@ 5.06 PM Irma got downgraded to category 2, which is much better news than category 5.
This downgrade of Irma will help sentiment on Wall Street.
Loss associated with Category 2 is much more contained and below wall street estimates.
Indices were trying to discount Irma's potential damage on Friday......
What to expect when Wall Street opens?
We need to look @ internal health of this market, through the eyes of RSI, and the numbers are :
DOW 48.58
S&P 500 52.34
Nasdaq 53.29
GLD 74.44
TAN 57.11
XLE 56.02
RUT 52.55
SOX 50.39
As you can clearly see that all indices and sectors are in good health and have not broken down.
Bull bear ratio showing lot of buying power remaining....traders got too pessimistic in a hurry.....
Logic says that Gold should sell off.......
Energy is always a tough call
TAN ( solar ) leaders are looking healthy JKS in particular.
RUT and SOX should rally back
DOW, S&P 500 and Nasdaq should rally .....
Based on anticipated moves, it may be wise to do some switching to stronger stocks from weaker ones.
Pre- market may give switching opportunities.
Political climate has taken a turn for the better, with inclusion of Democrats in extension of debt limit.
North Korea is listening to China by holding off any more fireworks ( missile works )
All in all better news from weather, North Korea and US politics......we may be looking @ pretty strong week......
Good luck with your own strategy and comfort level!
BLOG does NOT give buy or sell.
Saleem
3 comments:
Hi Saleem,
Last week: -0.15% (YTD: +27.40%)
Notable Winners: APPN YY ORCL
Notable Losers: FCX BAC TRIL TDOC
It was a slight pause after a few good weeks, but I still outpaced the averages. I hope to continue moving forward as we get through September and approach earnings season again. I think it becomes ever more important to be in strong stocks now as we approach year-end.
Portfolio: ORCL MU NOW YY BAC WUBA FCX HUBS TDOC MOMO PETQ X COUP INCY TRIL, cash 7.9%
Stocktrader
Hi Saleem,
Bought SPLK @ 68.05
After they quickly recovered from the execution hiccup, they stand poised to continue their run as the primary platform for real-time operational intelligence. I've had it in my head always that they are expensive as compared to peers, but in reality, the basing they've made over the last 2 years while still growing 30%+ has created a condition whereby they are actually somewhat cheap at 6.5x next year's revenues. I look for the recent relative strength to continue as institutions build positions into year end.
Stocktrader
Hi Stocktrader,
Last week for me was positive .42%..ytd negative 20.91%
Good luck with SPLK.
Saleem
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