Indices closed mixed.
S&P 500 @ 2347.22, low 2338.87, high 2351.31
RSI @ 76.47
CMF @ 0.371
Internals were :
Down volume led by 1.72 to 1 in NYSE & 1.26 to 1 in Nasdaq
Declining stocks led by 1.33 to 1 in NYSE & 1.30 to 1 in Nasdaq
Net new 52 wk highs were leading by 189 in NYSE & 215 in Nasdaq
Oil @ $53.36
Gold @ $1241.60
AH ER...PI Down 2.43%
AH Futures Down
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, TAPE was under mild selling pressure due to overbought condition. Indices closed near high of the day which is a sign of buying near lows. Internals were weak and many stocks were down. This was a mild digestive phase of gains, which is a good thing. Stay diversified as there is more upside left. There is a closing BLOG only on Friday's around 7 PM.
BLOG does NOT give buy or sell.
Saleem
11 comments:
Hi Saleem and Stocktrader,
Added TECK @ 21.04. It had a good report. I hope it will eventually go up.
Market has been quite shaky these days. We may have to take some off the table to be at a safer side.
Good luck
Joseph
Hi Saleem and Joseph,
Sold TECK @ 21.36
After the vicious down move after earnings, I need to re-evaluate how I feel about the longer term outlook for the company.
Stocktrader
Hi Joseph and Stocktrader,
This is what makes a market.
Good luck with your decision on TECK.
I am staying put with TECK.
Saleem
Thinking TECK has a little up potential:) What's up with PI? I'm hard to make money on it.
Hi ne-tiger,
PI is guiding lower for current quarter in both Sales and EPS...thus selling pressure.
Saleem
Hi Saleem,
Ugh, I was looking at SPWR yesterday because I liked the thesis put forth by an analyst about a bottom in fundamentals. I wanted to do more work on it, especially after the bad reaction yesterday, but it really took off today. Not sure where that puts me now...maybe I'll look for a retest of the 50 DMA if I still like the idea.
Stocktrader
Hi Stocktrader,
SPWR has been trashed....still a good entry...
Saleem
Hi Saleem,
This market is amazingly resilient. I was expecting some selloff today ahead of the three day weekend to get a good entry on MU...it's not coming to me! lol
Stocktrader
Hi Stocktrader,
Yes selling yesterday was muted by close.
Too much money waiting to invest on any weakness.
MU has been weak lately others semis doing well.
Good luck with your next pick.
Saleem
spwr prob is a short sqeeze, csiq/jks/fslr more reasonable.
Hi ne-tiger,
I personally like FSLR.....technically it is behaving much better and has institutional support.
Saleem
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