Hi Stocktrader,
Sold NVDA @ $278.00
Sold SQ @ $85.95
All first thing in preparation market
Recommend profit taking in all position in this overbought TAPE.
Daytrading may be the best strategy.
Arrived safely in Richmond, Delta airlines service was Superb, flight arrived 45 minutes ahead of schedule.
Saleem
14 comments:
Hi Saleem,
Glad to hear a safe arrival--nice sells!
Stocktrader
Hi Stocktrader,
Bought AMD @ $24.95.
Gave order in pre market @ my price.
Saleem
Hi Saleem,
Nice morning snag!
Stocktrader
Hi Stocktrader,
Thank you for the market summary & the note on LULU. I am almost doing a daytrading so bought LULU sep calls for Earnings play tonight
Explorer
Market Wrap 8/30:
Indices closed DOWN; Dow -0.53%, Nasdaq -0.26%, S&P 500 -0.44%, Russ 2000 -0.14%
Indices closed DOWN ending a 4-day winning streak. A soft open due to weaker emerging market currencies saw attempted buying as the Nasdaq was strong again led by AAPL and AMZN but also anything US-centric (Russell 2000 was strongest on the day). An afternoon news report indicating Trump was ready to put tariffs on another $200B of Chinese imports next week decisively dropped the indices and we closed in the bottom half of today's range.
S&P 500 @ 2901.13, high 2912.46, low 2895.22
RSI @ 66.26
CMF @ 0.097
Internals were:
DOWN volume led by 3.12 to 1 in NYSE & 1.56 to 1 in NASDAQ
DECLINING stocks led by 1.80 to 1 in NYSE & 1.36 to 1 in NASDAQ
Net new 52 wk HIGHS were leading by 51 in NYSE & 92 in NASDAQ
VIX +1.28 @ 13.53
Oil +$0.74 @ $70.25
Gold -$6.50 @ $1205.00
Stocks which closed HIGHER by 1%+ included SMTC CIEN SGMO IOVA TRUP KIDS HRB TRIL VMW HAIN PETQ TDOC SQ OPTN MU INGN TREE DKS NVTR EXAS NSP ALRM TCMD KSS GSKY
Stocks which closed LOWER by 2%+ included PDD NOAH EA MOMO DQ CLF BZUN JKS BILI X CSIQ AVLR SCCO FIT FCX LQDA VIPS HUN SPWR SINA CC IQ AKS RUN TENB XON MTCH F HUYA TECK TXN OLED BOOM RL BABA COHU KORS OLN FB GM BB CLVS
AH movers...AOBC +24.5%, LULU +8.7%, AMBA -14.2%, ZUO -10.9%, NTNX -6.3%, ULTA -4.7%, YEXT -1.4% all after earnings
AH Futures slightly DOWN
AH Chinese Official PMIs came out moderately ahead of expectations
AH Asian Markets DOWN
AH Oil FLAT
AH Gold FLAT
About market, TAPE tried to overcome world problems and was mounting a good charge until tariff talk knocked us down for good. No new news on the US/Canadian trade talks didn't help unlike yesterday. Traders are now thinking ahead to the three day holiday weekend, and we will likely see very low volumes tomorrow, although any breaking news could spur outsized volatility. The biggest nagging problem with the world right now is the strong dollar really putting pressure on emerging market currencies and markets--this is a bigger deal than any trade talks since it is not easily fixed and can cause some contagion and is therefore worth watching closely.
Thank you Stocktrader for the market summery. A small pullback is really needed as the indices are in overbought territory. However the additional tariff news on China is a concern.
LULU has exploded after hours on huge beat. If market supports tomorrow, we should see +12% gain
Explorer
Market Wrap 8/31:
Indices closed MIXED; Dow -0.09%, Nasdaq +0.26%, S&P 500 +0.01%, Russ 2000 +0.48%
Indices closed MIXED with technology and small caps showing strength again. A lower start after overseas weakness was quickly bought, but we faded midday when the Canadians showed little enthusiasm for the current talks. That tone solidified when talks ended for the week, yet we rallied into close as investors eventually expect a positive outcome.
S&P 500 @ 2901.52, high 2906.32, low 2891.73
RSI @ 66.34
CMF @ 0.063
Internals were:
UP volume led by 0.92 to 1 in NYSE & 1.82 to 1 in NASDAQ
ADVANCING stocks led by 1.16 to 1 in NYSE & 1.61 to 1 in NASDAQ
Net new 52 wk HIGHS were leading by 47 in NYSE & 113 in NASDAQ
VIX -0.67 @ 12.86
Oil -$0.37 @ $69.88
Gold +$1.90 @ $1206.90
Stocks which closed HIGHER by 2%+ included LULU IDTI PDD NOAH ULTA BEAT HCLP SMTC CY DKS MOMO PETQ CLF CIEN AAXN SHAK PI CYBR ACIA SAIL AVAV KIDS VICR TDOC AKS HAE
Stocks which closed LOWER by 1%+ included BIG AMBA DDD BOOM BILI F ALKS TRUP TECK IQ CMG GOOG CHK YEXT DB SRPT TWTR INFN OPTN AVLR IP FDX FB NOW HUN MPC
AH movers...S&P 500 indications up nearly 7 pts on resumption of US/Canadian trade talks next week
My portfolio: SPLK PANW CSOD MU, EAF MHO APPN TENB, VCEL TRIL LQDA, cash 10.5%
(Interesting note: the last time I wrote up a Friday recap for Saleem, back in July 2016, SPLK was also my top holding!)
