Indices closed down.
S&P 500 @ 2344.93, low 2341.18, high 2352.72
RSI @ 43.34
CMF @ -0.066
Internals were :
Down volume led by 2.52 to 1 in NYSE & 1.95 to 1 in Nasdaq
Declining stocks led by 2.15 to 1 in NYSE & 2.23 to 1 in Nasdaq
Net new 52 wk highs were leading by 63 in NYSE & 29 in Nasdaq
VIX UP 4.64% @ 15.77
Oil @ $53.11
Gold @ $1278.10
AH News..AAOI UP 19.87%, PIR Down 3.72%
AH Futures Mixed
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, TAPE closed near low of the day. Dow and S&P 500 closed below 50 DMA and Nasdaq only 8 points above. CMF is negative in S&P 500 and Dow. VIX closed @ highest point in months.Internals were weak all day. All this is not a sign of market which can be called healthy. Look for relative value and make some changes.
BLOG does NOT give buy or sell.
Saleem
3 comments:
Hi Saleem,
Sold AKS @ 6.49
I really missed an opportunity to get out last week at a much better price. The definitive break under the 200 DMA means we probably are due for tougher times in steel, and may need to consolidate before moving higher again. The potential for buyout makes me reluctant to sell here, but I can't rely on a buyout potential alone.
Sold CHK @ 6.10
Although I really like how they have made very many positive steps towards an improved balance sheet and cost reductions, I fear the outlook for energy prices and wanted to step to the sidelines with my profit for now.
Bought PLNT @ 18.82
Now that the huge secondary has had time to digest, I wanted to enter what I think is a very interesting growth story. I continue to hear more people around me talk about Planet Fitness, and I think the stock story is under-discovered with little analyst coverage. There is room for much more expansion of both stores and services, and I think that their discount pricing is bringing ever more people in.
Stocktrader
Hi Stocktrader,
Thanks for sharing your views on energy sector. I have 3000 shares of CHK. Even though I am positive I should have trimmed some. I thought Trump policy would have a great impact in energy and commodity sectors. He is not able to execute many of his promises. Repeal and replace Healthcare was a failure. I doubt he will be able to carry out the tax reform. Let us wait and see how the market reacts to his domestic and foreign policies.
Good luck with your trades.
Joseph
Hi Stocktrader,
Good luck with your strategy.
Saleem
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