK SLW AEM
CRUS CSOD WYNN...
AH ER...AMBA Down 2.83%, LULU Down 9.08%
AH Futures Down
AH Asian Markets Down
AH Oil & Gold UP
About market, TAPE showed resiliency by closing near high of the day. Internals were mixed. Oil continued its slump but gold got a bid. Friday is all about jobs report 188K is what is expected, based on recent trend, it can exceed expectations, but after strong report comes weak number, thus its a crap shoot. IF we exceed then interest rate hike is firmed up, but IF its @ or below expectations, then hike is delayed. Market wants to rally no matter what either buy the news or celebrate weakness. There is a closing BLOG around 7 PM on Friday's.
BLOG does NOT give buy or sell.
Saleem
9 comments:
Hi joseph,
As a follow-up to my thoughts regarding your question about holding biotechs, Clinton released her plan today, link here:
***
http://www.cnbc.com/2016/09/02/clinton-campaign-to-propose-consumer-response-team-to-monitor-drug-price-hikes.html
"Over the past year, we've seen far too many examples of drug companies raising prices excessively for long-standing, life-saving treatments with little or no new innovation or R&D," Clinton said in a statement.
***
I think this reinforces my view that the "innovators" in the space are relatively safe, and this new clarification of plans might bring some institutional flows back.
Stocktrader
Hi Stocktrader,
Added 130% CNQ @ $31.82.
Saleem
Hi Saleem,
Good luck with more CNQ. I do like energy here.
Stocktrader
Hi Stocktrader,
Thanks for elaborating your views on drug companies.The Cost of Healthcare is skyrocketing today and I thought Hillary might control these companies that may affect their business. We live in a better and safer world because of innovation. I agree with you that the companies with innovation and new products will always have its place no matter whatever the political situation is.
Thank you and good luck with your trades
Joseph
Hi Saleem,
Sold QRVO @ 57.91
After thinking further about the smartphone chip space and QRVO specifically, I think it will be challenged to find buying interest for a few months barring a special event (takeover or buyback announcement). I'll watch from the sidelines for a while even though I think valuation is very reasonable.
Stocktrader
Hi Saleem,
FDX is already a 9% position for me but I'm considering adding for a year end run. I think it sets up well with operating margins improving, their major acquisition that looked shaky now looking much better, and a continued tailwind from e-commerce.
Stocktrader
Hi Stocktrader,
Good luck with proceeds from QRVO.
Good luck with your interest in more FDX.
Saleem
Hi Saleem,
The biggest regrets I have recently are buying/not selling steels and not buying OCLR right when I started monitoring it. It's been a sluggish few weeks, but still up 19.03% YTD...I can't complain :)
Stocktrader
Hi Stocktrader,
Excellent performance.
Saleem
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