Indices closed UP.
S&P 500 @ 2897.52, high 2903.77, low 2893.50
RSI @ 68.73
CMF @ 0.107
Internals were :
Down volume led by 1.52 to 1 in NYSE & .99 to 1 in Nasdaq
Declining stocks led by 1.43 to 1 in NYSE & 1.02 to 1 in Nasdaq
Net new 52 wk highs were leading by 149 in NYSE & 116 in Nasdaq
VIX UP 2.80% @ 12.50
Oil @ $68.53
Gold @ $1214.40
AH Futures UP
AH Asian Markets UP
AH Oil UP
AH Gold Down
About market, TAPE closed green again, S&P 500 went above 2900 for the first time and still closed @ new all time high. Internals were weak today after many days of gains and easing of trade tension with Mexico.
I am away from tomorrow for a wedding in Virginia until September 5th inclusive, in the meantime Stocktrader is always writing his buys and sells and closing market analysis in the comment section below, it will be a long comment section as it is being updated daily. please join Stocktrader daily for his valuable analysis about stocks FA & TA plus closing commentary.
BLOG does NOT give buy or sell.
Saleem
5 comments:
Hi Stocktrader,
Got some CRM SEP 21 2018 160.00 CALLs
Explorer
Hi Explorer,
Good luck with the calls! I always fear that CRM is past its prime in the software space, but it continues to do well enough quarter after quarter to keep the buyers coming.
Stocktrader
Hi Stocktrader,
I also got RHT calls today, the chart is setting up nicely, crossed 50/200 sma. Any thoughts on LULU? I am thinking, it’s run too far & expectations are too high
Explorer
Market Wrap 8/29:
Indices closed UP; Dow +0.23%, Nasdaq +0.99%, S&P 500 +0.57%, Russ 2000 +0.37%
Indices closed UP marking new ALL-TIME CLOSING HIGHS in the Nasdaq, S&P 500, and Russell 2000 once again. Strong GDP figures this morning coupled with more positive indications surrounding the Canadian trade talks helped boost the markets mid-morning and they never looked back. The Nasdaq was the big winner thanks to positive sentiment surrounding a fresh $2,500 price target placed on Amazon (+3.4%), putting it ever closer to $1T market cap.
S&P 500 @ 2914.04, high 2916.50, low 2898.40
RSI @ 71.89 !!
CMF @ 0.158
Internals were:
UP volume led by 1.56 to 1 in NYSE & 1.56 to 1 in NASDAQ (no typo)
ADVANCING stocks led by 1.47 to 1 in NYSE & 1.55 to 1 in NASDAQ
Net new 52 wk HIGHS were leading by 110 in NYSE & 155 in NASDAQ
VIX DOWN 0.25 @ 12.25
Oil UP $0.98 @ $69.51
Gold DOWN $2.90 @ $1211.50
Stocks which closed HIGHER by 2%+ included CSIQ SQ BILI SPWR REGN TENB VICR AMZN DATA RCL NOW HAIN VCEL ZEN IOVA JKS RHT MOS OKTA HPQ GSKY CNX PYPL FSLR COP PLAY
Stocks which closed LOWER by 1%+ included NEW SLCA LC OPTN OLED PETQ AVLR TSLA DKS WDC KSS CY BOOM PLNT WLK HUN CRUS CMG HUYA PETS ALKS BB FNSR MTCH MLNX EXAS
AH movers...TLYS +11.9%, GES +10.4%, SMTC +9.0%, UEPS -13.4%, HOME -4.3%, CRM -4.1%, PVH -1.2% all after earnings
AH Futures slightly DOWN
AH Asian Markets UP
AH Oil UP
AH Gold FLAT
About market, TAPE shrugged off some early European jitters (on the Turkish lira's renewed weakness) after the US 2Q GDP was revised higher to 4.2%. Analyst upgrades for Amazon and Google got the technology stocks off to a nice start and they ramped throughout the day. Encouraging reports from the US/Canadian trade talks gave a mid-morning boost. Window dressing due to the last day of the quarter (T+2) probably helped also. Volume was light as we continue through this pre-holiday week. The RSI is starting to flash a warning sign for some kind of profit taking day, but a fresh breakout move, like we are experiencing, can last for a while.
Hi Explorer,
The RHT chart is definitely interesting--we'll see how it acts tomorrow after CRM.
LULU continues to defy skeptics as it shows continued business momentum, which could be a good setup for another short squeeze after earnings, especially as retail reports generally have been pretty good.
I'd be a bit careful of calls right now with the indices reaching short-term overbought territory. Even if we do move further higher on this breakout, I've found it tends to be of a more grinding style from here making those calls not work as well as we might hope with time and volatility decay.
Stocktrader
Post a Comment