Indices closed UP.
S&P 500 @ 2198.18, high 2198.70, low 2186.43
RSI @ 66.91
CMF @ 0.051
Internals were :
UP volume led by 3.63 to 1 in NYSE & 2.07 to 1 in Nasdaq
Advancing stocks led by 2.99 to 1 in NYSE & 1.45 to 1 in Nasdaq
Net new 52 wk highs were leading by 182 in NYSE & 258 in Nasdaq
VIX Down 3.35% @ 12.42
Oil @ $47.57
Gold @ $1209.80
Stocks which were UP 2% or more included AMD CNQ TCK WB
NEFF FCX AMZN GWPH FB TRIL VRX LULU NFLX DNKN
SU CHK TK RIG LNG AMCC CNX WYNN AGU AEM.....
AH ER....PANW Down 12.58%, WB Down 2.21%
WB earnings report was strong, beating on Top line @ $176.9 million vs expected $173.4 million, and Bottom line of 24 cents vs expected 20 cents, guiding higher Sales of $205 million to $210 million vs expected $197 million for Q4. Conference call starts in 12 minutes @ 8 PM.
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE was in overdrive and closed @ all time highs in all major indices including Russell, first time this happened since 1999, that was a very good year Y2K boom. Russell closed UP 12 days in a row, first time since 2003. Indices looks very good for future UP moves. Look for stocks which will move faster than market.
BLOG does NOT give buy or sell.
Saleem
14 comments:
Hi Stocktrader,
Added 35% AMD @ $9.13 in pre market.....buying higher is the new mantra.
Saleem
Hi Saleem,
Good luck with more AMD! Funny I was coming to post this before I even knew you bought more:
MKM Partners raises NVIDIA, AMD price targets on inflecting semi opportunities
MKM Partners analyst Ian Ing raised his price target for NVIDIA (NVDA) to $106 from $87, saying that thematic attention is heating up as large suppliers are crowding into artificial intelligence as an investment theme with non-GPU solutions. While other suppliers may be able to come up with better performance-for-power in certain use cases, he believes NVIDIA GPUs still have user stickiness with developer incumbency and easy-to-use tools that will be difficult to overcome. The analyst also raised his price target for AMD (AMD) to $10.50 from $8 to reflect improved prospects for the company driven by new product pipeline. Although Ian expects AMD to be a relatively minor player, its shares are helped by continued A.I. headlines and NVIDIA, Intel (INTC), and Qualcomm (QCOM) turning increasingly vocal on the opportunity. He reiterates a Buy rating on NVIDIA and AMD shares.
Stocktrader
Hi Stocktrader,
Thanks for the news of upgrades on NVDA & AMD.
Saleem
Hi Saleem,
Cut NEFF position in half @ 12.36
This is a bit of a trading move on very overbought conditions. The risks include the potential infrastructure package not coming together as quickly or as robustly as anticipated or a secondary by the company to shore up the balance sheet. The stock remains undervalued in almost any scenario however.
Stocktrader
Hi Saleem,
Ok, sold the rest of the NEFF @ 12.37
Worst case scenario I guess I have to buy it back but I'm really feeling a dip coming in these stocks that have run so far on ideas not concrete yet.
Stocktrader
Hi Stocktrader,
Nice profit in NEFF.
Good strategy buy low sell high, then buy low again.
Saleem
Hi Stocktrader,
Sold TCK @ $25.15.
Saleem
Hi Saleem,
Nice quick run on TCK! :)
Stocktrader
Hi Stocktrader,
Added 50% CMG @ $404.85
Saleem
Hi Saleem,
Good luck with more CMG. I still can't get my head around the valuation even if I think there's been too much bad news priced in.
Stocktrader
Hi Stocktrader,
I am hoping most of the bad news is priced in by now......but that has been my thinking for almost a year......sooner i should right?
Saleem
Hi Saleem,
Sold LABD @ 15.44
As you know I've been looking for an exit here.
With ASH coming in early December and repatriation next year, there's too much "special" downside risk in this vehicle even if the thesis of higher rates and not-clear regulatory environment plays out.
I prefer to be a stock picker.
Stocktrader
Hi Saleem,
I see CMG as a slowing growth story even if they rebound nicely from the food scares. There are more choices than ever in that area and so the niche valuation isn't warranted anymore. 40x next year's earnings seems rich.
Those are just long term thoughts though--certainly a rebound rally could still be vicious. I know many hedge funds are short, especially with Ackman long lol.
Stocktrader
Hi Stocktrader,
For me all stocks are a trade, that is what has trapped me in CMG.....so far 1 losing trade and i winning trade...so its a tie....this set up will decide IF CMG was worth it....
Saleem
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