Indices closed UP.
S&P 500 @ 2262.03, high 2272.12, low 2253.77
RSI @ 69.55
CMF @ 0.114
Internals were :
UP volume led by 1.49 to 1 in NYSE & 1.57 to 1 in Nasdaq
Advancing stocks led by 1.30 to 1 in NYSE & 1.50 to 1 in Nasdaq
Net new 52 wk low were leading by 12 in NYSE & highs by 102 in Nasdaq
VIX Down 3.03% @ 12.79
Oil @ $50.90
Gold @ $1129.80
Stocks which were UP 1% + AMD BAC CMG TECK
AKS C FNSR PI NVDA OLED QRVO NFLX SU
FFIV MA TK RIG LNG MU GS CRUS LRCX
CNX.....
AH ER...ORCL Down 2.15%, AGIO Down 19.38%
JBL UP 10.48%
AH Futures Mixed
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE staged a nice recovery from fed induced sell yesterday. Most sectors participated in today's rally except Gold & Silver. This TAPE has so much momentum that we are far from being fully allocated by institutions. Stay with your high comfort stocks. Rally has broadened out to include well known technology stocks. Friday being weekly and monthly option expiry, should provide positive action. There is a closing BLOG only around 7 PM on Friday's.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hi Saleem,
Sold MET @ 54.46
When I looked at the slides last night for the presentation today, I was disappointed they weren't going to benefit as much as I'd hoped from the market and yield moves. Other international issues on top of this add a layer of earnings drag and further risk.
Based on these factors, I felt it was time to pare back the position as it likely was around fair value. The risk of all financials stalling here prompted me to just sell the whole position for now and either look for a re-entry in this stock or another financial on a pullback.
Portfolio: LYB FDX ZYNE SPLK CHK TECK M, NEFF, CY PI, cash 21.3%
I am tempted by pullbacks in TECK and M specifically here, as well as adding/buying more to hard tech like chips or fiber (CY OCLR).
Stocktrader
Hi Stocktrader,
Good luck with your next pick.
You have good list of stocks to buy from.
Saleem
Hi Saleem,
Added a decent chunk to M @ 37.79
I like the valuation and think M's margins will come in above expectations due to limited discounting. Additionally, M paid 36% tax last fiscal year so stands to gain large from the business tax rate reduction. (For comparison, MET only paid 23% so not much benefit there.)
Added to TECK @ 21.07
The valuation here screams at me to add.
Stocktrader
Hi Stocktrader,
Good moves in M & TECK.....more is better$$$$
Saleem
Hi Saleem,
Bought QRVO @ 54.90
The chart sets up well and valuation is good. I think 2017 sets up to be a better year than 2016 even if the beginning starts out sluggish. I suspect investors will start to take up the AAPL ecosystem early in anticipation of the major upgrade cycle expected in Fall 2017. Recent chatter also has them as a takeover target.
Stocktrader
Hi Stocktrader,
Good luck with QRVO......
Saleem
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