Indices closed mixed.
S&P 500 @ 2139.43, low 2131.59, high 2145.73
RSI @ 46.12
CMF @ -0.051
Internals were :
Down volume led by 1.19 to 1 in NYSE & 1.51 to 1 in Nasdaq
Declining stocks led by 1.83 to 1 in NYSE & 2.21 to 1 in Nasdaq
Net new 52 wk lows were leading by 5 in NYSE & 24 in Nasdaq
VIX UP 5.79% @ 14.24
Oil @ $49.18
Gold @ $1266.60
In my portfolio...Sold TCK @ $21.04
AH ER...CAKE UP 8.10%, TSLA UP 4.45%
AH Futures Down
AH Asian Markets Down
AH Oil UP
AH Gold Down
About market, TAPE struggled with poor earnings report whole day, managed to close well above low of the day. Nasdaq closed 3 points below 50 DMA, with AMZN & GOOG reporting AH on Thursday, we may see major technical improvement. Internals are all negative, a rare event. I am expecting a positive day and better AH action.
BLOG does NOT give buy or sell.
Saleem
9 comments:
Hi Saleem,
Sold ACIA @ 81.37
This experiment turned out poorly. It's second largest customer warned overnight in Europe. Given the massive runup, I fear how far it could drop versus potential upside at this point.
Stocktrader
Hi Saleem,
I was checking out FDX this morning. The chart and valuation look good, and UPS indicated strong growth with a few company-specific issues. My fear is that AMZN says something game-changing for the industry tonight, maybe a large-scale rollout of their own logistics system. Who knows, but it has me nervous enough to avoid what looks like a very good situation at FDX...
Stocktrader
Hi Stocktrader,
ACIA exit is good for your portfolio.
FDX is vulnerable to AMZN and even GOOG getting into delivery business.
Saleem
Hi Saleem,
Bought FDX @ 173.49
Ok, so I thought through this a little more and decided too many things line up positive to let an AMZN fear mar the investment thesis. At worst, AMZN will need delivery services for a long time still, and at best, AMZN could just buy FDX?! :)
Bought AMZN @ 822.65
So I needed this position. I think even if the margin outlook is depressed due to spending on new projects, I think investors could easily see this as a positive. AMZN should be a core position for the portfolio given consumer and business trends. It's actually quite hard to believe AMZN is <$400B market cap still...
Stocktrader
Hi Stocktrader,
Good luck with AMZN and FDX.
Saleem
Hi Saleem,
Portfolio: TRIL(16%), WLH(11%) QRVO LYB SPLK FDX(10%), AMZN(9%) ZYNE, DKS(7%), AKS(5%), CNAT(3%), cash 0%
I ran out of buying power to make AMZN a totally full position, but it's close, and it's ok given earnings tonight.
Stocktrader
Hi Stocktrader,
AMZN 9% is decent exposure, considering its move is minimum 8% tonight.....
Saleem
Hi Saleem,
The $RUT.X is acting horrible today, and is down 5% on the month also. Continually rising rates and uncertainty surrounding the election are definitely playing their part. My portfolio has suffered this month...
Stocktrader
Hi Stocktrader,
This is temporary, hopefully trend changes tonight with AMZN and GOOG.
Saleem
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