Indices closed UP.
S&P 500 @ 2187.12, high 2188.06, low 2176.65
RSI @ 65.09
CMF @ 0.083
Internals were :
UP volume led by 1.33 to 1 in NYSE & 2.03 to 1 in Nasdaq
Advancing stocks led by 1.11 to 1 in NYSE & 1.60 to 1 in Nasdaq
Net new 52 wk highs were leading by 158 in NYSE & 258 in Nasdaq
VIX Down 2.70% @ 13.35
Oil @ $45.42
Gold @ $1216.90
Stocks which were UP 1% or more included AMD
AMZN AKS CRM NTES QRVO FB SPLK LVS
ZYNE V LULU LEN MSFT EXPE EBAY RIG
FEYE LNG BABA YELP MU ZG WYNN
GS TRIP DATA ORCL MS CRUS TSLA
AAL M PANW LRCX.....
AH ER...CRM UP 5.51%, GPS Down 4.07%
AH Futures Down
AH Asian Markets UP
AH Oil & Gold Down
About market, TAPE closed near high of the day. S&P 500 only 7 points away from making new all time high, while Nasdaq only 10 points away from new all time high, all strong technical indicator. Shipping stocks took it on the chin today, as speculation was in overdrive. Rally is broadening now in many sectors, stay with your best ideas and add when price is right.
BLOG does NOT give buy or sell.
Saleem
ReplyDeleteHi Stocktrader,
Sold 50% of ZYNE @ 16.75. I know I may be making a mistake. I need to take some profit. Thanks for the stock and good luck with your trades.
Joseph
Hi Joseph,
ReplyDeleteThere's nothing wrong with taking a profit on some nice gains--I was tempted to do the same this morning. Good luck with letting the rest ride! :)
Stocktrader
Hi Joseph,
ReplyDeleteI will also note I am covered by LABD to some degree allowing me to hold more ZYNE than I may normally otherwise.
Stocktrader
Hi Joseph/Saleem,
ReplyDeleteI also wonder if I normally would have trimmed here but felt obligated to hold based on the response I gave last night. It would have been quite hypocritical to write that up and sell within 30 minutes of the stock trading again. In the past I have actually felt like previous opinions I gave here have influenced my purity of investing as stock situations evolved. This may be another case of that.
Stocktrader
Hi Stocktrader / Joseph
ReplyDeleteLast night opinion was based on yesterday's TAPE, but today it jumped another $....that should prompt a sell as it was overbought too fast.
Opinions are always based on facts in front of you, not future jump.
You would reevaluate given today's jump...sometimes you do not have time to analyze or give another opinion.
Joseph did the right thing in selling 50%...
Saleem
ReplyDeleteHi Stocktrader,
There is nothing wrong in changing our mind because we want to save our money. After all, our aim is to make some money to be out of financial slavery. I do believe that money is nothing compared to so many precious things we have in life. I also believe money cannot make anyone fully happy. It might give us a temporary happiness. What I most value in life is peace of mind and good health. My philosophy is low living and high thinking.
I thought it is good to sell some of ZYNE since it has run so much from its recent low. I didn't want to lose the profit. After all, it is a profit. You analyse chart and other information online. I don't use any of such information. To be honest with you I don't know how to analyse these charts. That's why I ask your opinion. Often my instinct helps me.
I will always be grateful to you because it has been an amazing year for my retirement account.
Thank you and God bless your family.
Joseph
Hi guys,
ReplyDeleteThanks for sharing your thoughts on changing minds :)
Highly interesting comment about GWPH: http://seekingalpha.com/instablog/47954683-wiseideas/4934238-gw-pharma-creating-something-nothing-flawed-clinical-trial-blockbuster-product
This is actually a spooky scenario.
I trimmed a little ZYNE @ 15.37 and depending on the action may warrant a total sell.
Stocktrader
Hi Stocktrader,
ReplyDeleteYes...GWPH slumped $7+
Too risky scenario.
Saleem
ReplyDeleteHi Stocktrader,
Thanks for sharing the link. Unfortunately, I couldn't find the article. Letb us hope the stock holds.
Joseph
Hi Joseph,
ReplyDeleteThe article was pulled after about a half hour. The short summary was that even though GWPH's epilepsy drug was effective, it didn't compare against cannabis oil itself which should be just as effective and is readily available which would heavily argue against a $3B market cap for GWPH.
The rebuttal to that view (from a commenter on the article) is that the contents of a generic shop's "cannabis oil" is unknown, would be hard to deliver to children with epilepsy in a safe manner, and wouldn't be reimbursed by insurers. These are all good points but don't detract from the main question about how much people will opt for the natural alternative to these drugs thereby reducing the total addressable market and/or pricing power.
Stocktrader
ReplyDeleteHi Stocktrader,
Thanks for sharing the content of the article.
Joseph
Hi Stocktrader/Saleem/Joseph,
ReplyDeleteI was tied up and didn't get time to see all these messages. I sold ZYNE yesterday too early for 14.60 considering RSI.
Explorer
Hi guys,
ReplyDeleteIt is difficult to stare at huge gains in a week and just let things keep going. For instance, NEFF has gained about 40% in two weeks, yet still trades at 7.5x 2017 projected EPS, and that's a number that has no factored in stimulus from the Republican win. How can I not sell a stock begging to pull back from overbought conditions? but how can I sell a stock still so undervalued?
These are the dilemmas on my holdings right now, besides that fact that I have no "fresh" ideas. It will be a serious homework weekend if I can set aside time--I need to formulate some new theses and/or solid entry points on current theses. I do not like my high level of cash.
Stocktrader
Hi Stocktrader,
ReplyDeleteYes...you are stuck in no win situation...
When future looks good then it is better to hold.
Good luck with your homework.
Saleem
Hi Saleem,
ReplyDeleteBought M @ 43.06 right at close.
Cold weather finally coming could boost sales and the valuation is one of the most reasonable in the group. I also wanted to play for lower corporate and personal tax rates coming.
Stocktrader
Hi Saleem,
ReplyDeletePortfolio: TRIL MET NEFF AKS LYB M ZYNE LABD SPLK, cash 18.5%
I'm not really sure I want the LABD still, but there's often a Monday hangover when nothing gets taken over so that might be my chance to sell, and it really puts me at more like 26% cash when I sell it.
Stocktrader
ReplyDeleteHi Stocktrader,
Good luck with M, it is performing strong since earnings came out.
Good luck with LABD strategy on Monday.
Saleem