Indices closed UP.
S&P 500 @ 2204.71, high 2209.42, low 2199.97
RSI @ 62.85
CMF @ 0.236
Internals were :
UP volume led by 3.18 to 1 in NYSE & 3.11 to 1 in Nasdaq
Advancing stocks led by 2.59 to 1 in NYSE & 3.14 to 1 in Nasdaq
Net new 52 wk highs were leading by 193 in NYSE & 211 in Nasdaq
VIX Down 14.02% @ 12.14
Oil @ $51.79
Gold @ $1176.50
Stocks which were UP 1% or more includedAMD BIDU TWLO WB
CHK PI NVDA FCX AMZN GOOG AKS CRM NTES QRVO FB
KORS SPLK OLED V LULU JKS COH MSFT CSIQ SINA
MA EXPE PCLN FNSR TK RIG FEYE LNG TWTR
FSLR SPWR CIEN GS AGU TRIP MLNX TECK
DATA CSOD MGA ORCL CRUS TSLA X
PANW LRCX......
AH Futures Mixed
AH Asian Markets UP
AH Oil & Gold Down
About market, TAPE resumed its strength after a mini pause last week, Nasdaq came back strong. This TAPE is lifting all boats except Gold & Silver. After Fed rate hike, gold stocks may show some life. RSI & VIX has still some room for bullish action in stocks.Diversified portfolio is the biggest beneficiary of this rally, rotation is going on on a daily basis, one day of rest and then jump higher. This rally may be a very strong bull, show conviction and patience with winners.
BLOG does NOT give buy or sell.
Saleem
11 comments:
Hi Saleem,
Note out this morning:
Amazon Go probably not bad for Impinj, says Pacific Crest
Pacific Crest analyst Brad Erickson believes Amazon's (AMZN) Go retail store concept announced yesterday is probably not bad for Impinj (PI). Go utilizes machine learning, sensor fusion and computer vision to allow retail shoppers to select and pay for items without having to go through any kind of checkout process, Erickson tells investors in a research note. The technology providing the item-level intelligence is unclear from what Amazon said, the analyst adds. Erickson says he'd view it as a positive if Impinj is involved and more neutral if not. The analyst believes ultra-high-frequency RFID, like Impinj's technology, is the only cost-effective way to drive true-item level intelligence. He has an Overweight rating on Impinj with a $36 price target.
Stocktrader
Hi Saleem,
Sold AKS @ 10.58
After doubling in the last month, I feel the stock needs to rest. I had initially pegged a $10-$12 fair value for the stock, and we've pretty much reached that now. I think there's also risk an infrastructure spending plan doesn't come through as robustly as anticipated, although we likely won't hear much either way on that for months.
Stocktrader
Hi Stocktrader,
Thanks for research note on PI interesting stock.
Sold AMD @ $ 9.20
Saleem
Hi Saleem,
Nice run on AMD! :)
Bought speculative ZYNE @ 13.52
It held the 50 DMA and the buy rating today from Jeffries gave it some power forward. I really did like their data yesterday, so this is a fundamentally driven rebuy also. Biotech is not really a favored sector right not, but I thought at least a half position for exposure was appropriate.
Stocktrader
Hi Stocktrader,
Good luck with ZYNE.
You are good in interpretation of data and facts about biotechnology.
Saleem
Hi Saleem,
I hope your sister feels better and wish her a speedy recovery. I have been so busy with my full time job and family. Thanks for the blog and your daily analysis.
Joseph
Hi Stocktrader,
I am still holding 900 shares of TRIL and 600 shares of ZYNE. What do you think of the prospect of TRIL. Is there any chance it may bounce back? I dont know if I should buy more of TRIL. Your views would be appreciated. GL
Joseph
Hi Joseph,
Thanks for your message about my sister's health.
With MSK help in New York, she is improving.
Saleem
Hi Joseph,
There were really more questions than answers with regards to its efficacy based on the initial phase 1a results. TRIL has a drug that does something very interesting (as demonstrated pre-clinically), but they admitted on the conference call that certain aspects of their data were still lacking full explanation and would require further thought and trials. Additionally, it may be that TRIL works best against certain tumors/cancers only and likely best in combination with other drugs rather than by itself. This discovery process also requires additional trials which equals time and money.
The verdict on TRIL is that we are in "wait and see" mode now. They have a lot to prove, and the next information won't come for a while. The major upside catalyst could come from a partnership or buyout, to which they did indicate some interest (in a partnership). There are always concerns about small biotechs' cash, but they should have enough for next year easily.
Given the standard "end of year" flows, I'd hold off on adding more TRIL. It would appeal to me more in the high 5s I think barring any new information, but really mental attention should be focused elsewhere for now.
Stocktrader
Hi Stocktrader,
Thanks for sharing your take on TRIL. I will try to sell it when I get a chance. We can invest the capital elsewere. Thank you so much.
Joseph
Hi Stocktrader,
Added 70% WB @ $45.77.
Saleem
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