Indices closed UP.
S&P 500 @ 2914.00, high 2927.22, low 2909.27
RSI @ 59.00
CMF @ -0.049
Internals were :
UP volume led by 1.09 to 1 in NYSE & 1.26 to 1 in Nasdaq
Advancing stocks led by 1.22 to 1 in NYSE & 1.01 to 1 in Nasdaq
Net new 52 wk lows were leading by 69 in NYSE & 4 in Nasdaq
VIX Down 3.72% @ 12.41
Oil @ $72.12
Gold @ $1187.40
Stocks which were UP 1% or more included AMD FB
SQ MTCH TLRY KORS PRNB IQ AAPL AMZN
BILI EAF GOOG LRCX LULU MRVL MU
SHOP TWTR ROKU CHK RIG FNSR SU
OSTK TSM NKE AAL CNX.....
AH news....TSLA Down 11.91%, PRGS Down 13.63%
AH Futures UP
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, TAPE celebrated strong US GDP number and ignored Fed change in language. FANG were back in vogue along with strong stocks. Pot stocks were mostly lower except TLRY which bucked the trend. Expecting a positive close on Friday. There is only a closing BLOG on Friday's around 7 PM.
BLOG does NOT give buy or sell.
Saleem
17 comments:
Hi Saleem,
The relative and absolute weakness in the small caps (and IPOs) was really the main feature of the trading day for me. I think things have seriously changed where the continued tightening posture of the Fed, including how they expect to raise rates above the "neutral rate", is starting to weigh on the more speculative stocks. I plan to put my TZA hedge on again tomorrow, and may pare back long exposure even further.
Stocktrader
Hi Saleem & Stocktrader,
I was tied up with meetings today. Sold PRNB. Did not enter into new IPOs today as the price action was horrible. There is still some room for indices to go north before they can turn.
Stocktrader, good luck with your hedge plan
Explorer
Hi Stocktrader,
Good move to book profits. I was looking to enter LQDA 2 days ago but limit order was never filled & it moved so high & RSI peaked. Will see n watch.
Anything in your sighs?
Explorer
Hi Explorer,
For trading buys today I'm looking at company-specific growth stories that closed strongly yesterday like MTCH AMD BEAT LULU CHGG.
I'm watching the IPOs today of GRTS (indicated good) and CTK (indicated poor), and also still the ones of yesterday to see if anything wants to move higher.
Mid-morning I'll probably try some shorts anticipating a weak close based on normal Friday patterns, my new overall cautious thesis, and some month-end flows out of equities due to rebalance.
Stocktrader
Hi Saleem,
Bought a huge chunk of TZA @ 8.51
Stocktrader
Hi Stocktrader,
Good luck with TZA.
Saleem
Hi Saleem,
Sold MDSO @ 73.18
This was a trade that hasn't worked at all, and now the relative weakness and flirting with the 200 DMA despite a strong market is a sign I need to exit. This frees up cash for another idea.
Stocktrader
Hi Stocktrader,
Good luck to with TZA & proceedings from MDSO
Explorer
Hi Saleem,
Trimmed CSOD @ 57.46 to normal position size
Increased competition and the weaker euro could weigh on results more than a large overweight deserves, especially after a nice post-earnings run.
Stocktrader
Hi Stocktrader & Explorer,
Sold CRUS @ $38.10.....
Saleem
Hi Saleem,
Trimmed PRNB @ 28.75
Trimmed AQST @ 17.20
Trimmed KRYS @ 17.52
I wanted to reduce exposure in my speculative biotech area given my thoughts on the Fed and the extremely poor reception to biotech IPOs this week. I think investors are majorly overallocated to this highly speculative niche of the market right now.
Stocktrader
Hi Saleem,
Good luck with CRUS proceeds.
Stocktrader
Hi Stocktrader & Explorer,
Added 40% FB @ $166.25
Saleem
Hi Stocktrader,
Good luck with your trimming strategy with protection.....
Saleem
Hi Saleem,
Good luck with more FB.
Stocktrader
Hi Saleem,
Sold PRNB @ 28.94
Sold AQST @ 17.31 avg
I really felt the need to get out of these stocks, and I'm still working on KRYS although that is proving more challenging.
Stocktrader
Hi stocktrader,
Good luck with your startegy and proceeds from sale...
Saleem
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