Indices closed mixed.
S&P 500 @ 2164.20, low 2156.08, high 2171.36
RSI @ 59.32
CMF @ -0.009
Internals were :
UP volume led by 2.00 to 1 in NYSE & 1.59 to 1 in Nasdaq
Advancing stocks led by 1.10 to 1 in NYSE & 1.44 to 1 in Nasdaq
Net new 52 wk highs were leading by 11 in NYSE & 404 in Nasdaq
VIX UP 2.19% @ 14.48
Oil @ $43.3
Gold @ $1221.70
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE continues its pattern to reflect upcoming beneficiaries and negatively impacted sectors, this is a new trend which may take time to sort itself out. Dow continues its leadership in its making series of new all time highs. Dow RSI is @ overbought 72.66, Nasdaq RSI @ 51.08 and is below 50 DMA. I keep adjusting my portfolio to reflect current strength and trying to eliminate weaker sectors, this has endless supply and daily occurrence. We need to have core belief in good stocks irrespective of their current weakness, its an emotional selling, which is going in overdrive. Patience & conviction is being tested like so many other times.
BLOG does NOT give buy or sell.
Saleem
11 comments:
Hi Saleem,
Good news this morning:
05:36 EDT TCK Teck Resources upgraded to Buy from Neutral at Goldman
Goldman Sachs analyst Andrew Quail upgraded Teck Resources to Buy after his firm raised its coking coal and base metal price deck assumptions. Teck is a "unique" coking coal and zinc focused free cash flow "machine," Quail tells investors in a research note. He raised his price target for the shares to $31 from $21. :theflyonthewall.com
Stocktrader
Hi stocktrader,
DKS beat top & bottom line but stick is down by 4%. Comps were better too.
Q3 EPS of $0.48, $0.06 better than the analyst estimate of $0.42. Revenue for the quarter came in at $1.87 billion versus the consensus estimate of $1.77 billion.
Hi explorer,
I think the lackluster Q4 guidance is hurting some given the run and valuation. The conference call at 10ET might give additional clues on their business outlook, especially into next year.
Stocktrader
Hi Saleem,
Will be taking some profits today in TNA AKS SWN CNAT. Hopefully can get some good prices :)
Stocktrader
Hi Saleem,
Sold TNA @ 87.92 and 88.17
Sold SWN @ 10.98
Sold some CNAT @ 2.08
Still working on a bit more CNAT and AKS.
Stocktrader
Hi Stocktrader,
Thanks for TCK link.
Good move in booking solid gains.
Saleem
Hi Saleem,
Got rid of the rest of my CNAT @ 2.035 avg.
Despite being undervalued, they are seriously lacking catalysts now except in the case of a buyout. They don't have a special niche in biotech being just a drug that is working ok now albeit in a crowded field. I took profits on the huge run in the past week.
Portfolio: MET ZYNE TRIL LYB NEFF SPLK AKS, cash 35.9%
It was time to take a break and think about the next moves. I don't know if general market exposure, especially 3x (TNA), is the right positioning now. I'll probably go back to more the stock picking as the year-end approaches.
Stocktrader
Hi Saleem,
Watch the heavily-shorted materials as DRYS continues its crazy run. I'm thinking maybe the steels have more legs.
Stocktrader
Hi Stocktrader,
NO...TNA will not work.
Your strategy worked like a charm, take couple of weeks off,then see what will work.
Saleem
Hi Saleem,
You know me, that money will be back in something by the end of the week! :)
Stocktrader
Hi Stocktrader,
YES.....buy or sell button is very euphoric.....
Good luck within 72 hours.
Saleem
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