Indices closed down.
S&P 500 @ 2581.00, low 2580.56, high 2685.27
RSI @ 28.12
CMF @ -0.020
Internals were :
Down volume led by 10.02 to 1 in NYSE & 6.35 to 1 in Nasdaq
Declining stocks led by 8.23 to 1 in NYSE & 5.58 to 1 in Nasdaq
Net new 52 wk lows were leading by 199 in NYSE & 115 in Nasdaq
VIX UP 20.66% @ 33.46
Oil @ $61.45
Gold @ $1319.00
In my portfolio trades around 3 PM :
Sold 60% NTES @ $291.50
Bought NVDA @ $223.46
NVDA reported a superb quarter by beating EPS expectations of $1.16, actual $1.78 beat by 52 cents & Sales consensus $2.68 billion, actual $2.91 billion UP 34% yearly gain, by a very wide margin, also guiding well above street consensus on Q1 Sales guiding Sales $2.84 billion to $2.96 billion vs consensus of $2.47 billion & EPS of $1.59 to $1.72 vs consensus of 98 cents.....
AH news....NVDA UP 7.53%, FEYE UP 12.11%
EXPE Down 19.17%
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, TAPE was simply ugly and crashed into close with stunning losses in all indices, Dow & S&P 500 have entered correction territory of 10%. I know there is a very " thick pessimism " about stocks and this market, but it is an indicator that we may have reached an important support area. RSI of 28.12 is telling me, we are deeply deeply oversold already, it may be a time to build position in strong stocks with earning momentum. My take may sound even crazy, but i made a switch around 3 PM today, when we were down around 500 points in Dow. Markets will do what it wants to do, but it is not profitable to wait for a clear signal that all is well, you may be missing 10% of the move. There is only a closing BLOG on Friday's around 7 PM.
BLOG does NOT give buy or sell.
Saleem
9 comments:
Hi Saleem,
Sold TNA @ 61.97
I'm just trying to save some money doing a sell and buyback later. I feel like the opening gains will fade given it is a Friday.
Stocktrader
Hi Stocktrader,
Good luck with TNA re-entry.
Saleem
Hi Saleem,
Rebought TNA @ 59.17
Stocktrader
Hi Stocktrader,
Good price on TNA.
Saleem
Hi Saleem and Stocktrader,
It is quite frustrating to see the market going down so much. I expected the correction, but never expected at this level. I have some cash but I dont intend to buy more even though it is an opportunity. Let us wait and see how it closes today.
Good luck to everyone.
Joseph
Hi Joseph,
When we go UP for straight one year.....this reaction is part of reset.
Individual stocks will go UP before indices......
Saleem
Thanks for your comments. Good stocks will fly after this selloff
Joseph
Hi Joseph,
With the bond market and currency markets behaving all through this heavy decline, it tells us this is merely profit taking and a "stock market only" event. That means you should try to buy when the deals are too good because they will end up being that.
Stocktrader
Hi Stocktrader,
I am glad that the market has reversed and it is a very good sign. Let us hope it will continue its upward trend on Monday.
Yes, we should snatch every opportunity to buy some good stocks. Often we don't get such opportunities. It is truly an opportunity. After all, the US economy is poised to grow in coming years.
Thanks for your encouraging words.
Joseph
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