Market ended the week on a low note.
From Harley Davidson to Steels everything is being impacted by trade war....
I do not believe that it is ending anytime soon, i see more escalation in coming days.
Market is not liking this new monkey wrench of trade war.
We drift lower every day....
RSI is telling a clear story, here are the numbers :
GLD 26.78
SOX 34.92
TAN 37.48
Dow 39.44
S&P 500 44.34
RUT 45.06
Nasdaq 45.74
XLE 54.20
As you can clearly see none of the above category of index / indices are a picture of health.....NONE
I do not recall seeing these numbers unless we are in deep slump.....
Nasdaq has been above both 50 & 200 DMA on a closing basis......all along
S&P 500 now is above 50 & 200 DMA...it was below 200 for several days......
Dow is below 50 & 200 DMA......nothing to say about this unhealthy stat....
We need to move above critical 50 & 200 DMA in all indices before this malaise can be called over....
Chinese small cap, SOX are the new dog of this market......all crumbling to its lowest point in trading.
Not much can be said or predicted unless there is a major thaw in trade war.....stay tuned.....
Good luck with your own strategy & your own comfort level.
BLOG does NOT give buy or sell.
Saleem
5 comments:
Hi Saleem,
Last week:
Performance: -5.27% (YTD: +31.25%)
Notable Winners: AVLR APPN
Notable Losers: MOMO GSKY VCEL IQ TRIL HUYA BABA MU
The selling finally caught up to the tech sector, dragging down some of the year's biggest winners in a major way. In looking at charts this weekend, I hadn't realized how many stocks have been in personal bear markets for quite a while now. I continue to believe technology and high growth represents the best ideas in the market, but overall market sentiment can certainly drag them significantly down at times.
As we look forward to earnings season, I think the recent selloff in many stocks has lowered the bar enough for good companies to beat. That said, a bullish reprieve after earnings probably represents a good chance to sell/short once again. Even in a resolution of tariff issues, which seems a far way off now, the global economy appears to be on much more fragile ground than any time in recent years.
Current Holdings: KIDS IART PANW APPN PYPL MU PLT SPLK HUYA AVLR SAIL BEAT IOVA BABA VICR MOMO GSKY IQ VCEL TRIL, cash 0.0%
On a side note, I will be out the rest of the week starting tomorrow for a family vacation. I hope everyone's holidays are great!
Stocktrader
Hello StockTrader,
Have a great vacation. I will be out on family vacation starting tomorrow too.
Some stock Updates:
Bought AVLR today @ 53.20
Bought GSKY today @ 21.11
Looks like the strategy to offload on Friday worked well.
Good luck to all for the rest of the week.
Thanks
Paramjeet
Hi Paramjeet,
Good luck with the new stock picks, and have a great vacation!
I still like short FCX as a favorite trade right now. Copper is falling to multi-month lows.
Stocktrader
Hi Stocktrader,
Last week negative 6.61%
YTD loss 35.24%
Saleem
Hi Paramjeet,
Good luck with AVLR & GSKY....
Enjoy your vacation......
Stocktrader, i know you have earned your vacation ...enjoy it !
Saleem
Post a Comment