Indices closed mixed.
S&P 500 @ 2125.77, low 2119.90, high 2141.33
RSI @ 37.19
CMF @ 0.144
Internals were :
Down volume led by 1.84 to 1 in NYSE & .70 to 1 in Nasdaq
Declining stocks led by 1.10 to 1 in NYSE & 1.03 to 1 in Nasdaq
Net new 52 wk lows were leading by 5 in NYSE & highs by 1 in Nasdaq
VIX UP 1.62% @ 18.14
Oil @ $43.58
Gold @ $1326.10
Stocks which were UP 1% or more included QRVO SPLK
FNSR NTES EGO TWTR AAPL NXPI LVS WYNN
SINA WB BABA M TCK CRUS......
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE was under selling pressure again due to lower oil prices, but managed to keep support around 2120 area, this could be a triple bottom. Internals were mostly weak. AAPL & its suppliers were strong. FANG maintained green close. TAPE may have discounted Fed meeting already.
BLOG does NOT give buy or sell.
Saleem
9 comments:
Hi Saleem,
I decided last night I was going to do a BAC for DKS swap this morning. Of course DKS get an upgrade, and then Cramer highlights it right before the bell. Nothing like making this more difficult lol...
Stocktrader
Hi Saleem,
Sold BAC @ 15.73
I think prospects for a rate hike are dimming in the near term and the charts are still extended. With the market on shaky ground, I think financials are not the right play currently despite the yield curve steepening.
Stocktrader
Hi Saleem,
Trimmed some SWN @ 13.84
It seems prospects for energy have dimmed this year and so this didn't deserve to be such a large position. I actually wonder whether I should have trimmed more or sold it entirely. I'll see what the nat gas inventories look like today...
Stocktrader
Hi Stocktrader,
Good luck with proceeds from BAC &SWN.
I believe energy has seen it's low point and will find support here.
But...I am a dreamer...
Saleem
Hi Saleem,
I am tempted to just buy TNA with the proceeds given I think rate hike talk is off the table for now and long TNA might be the best way to express that. The whole market seems tamer for now with volatility starting to fall again and longer yields higher but more stable.
Stocktrader
Hi Saleem,
Ok, I did it: Bought more TNA @ 74.29
Portfolio: TRIL TNA SWN SPLK FDX WLH QRVO AKS ZYNE GWPH CNAT, cash 3.4%
Stocktrader
Hi Stocktrader,
Good luck with your number 2 spot for TNA.
Saleem
Hi Saleem,
It is actually very nearly the same size as TRIL at ~14.9% each. At this moment, TNA is ahead slightly.
I thought it was extremely interesting yesterday when the Richemont CEO said there was overcapacity in every manufactured good in the world right now. I think this might be mostly true, and that sets up a very tricky next 5 years to navigate and likely is contributing to the very slow world growth and lack of pricing pressure throughout the world. I think it is worth paying heavy attention to these dynamics.
Stocktrader
Hi Stocktrader,
The problem with any media reports, most of the time it is discounted in the market place by smart money ( hedge funds) as they are fully aware of any trends / change which affect their strategy.
Once it is on CNBC it is buy the news.
Saleem
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