Indices closed down.
S&P 500 @ 2381.92, low 2380.17, high 2394.75
RSI @ 72.11
CMF @ 0.447
Internals were :
Down volume led by 2.21 to 1 in NYSE & 2.16 to 1 in Nasdaq
Declining stocks led by 2.85 to 1 in NYSE & 2.23 to 1 in Nasdaq
Net new 52 wk highs were leading by 96 in NYSE & 103 in Nasdaq
VIX Down 5.82% @ 11.81
Oil @ $52.61
Gold @ $1232.90
In my portfolio :
Trimmed TECK @ $20.34
Bought OCLR @ $8.90
AH ER....NTNX Down 13.88%
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE was weak and closed @ low of the day, reason for weakness was profit taking, lower oil, and strong US$. This pullback is a normal pattern in a strong bull market. Being diversified in many sectors is a good strategy. We should get back on track of going higher on Friday.There is only a closing BLOG around 7 PM on Friday's.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hi Saleem,
Bought CHK @ 5.40
Yesterday looks like it may have been a durable bottom. I like how these guys have improved their balance sheet and are being cautious about adding too much capacity. They seem very cheap on a potential earnings basis here.
Stocktrader
Hi Saleem,
Well played with CNQ. Patience is a virtue that needs to be cultivated by every trader. At the same time we should always take some profit. Good luck to everyone .
Joseph
Hi Stocktrader,
I agree CHK is very attractive and may have found support.
Saleem
Hi Joseph,
Thanks for your message. generally I am quite patient but OCLR upside patience was quite costly...
Thus booking quick profit is better.
CNQ is a great stock and could be a long term hold.
Saleem
Hi Saleem,
I'm seeing some of the same signs I've noticed before when we've reached tops in the market. I expect at least another round of selling in the next 3 days at some point, and will remain defensive despite that being against my nature.
Portfolio: HBAN BABA MU DAL ZYNE TECK PI CHK MJCO, cash 47.2%
Stocktrader
Hi Saleem,
I shouldn't say "top" necessarily, just that the market requires more pullback still because there is a lack of support underneath currently.
Stocktrader
Hi Stocktrader,
Thanks for your take of this TAPE.
This TAPE is very interesting which is leaving many out of this market.
It is a rotational market which has a very good chance of surprising many.
I remain extremely positive near term.
Saleem
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