Indices closed down.
S&P 500 @ 2352.95, low 2350.52, high 2378.38
RSI @ 48.24
CMF @ 0.046
Internals were :
Down volume led by 2.74 to 1 in NYSE & 2.09 to 1 in Nasdaq
Declining stocks led by 1.94 to 1 in NYSE & 2.61 to 1 in Nasdaq
Net new 52 wk highs were leading by 75 in NYSE & 21 in Nasdaq
VIX UP 9.33% @ 12.89
Oil @ $51.15
Gold @ $1248.50
Stocks which closed green included AMD
PI NTES QRVO AMZN CMG FB UA
V KGC MA SU YUM YELP SPWR
TRIP MLNX MCD AEM KORS
AAL.....
AH ER...YUMC UP 10.36%
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, TAPE was strong until release of fed minutes, which showed unwinding of $ 4.5 trillion in balance sheet, on top of that there were doubts about tax reform, those two news caused a major reversal in indices and closed near low of the day.Nasdaq made a new all time high intraday.There is a fear now, that indices will go below 50 DMA and may make lower lows, a technical weakness.
BLOG does NOT give buy or sell.
Saleem
Hi Saleem,
ReplyDeleteI was at the doctor's office yesterday afternoon when I saw the market collapse after what had been a very nice most of the day (and where they told me my other retina had a small tear...) The price action was very troubling and I think I'll be taking a more cautious stance until things develop further. I was looking forward to a good earnings season, which we will still likely have, but pulling the rug out from under so many market positives could make investors much less willing to pay for that next leg up in stocks.
I will reserve judgement for a few days because I wasn't here to actually see the velocity and emotion of the price move, but yesterday's candle turned many charts biased negative.
Stocktrader
Hi Saleem,
ReplyDeleteSold TNA @ 98.47
I'm uncomfortable with the generic market exposure right now, hence the sell. This does give me cash for a FB allocation that I desire. I'll probably trim a little SPLK to give me a good position size there.
Stocktrader
ReplyDeleteHi Stocktrader,
Today's Advanced surgical procedures and technology can repair tear in your retina. Give proper rest your eyes and take good care of yourself.
Regarding the market, these days no one can predict anything because of so many uncertainties and market doesnt like uncertainties. Yesterday I thought of selling some the stocks, but decided not to. Market does fool us.. Good luck
Once again take good care of yourself.
Joseph
Hi Stocktrader,
ReplyDeleteSorry to hear about your health challenges, hoping your doctor will remedy what you are dealing with.
Sold CNQ @ $33.39
Added 100% CY @ $13.14
Saleem
Hi guys,
ReplyDeleteYes, they did an in-house laser procedure to try and repair the small tear. Hopefully it works better this time than in the other eye where it tore further and I had to do a full eye surgery.
Trimmed SPLK @ 60.84 to make more room for FB.
Stocktrader
Hi Saleem,
ReplyDeleteBought FB @ 141.52
Portfolio: HUN HBAN FB BABA SPLK URI RCL CHK DAL MU Z ZYNE AKS MJCO, exposure 100.0%
Normally I'd be uncomfortable with 100% exposure here, but I've selected the companies I want for this earnings season.
Stocktrader
Hi Saleem,
ReplyDeleteGood luck with the CNQ/CY swap!
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with FB
Started a position in OCLR @ $8.78
Saleem
Hi Saleem,
ReplyDeleteGood luck with OCLR, what a crazy stock...
Buy low, sell high working like a charm though :)
Stocktrader