Indices closed down.
S&P 500 @ 2132.55, low 2114.72, high 2138.19
RSI @ 42.30
CMF @ 0.00
Internals were :
Down volume led by 1.86 to 1 in NYSE & 2.03 to 1 in Nasdaq
Declining stocks led by 2.04 to 1 in NYSE & 2.55 to 1 in Nasdaq
Net new 52 wk lows were leading by 7 in NYSE & 73 in Nasdaq
VIX UP 4.90% @ 16.69
Oil @ $50.40
Gold @ $1257.60
AH Futures Down
AH Asian Markets Down
AH Oil & Gold UP
About market, TAPE reacted to weak Chinese import and export numbers, fear of Chinese slowdown gripped the market, by close, we were @ half decent numbers. Nasdaq is below 50 DMA, which is very troubling in Q4, which is the strongest seasonality. Strategy should be to stay put and show conviction and patience.
BLOG does NOT give buy or sell.
Saleem
11 comments:
Hi Saleem,
Really great results out of C despite the challenging world growth and interest rate environment. With tangible book value of $64.71 and having bought back 6% of its shares in the past year, it might be my new favorite financial stock.
Stocktrader
Hi Stocktrader,
What a difference 24 hours make, China was slow growth yesterday and today...party is on?
Yes....C did well and Financials are back in vogue.
Saleem
Hi Saleem,
Sold AAPL @ 117.89 to take profits.
Looking to buy YUM.
Have orders to sell SPLK and ACIA if they rise enough. Looking to also buy C if the opportunity presents itself.
Stocktrader
Hi Saleem,
Bought YUM @ 89.67
Stocktrader
Hi Saleem,
Argh, just missed an ACIA sell and now it's down $2.50 from the highs. Truly a volatile stock.
Stocktrader
Hi Stocktrader,
Good luck with YUM.
Good luck with selling strategy.
Saleem
Hi Stocktrader,
Zacks Investment Research downgraded shares of Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE) from a hold rating to a sell rating in a report published on Wednesday morning.
What do you think of the news? Let us hope it will hold it. GL
Joseph
Hi Joseph,
Sorry I was out of the house for a while today.
Zacks is a quantitative and technical service. Its calls are not research-based, so it shouldn't be weighted heavily, especially on biotech stocks which don't have any reported numbers to analyze appropriately.
Today is kind of a "no heroes" day where people don't want to hold an ugly chart into the weekend. Volume has finally picked up substantially, and support is strong here. I think valuation remains very good and I think it has specific catalysts that may help price appreciation. I also think the House is not in true danger of going Democratic, so I think the general drug/biotech selloff is overdone.
Only time will tell where we stand, but honestly I'm not worried.
Stocktrader
Hi Saleem,
Added to ZYNE @ 10.91
Portfolio: TRIL, QRVO ACIA SWN SPLK YUM, ZYNE DKS WLH URI, CNAT, cash 0.0%
This has been a very hard week. Had to know one of these was coming!
Stocktrader
Hi Stocktrader,
Thanks for your take on Zach's downgrade on ZYNE. For all of us, today was not a good day. Let us hope next week will be a better one. Thanks for sharing your stock ideas with us.
Have a good weekend and good luck to everyone.
Joseph
Hi Stocktrader,
Good luck with more ZYNE.
Saleem
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