Indices closed UP.
S&P 500 @ 2139.53, high 2146.87, low 2123.56
RSI @ 52.69
CMF @ -0.177
Internals were :
UP volume led by 1.38 to 1 in NYSE & 1.53 to 1 in Nasdaq
Advancing stocks led by 1.32 to 1 in NYSE & 1.21 to 1 in Nasdaq
Net new 52 wk highs were leading by 38 in NYSE & lows by 20 in Nasdaq
VIX UP .16% @ 18.74
Oil @ $44.98
Gold @ $1274.50
Stocks which were UP 1% or more included TWLO
TCK AKS GOOG ACIA FB LULU OLED LVS
NTNX JKS QRVO CSIQ PCLN FNSR RIG
YELP SPWR FCX AGU DATA SWIR
CSOD MCD X.....
AH ER....TRIP Down 13.3%
AH Futures UP
AH Asian Markets UP
AH Oil UP
AH Gold Down
About market, TAPE was UP another day, good technical indicator. US election anticipated results are driving this market higher, polls are coming in as expected, that may propel markets higher on Wednesday. Internals are still not as positive as it could be, CMF is negative and new lows leading in Nasdaq. Stay with your high comfort stocks in this uptrend.
BLOG does NOT give buy or sell.
Saleem
13 comments:
Hi Stocktrader,
Bought WB @ $44.79 in pre market.
Saleem
Hi Saleem,
Good luck with WB!
I don't know what to think of any Chinese stocks today, but WB is definitely on sale after an amazing three months.
Stocktrader
Hi Saleem,
I'm struggling to determine how much to react to the Republican sweep both on the sell and buy side. Usually the "event effect" fades after a few days and I'd hate to throw away an entire company-specific thesis due to "gaming" this election result. I'm thinking about something like a FDX to sell (more restricted trade) or AAPL to buy (repatriation of offshore cash).
Thoughts about the general idea of swapping between "pro/anti-Trump" stocks?
Stocktrader
Hi Saleem,
Sold FDX ACIA DKS LYB. Will give prices later.
Stocktrader
Hi Saleem,
Bought MET @ 49.22
Higher rates, less regulation.
Stocktrader
Hi Saleem,
Recap:
Sold FDX @ 178.80 on trade fears.
Sold ACIA @ 68.70 on trade fears (Chinese largest customer).
Sold DKS @ 56.99 on lower consumer spending and gun sales fears.
Sold LYB @ 78.03 on trade and lower oil fears.
Bought MET @ 49.22 on higher long term rates and less regulation.
Portfolio: TNA MET ZYNE TRIL QRVO, SPLK, AKS, CNAT, cash 27%
I am now on hold. With this much uncertainty, it seems unwise to chase a rally into positive territory. I will be selectively buying on dips though.
Stocktrader
Hi Stocktrader,
Good luck with your own take on event and it's impact on sectors.
Yes MET could fare better.
About republican sweep, it will have its own challenges with old vs new republican politicians.
It's never easy in politics which is based on favors for vested interest.
Investing should be made on potential plus future prospects.
My thesis remains as before, buy good company @ bargain price.
PS..NTES reports tonight, should be a good report.
Good luck with your rethink!
Saleem
Hi Saleem,
Yes, I may have acted too hastily in some cases, but it really felt like a gift to be near unchanged after futures were limit down last night for a while (-850ish). A stock like ACIA is amazing with its current and future business, but calculating the Chinese part is difficult--I've seen it drop $10 in a day on fears...
I might just buy more TNA. It may the easiest way to express a "pro-business" sentiment in terms of lower corporate taxes and less regulation without having to worry about winners and losers.
Stocktrader
Hi Stocktrader,
Yes TNA is a good proxy for appreciation of your investing $.
Good luck!
Saleem
Hi Saleem,
Bought more TNA @ 71.59
Doubled my TNA position for lack of a specific idea. Market participants getting thrown on their head at the moment with this "surprise" rally. The talk of a 5-10% decline (900-1800 pts) has gone so wrong that I think this rally could really scream. Cash is 14.5% now--should I buy even more?!
Stocktrader
Hi Stocktrader,
More TNA cannot hurt.
Good luck!
Saleem
Hi Saleem,
Bought a half position in SWN @ 9.48
It might be a stretch, but I wonder if this Republican sweep will allow for a pipeline that can alleviate the natural gas discount in this part of the country. If so, SWN could be much more valuable.
Stocktrader
Hi Stocktrader,
Good luck with SWN.
Saleem
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