Indices closed MIXED after major profit taking in the high-flying Nasdaq stocks. Congressional testimonies by the social media companies (FB/TWTR), some perceived weakness in guidance by WDAY, and AMZN taking a break after its big run all led to the declines throughout the sector.
Internals were: DOWN volume led by 0.96 to 1 in NYSE & 1.18 to 1 in NASDAQ DECLINING stocks led by 1.24 to 1 in NYSE & 1.64 to 1 in NASDAQ Net new 52 wk HIGHS were leading by -6 in NYSE & 45 in NASDAQ
Stocks which closed HIGHER by 1%+ included VCEL TLRY GME VRA APTX COUP CLF TROX TCMD STLD IBP OLED PKG OLN ETN AMBA TOL NFX WRK CC CMI CLVS CAT ALRM KORS AMD LEN THO KBH FDX DKS FCX QCOM EMN GWPH AFL LQDA CRUS
Stocks which closed LOWER by 3%+ included SGMO RH PDD WDAY BILI CVNA TRUP DQ NEWR HDP AAOI BB TWLO NFLX TWTR HAL FEYE SPLK OKTA SINA NOAH APPN IQ VICR NOW MU BEAT PETQ SQ SFLY GRUB PYPL HUBS MOMO CTRP BZUN YELP NAV BABA PFPT RHT GSKY MTCH TENB WUBA
AH movers...CLDR +14.9%, VRNT +12.3%, AVAV +5.7%, CTRP +4.5%, REVG -9.5%, GWRE -8.2%, TENB -6.1%, DOCU -4.8%, ZS -4.7%, MDB -2.8%, OLLI -1.2%, all after earnings; PRQR -12.8%, DRNA -4.7%, after equity offerings
AH Futures MIXED AH Asian Markets DOWN AH Oil DOWN AH Gold UP
About market, TAPE closed mixed with the technology stocks getting hit the hardest in months. While there wasn't a really impactful single catalyst, a combination of a few factors led to a general profit taking day. This is part of a normal and healthy bull market, and I suspect they will find footing again soon--maybe after PANW reports tomorrow night. Emerging markets continue to deteriorate which is worth watching for the US multinationals and contagion risk-off scenarios, but so far the market is not bothered too much.
Not at all--I expect it to be a great quarter and reaction. PANW is one of the cheapest of the growth stocks and I think their momentum and product offering is actually getting even better.
5 comments:
Hi Saleem,
Nice gain!
Stocktrader
Market Wrap 9/5:
Indices closed MIXED; Dow +0.09%, Nasdaq -1.19%, S&P 500 -0.28%, Russ 2000 -0.33%
Indices closed MIXED after major profit taking in the high-flying Nasdaq stocks. Congressional testimonies by the social media companies (FB/TWTR), some perceived weakness in guidance by WDAY, and AMZN taking a break after its big run all led to the declines throughout the sector.
S&P 500 @ 2888.60, high 2894.21, low 2876.92
RSI @ 60.58
CMF @ 0.097
Internals were:
DOWN volume led by 0.96 to 1 in NYSE & 1.18 to 1 in NASDAQ
DECLINING stocks led by 1.24 to 1 in NYSE & 1.64 to 1 in NASDAQ
Net new 52 wk HIGHS were leading by -6 in NYSE & 45 in NASDAQ
VIX +0.75 @ 13.91
Oil -$1.15 @ $68.72
Gold +$2.20 @ $1201.30
Stocks which closed HIGHER by 1%+ included VCEL TLRY GME VRA APTX COUP CLF TROX TCMD STLD IBP OLED PKG OLN ETN AMBA TOL NFX WRK CC CMI CLVS CAT ALRM KORS AMD LEN THO KBH FDX DKS FCX QCOM EMN GWPH AFL LQDA CRUS
Stocks which closed LOWER by 3%+ included SGMO RH PDD WDAY BILI CVNA TRUP DQ NEWR HDP AAOI BB TWLO NFLX TWTR HAL FEYE SPLK OKTA SINA NOAH APPN IQ VICR NOW MU BEAT PETQ SQ SFLY GRUB PYPL HUBS MOMO CTRP BZUN YELP NAV BABA PFPT RHT GSKY MTCH TENB WUBA
AH movers...CLDR +14.9%, VRNT +12.3%, AVAV +5.7%, CTRP +4.5%, REVG -9.5%, GWRE -8.2%, TENB -6.1%, DOCU -4.8%, ZS -4.7%, MDB -2.8%, OLLI -1.2%, all after earnings; PRQR -12.8%, DRNA -4.7%, after equity offerings
AH Futures MIXED
AH Asian Markets DOWN
AH Oil DOWN
AH Gold UP
About market, TAPE closed mixed with the technology stocks getting hit the hardest in months. While there wasn't a really impactful single catalyst, a combination of a few factors led to a general profit taking day. This is part of a normal and healthy bull market, and I suspect they will find footing again soon--maybe after PANW reports tomorrow night. Emerging markets continue to deteriorate which is worth watching for the US multinationals and contagion risk-off scenarios, but so far the market is not bothered too much.
Hi Stocktrader,
Thank you for the market wrap. Are you anticipating PANW to miss Earnings tonight?
Explorer
Hi Explorer,
Not at all--I expect it to be a great quarter and reaction. PANW is one of the cheapest of the growth stocks and I think their momentum and product offering is actually getting even better.
Stocktrader
Hi guys,
Sold MHO @ 25.30
The housing market has gotten extremely slow by me, so I think maybe I'm early on this trade, especially as the stock rejected the 50 DMA today.
Added a small amount to LQDA @ 16.88
It was my smallest position but I liked the setup for the rest of the year.
Stocktrader
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