Indices closed down.
S&P 500 @ 2267.89, low 2262.81, high 2272.08
RSI @ 57.36
CMF @ 0.047
Internals were :
Down volume led by 1.17 to 1 in NYSE & 2.00 to 1 in Nasdaq
Declining stocks led by 1.23 to 1 in NYSE & 2.41 to 1 in Nasdaq
Net new 52 wk highs were leading by 89 in NYSE & 59 in Nasdaq
VIX UP 5.7% @ 11.87
Oil @ $52.48
Gold @ $1212.90
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, Indices were under selling pressure and internals were weak. Too many cross current for this TAPE to handle on a daily basis. Many questions about trade policies impacting industries. Try to look for opportunities, to buy quality stocks on any weakness. Trading may be a good way, to take advantage, of conflicting statements around the globe.Some sectors are getting overbought, while other sectors are becoming attractive. Try to spot these on a daily basis, it is the relative bargain which matters.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hi Saleem,
Used the rest of my cash to buy a half position of GM @ 37.25
Their earnings guidance again comes in above expectations and really shows the quality of management there now. With a P/E just above 6 and a huge buyback program, I think the downside is very limited. I'm trying to find more cash to fill up this position a bit more.
Stocktrader
Hi Stocktrader,
Good luck with GM.
Saleem
Hi Stocktrader,
I am just wondering why the stock ZYNE keeps on going higher and higher. Amazing run. A great stock selection. Well done and you deserve it..
Keep up the good work.
Joseph
Hi Joseph,
Honestly I'm not exactly sure, but I think people kind of see it as the safest boat in the rough seas of biotech right now.
They have multiple catalysts this half-year with positive expectations given similarities to GWPH's already approved drugs. Also, the recent conference call and CFO's insider purchases indicated strongly that a secondary wasn't necessary which is giving investors the "green light" and scaring shorts. Valuation at $225M still remains very reasonable assuming any of the drugs come through as expected.
I am tempted to sell soon and try and rebuy lower. Waiting for now as this represents a fresh breakout and I'd like to see what it can do.
Stocktrader
Post a Comment