About market, TAPE once again overcame overseas weakness and negative trade news to close mostly higher. This appetite for technology and small caps is ferocious and it seems like nothing can stop it. It is important to be allocated towards these sectors while this run continues, and it may do so through year end. Copper was weak again this week, usually an indicator of global growth (or lack thereof), but nobody seems to care except FCX and SCCO. The strong dollar and its impact on emerging market currencies, including now the Indian rupee sliding to a record low, has me the most concerned for a problem that could affect the market and sentiment, but again, nobody is paying attention for now.
Markets are CLOSED Monday in the US. Have a wonderful three-day holiday weekend! :)
Hi Stocktrader,
Thanks for the market summary. I made some changes on From. Took profits in LULU & closed CRM for loss. At the end of Friday, I rebought LULU OCT calls.
Thanks,
Explorer
I meant I made some changes on FRIDAY.
Hi Explorer,
Good luck with LULU again--I thought the report was likely strong enough to see continued gains.
Stocktrader
Hi guys,
Last week's performance: +1.33% (YTD: +41.82%)
Notable Winners: TRIL NVTR SPLK MU PANW
Notable Losers: LQDA TENB EAF
My portfolio had a good week, lagging only the very strong Nasdaq (+2.06%). Leadership from my "Big 4" (SPLK PANW CSOD MU) drove the gains. I've cut down the total number of positions in the portfolio by raising my average holding size and raising some cash. This should keep me better focused on each stock's individual story/performance and have cash for opportunities as we enter a historically volatile few months but set up for a final push into year end.
Holdings: SPLK PANW CSOD MU, EAF MHO APPN TENB, VCEL TRIL LQDA, cash 10.5%
Stocktrader
Hi guys,
Bought APTX @ 24.50
An early stage biotech with some very interesting trials for brain and nervous system disorders including Parkinson's disease.
Stocktrader
Hi guys,
Bought VRTX @ 183.63
I wanted some more big cap biotech exposure and this stock looks ready for a breakout.
Stocktrader
Market Wrap 9/4:
Indices closed DOWN; Dow -0.05%, Nasdaq -0.23%, S&P 500 -0.17%, Russ 2000 -0.42%
Indices closed DOWN after the long weekend digesting some gains from last week ahead of upcoming news on multiple trade fronts (Canada and China) and as the dollar strength continued. The economic data was mostly good, especially the 14-yr high in the Aug Manufacturing ISM of 61.3. AMZN briefly broke the $1T market cap valuation but closed below that level.
S&P 500 @ 2896.72, high 2900.18, low 2885.13
RSI @ 64.18
CMF @ 0.060
Internals were:
DOWN volume led by 2.08 to 1 in NYSE & 0.88 to 1 in NASDAQ
DECLINING stocks led by 1.82 to 1 in NYSE & 1.42 to 1 in NASDAQ
Net new 52 wk HIGHS were leading by 36 in NYSE & 116 in NASDAQ
VIX +0.30 @ 13.16
Oil -$0.01 @ $69.87
Gold -$7.80 @ $1199.10
Stocks which closed HIGHER by 2%+ included TLRY CGC LQDA TWLO AVLR PDD APTX PETQ ULTA MTCH SGMO CVNA SRPT KSS CTRL EXAS HCLP SQ TRUP DKS FTNT APPN NEWR ALRM MPC SAIL AAXN PS HD OKTA TDOC MOMO
Stocks which closed LOWER by 2%+ included AAOI PI FNSR FTSV WDC VCEL NEW TSLA FCXD TROX PETS MLNX HUYA UNG SLCA IOVA CNX NVTR DDD NAV NKE FARO CELG SCCO AA WUBA INFN SHAK CLF CHK BABA FB RUN BILI TPIC ALXN GWPH EXPE NTR KRA BOOM COHU GE PXD BZUN HDP
AH movers...COUP +16.6%, SMAR +5.7%, CAL -9.6%, RH -5.8%, HQY -3.6%, WDAY -2.5% all after earnings; TSRO +8.7%, DOVA +2.5% both after drug news; PETQ -7.1%, TLYS -5.9%, both after stock offerings; ADT -1.5% after CEO resignation
AH Futures UP
AH Asian Markets DOWN
AH Oil DOWN
AH Gold FLAT
About market, TAPE closed lower across the board, but financials and growth stories showed strength. Some "story" stocks are getting very overbought as money continues to flow into companies that show growth regardless of the economic, trade, tariff, or dollar situations. This theme should persist though as we head into year end, so any dip that brings some of these companies below a 70 RSI level might be considered a buying opportunity--I'm not sure much can stop them at this point. An overall "market" commentary is probably not even useful or relevant at this juncture--it's all about individual stocks and how they are performing given the wide disparity in price action across stocks and sectors.
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