Indices closed mixed.
S&P 500 @ 2139.17, high 2145.36, low 2132.77
RSI @ 44.18
CMF @ 0.011
Internals were :
UP volume led by 1.17 to 1 in NYSE & .70 to 1 in Nasdaq
Advancing stocks led by 1.10 to 1 in NYSE & .92 to 1 in Nasdaq
Net new 52 wk highs were leading by 8 in NYSE & lows by 25 in Nasdaq
VIX UP 3.58% @ 15.91
Oil @ $50.18
Gold @ $1253.80
Stocks which were UP 1% or more included AMD
TCK NTES KORS ABX UA KGC CSIQ
SINA SWN WB SLW AEM FCX.....
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, TAPE closed near low of the day on lower oil & Fed minutes, minutes are telling some, that a rate hike is all set for December, thus a pullback by end of the day. There is lot of trading left between now & December hike, IF it comes.Nasdaq was weak today, as its internals were mostly negative. Stay with a game plan which works for you.
BLOG does NOT give buy or sell.
Saleem
11 comments:
Hi Saleem and Stocktrader,
People say trend is your friend. These days the market has been quite weak. Now a days we see a downward trend. I have some cash. Is it good to buy some good stocks? It may be good to buy some gold. I know it is difficult to predict the future. Your views will be appreciated.
Good luck to everyone
Joseph
Hi Joseph,
I think the fear of the election outcome (Democratic win in House to control all) is really gripping the markets now. I don't think that will fade until possibly the election itself which makes it difficult to take risk, especially in sectors that will be disproportionately affected like pharma, finance, and traditional energy. A lack of institutional support usually means a drip down market. I'm unfortunately fully invested, and fear further downside.
Stocktrader
Hi Stocktrader,
I always felt that the presidential election would create havoc in the market. However I must say that the fourth quarter is the best time for the market. The time will tell the story...
Joseph
Hi Joseph,
The crazy part is that a month ago we were selling off because Trump was gaining strongly in the polls. Now we are selling off because Clinton is really ramping higher in the polls. It is certainly a fickle market...
I did not expect a scenario where the Republicans could lose the House this year. That has put many of my investments are more risk than I imagined. A Clinton win but Republican House should have little to no effect on specific sectors, so the base case scenario has no concerns.
Stocktrader
Hi Stocktrader,
You have touched an important point. It is true if Clinton wins and Democrats control the house, they can do anything they want. The Republican party is in disarray right now. There is a possibility of Democrats winning the house too.
Let us hope the leaders will do the right things for the nation.
Joseph
Hi Joseph,
Market goes up and market goes down and flip flop on a daily basis. ..yes in hindsight there is a reason given...but it is always discounting issues....
Current issue is 2 fold, fed and election with added mix of Chinese weakness today...
All this is creating a huge buying opportunity. ..
Good luck with your decision.
Saleem
Hi Joseph,
Looking at ZYNE's new corporate presentation, they reference having enough cash to fund trials through 2017. I think this takes the pressure off financing somewhat and may lead to a little relief in the stock price. With multiple 2H2016 catalysts, this might be a good risk/reward here.
http://ir.zynerba.com/phoenix.zhtml?c=253915&p=irol-irhome
10.13.2016 Corporate Presentation under Investor Materials
Stocktrader
Hi Saleem,
Thanks for sharing your thoughts on market. In fact the market looks better at the moment. Thanks for the blog.
Joseph
Hi Stocktrader,
Thanks for sharing the link and the latest information on ZYNE. Let us hope the stock becomes our next RLYP. Gl
Joseph
Hi Stocktrader,
Bought TCK @ $17.77
Saleem
Hi Saleem,
Good luck with TCK! The world commodity picture feels tenuous but TCK has performed very well recently.
Stocktrader
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