Indices closed mixed.
S&P 500 @ 2268.90, low 2268.90, high 2275.49
RSI @ 60.24
CMF @ -0.023
Internals were :
Down volume led by 2.64 to 1 in NYSE & .61 to 1 in Nasdaq
Declining stocks led by 1.77 to 1 in NYSE & 1.44 to 1 in Nasdaq
Net new 52 wk highs were leading by 60 in NYSE & 60 in Nasdaq ( not a typo )
VIX UP 2.12% @ 11.56
Oil @ $51.96
Gold @ $1184.90
AH News ....CUDA UP 7.91%
AH Futures Down
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, TAPE was mixed with Nasdaq @ new all time high, Dow & S&P 500 closed @ absolute low of the day. CMF is negative in Dow, S&P 500 and Nasdaq, not a good sign. Internals were weak. Oil being @ $51 area is a surprise with all the agreements in place. Gold keeps chugging along, no matter what US$ does.Solid earnings may take indices of this funk. In the meantime, make sure that you have very high comfort level with your portfolio.
BLOG does NOT give buy or sell.
Saleem
14 comments:
Hi Saleem,
Cut ZYNE in half @ 18.31
With small business optimism at a high since 2004, I think exposure to economically sensitive sectors is more appropriate so I raised some cash to deploy there.
Stocktrader
Hi Saleem,
Sold my little fun in TWTR @ 17.58
Still worried about its ability to make money, I will step to the sidelines after some profit.
Stocktrader
Hi Saleem,
Trimmed OCLR @ 8.61 due to too much exposure in the space.
Stocktrader
Hi Saleem,
Bought DFRG @ 17.00
I've been stalking restaurants for a while, gravitating towards DFRG and JACK mostly. Today DFRG reported comp sales that exceeded estimates and may be indicating an inflection point. I like their positioning at the mid-high end and ability for expansion. I think this represents room for earnings growth.
I like domestic restaurants generally due to the help they will receive from the new tax plans and increase in consumer confidence.
Stocktrader
Hi Saleem,
Listening to ACIA's presentation going on now, it sounds positive in regards to sales, customer diversification, and margins. I'll be watching to see if the stock responds after running nicely into the presentation yesterday.
Stocktrader
Hi Saleem,
Further commentary from the ACIA conference pointed to a slowdown in growth in China as the massive buildout last year fades and a slower development cycle for the next buildout comes into play. They still expect YoY growth, but not as high. This is new information (the prior decline was not related to this info as I received it realtime), so we'll have to see how it reacts now.
Stocktrader
Hi Stocktrader,
Looks like a day for major trim job in your portfolio.
Good luck with DFRG. .
ACIA is saying same thing as some analyst about slowdown in Chinese market....FNSR is stalled so is CIEN.
Saleem
Hi Saleem,
You are right, we did hear that from an analyst recently. It makes me thing maybe I should sell the rest of OCLR?
Bought half QRVO @ 55.57
I am scrambling to get enough exposure in this market, and had no chip exposure. I'll likely buy some MU also.
BABA is also on my list to round out my diversification after I sell some ACIA/OCLR. After that, I'll update my portfolio holdings as I've made quite a few adjustments today.
Stocktrader
Hi Saleem,
Bought MU @ 22.57
Good chart, safe name since earnings are passed.
Stocktrader
Hi Stocktrader,
Good luck with QRVO and MU.
Saleem
Hi Saleem,
Sold the rest of my OCLR @ 8.63
I think the risks are too high considering better alternatives in the stock market for capital and recent comments from players and analysts in the sector.
ACIA has specific growth drivers that I think could support a higher growth rate and valuation, but I'll be trimming that today and buying a good position in BABA.
The last consideration is whether I should trim LYB to add some HUN, but I fear I'm too late there and think I'll just let it ride for a while. LYB should be a $100 stock so I think it still deserves to see some valuation catchup before I considering swapping out some.
Stocktrader
Hi Saleem,
Bought half BABA @ 97.58
I had to start part of my position as the strong looks so strong. I'm still looking to swap out of some of my ACIA for more BABA to settle the portfolio to where I want it to be.
Stocktrader
Hi Stocktrader,
Added 100% OCLR @ $8.56
Saleem
Hi Stocktrader,
Good luck with BABA.
Saleem
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