Sunday, June 11, 2017

Nasdaq and SOX got the worse beating........

Lot of press was given to Nasdaq tumble, but the real picture was not given, @ low of the day Nasdaq was down 3.22%.......

SOX was real story of Friday, down an incredible 7.07% @ low of the day.....

Some of us were predicting an imminent pullback of 5% soon.....but 7.07% in an afternoon was definitely not in the cards.

We all should give credit to mighty Goldman Sachs for single handedly creating a sudden carnage, first by issuing a FAMG warning and putting their billions to work "strategicallY", right @ top of the day, which ironically was a new all time high for all indices.....

I am sure GS is busy counting their loot for 2 hours worth of their work.......

The support for most stocks remains @ low of the day on Friday.......

Monday open will be met with aggressive margin call, which should be completed by 130 PM......to allow GS to cover their shorts or buy back their puts...

Who says, Wall Street is not manipulated by rumors, manipulation or legislated put buying by biggest trading house.......

BUT...that was Friday.......

Monday will be like another weak open and magic will work from there.

By "turnaround Tuesday" everyone will forget that Friday ever happened.....

Here is a look @ famous RSI for many stocks and some index :

Nasdaq           54.48

SOX               55.76

FB                  47.73

BIDU             41.72

GOOG           51.90

AMD             56.33

NFLX            46.66

QRVO            50.78

AAPL             41.95

TWTR            38.81

The above is a far cry from 80++ RSI of Friday morning.......for most stocks......

YES we are "deeply oversold ".......remember near 30 most stocks are strong buy.....

Good luck with your own analysis and comfort level.

BLOG does NOT give buy or sell.

Saleem


5 comments:

Stocks100 said...

Hi Stocktrader,

Bought BBRY in pre-market @ $11.07

Saleem

stocktrader_1996 said...

Hi Saleem,

Last week's recap:

Portfolio: -1.27% (YTD: +14.72%)
Winners: BABA
Losers: SPLK YEXT ZYNE RCL GRUB FB

Despite the losses, I did make up ground on the Nasdaq (-1.55%), and even the outperforming Russell 2000 (+1.16%) is still only +4.76% YTD putting me still in good situation from a broader sense. I like most of my positioning, but my hesitation to keep more diversification hurt last week--many times I eyed SWN/CHK and BAC but never bought them. I will likely look to sell SPLK on a rebound this week as technicals have deteriorated, and I have concerns about the sales cycle there for now. I still think tech will be the big winners this year, so I plan to keep the majority of my tech companies--hopefully the stocks can find some footing this week! :)

Stocktrader

stocktrader_1996 said...

Hi Saleem,

Good luck with BBRY!

Stocktrader

Stocks100 said...


Hi Stocktrader,

Yes you are well ahead of most index, 14.72% YTD is outstanding.

Last week i was UP 1.29%.....

Saleem

stocktrader_1996 said...

Hi Saleem,

Nice performance last week!

I forgot to list my current portfolio:

RCL ZYNE BABA MU FB, PLNT KBH AAOI SPLK Z GRUB MJCO, cash 2%

Stocktrader