Indices closed down.
S&P 500 @ 2111.72, low 2097.85, high 2131.45
RSI @ 35.73
CMF @ -0.156
Internals were :
Down volume led by 2.31 to 1 in NYSE & 2.58 to 1 in Nasdaq
Declining stocks led by 3.21 to 1 in NYSE & 2.29 to 1 in Nasdaq
Net new 52 wk lows were leading by 60 in NYSE & 117 in Nasdaq
VIX UP 8.79% @ 18.56
Oil @ $46.67
Gold @ $1288.00
AH ER...DATA Down 8.97%, Z Down 1.42%
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, TAPE was under selling pressure as polls creating uncertainty and oil going lower. Market is also worried about situation like " i do not accept result of this rigged election, because i am not elected"...this was articulated many many times...hanging chad or not, but this is going to be rough. Indices and leading stocks are all under 50 DMA, which is telling us, it is entering a rough patch. Try to survive until, all is clear on election front.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hi Saleem and Stocktrader,
It is so difficult to predict the market. I believe the presidential election does create the problem for the market. Very good opportunity to trade.
Today, TRIL is up 11% showing sign of life. I hope it will the beginning of a new upward trend.
Good luck
Joseph
Hi Joseph,
Election will be over next Tuesday, even IF supreme court gets involved in validation of this election, we are looking following Friday as resolution day for sure.
TRIL looking good for you and Stocktrader.
Saleem
Hi Saleem,
Sold AMZN @ 773.57 to raise cash.
With the company entering another spending cycle, the stock may need to rest for a while. I think upside is limited to 5% ($820) even in a rip-roaring post-election rally.
Stocktrader
Hi Saleem,
Added to ACIA @ 69.77
With good reports out of multiple peers over the last 24 hours, I think the selloff has been much overdone. The 100G cycle could be a dominant theme into next year.
Stocktrader
Hi Saleem,
Bought AKS @ 5.17 with my remaining cash (half position).
I think we are near "peak fear" about the election. AKS has acted so well since the secondary despite the challenging market. Forward contracts for steel appear to be rising.
Stocktrader
Hi Joseph and Saleem,
I still love TRIL and despite much nervousness surrounding drug prices and the election outcomes, I didn't want to sell the potential huge winner for next gen cancer treatment. Today is a good indication of its path to success.
Portfolio: TRIL, QRVO SPLK WLH LYB FDX, ZYNE ACIA DKS, AKS, CNAT, cash 0.0%
Stocktrader
Hi Stocktrader,
Good luck with AKS & more ACIA.
YES...TRIL looking very good.
Saleem
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