Indices closed down.
S&P 500 @ 2126.50, low 2124.43, high 2135.61
RSI @ 40.52
CMF @ -0.047
Internals were :
Down volume led by 1.65 to 1 in NYSE & 1.79 to 1 in Nasdaq
Declining stocks led by 1.51 to 1 in NYSE & 1.48 to 1 in Nasdaq
Net new 52 wk highs were leading by 4 in NYSE & lows by 74 in Nasdaq
VIX UP .56% @ 16.21
Oil @ $49.94
Gold @ $1256.60
AH ER ...NFLX UP 19.66%, IBM Down 3.04%
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE was under selling pressure again and closed near low of the day, negativity is due to fed speak, election jitters and lower oil. Earning season have started and there was a surprise upbeat result from NFLX tonight. Many strong stocks have pulled back to support area and are ready for up move. I did many switch to better position in earnings season, more switch to follow.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
I am considering a position in LYB.
CE's earnings today were not particularly impressive, but the stock is doing quite well. Valuation is very reasonable. The daily chart is a recent series of higher highs and higher lows with a very recent breakout above the moving averages and with an upcoming golden cross. The weekly chart is coiling tight right at the convergence of the 50- and 200-week MAs with a positive MACD. The explosion this week at a BASF plant could tighten the supply of ethylene in Europe for months, creating a tailwind for LYB. Call activity in the past three weeks has been bullish biased with some days of outlying large call activity.
I think this sets up pretty well altogether.
Stocktrader
Hi Stocktrader,
Your analysis of LYB is very thorough, you should take advantage of technicals and fundamental news.
Good luck!
Saleem
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