Thursday, October 11, 2018

Indices closed down 1.25% to 2.13%.....

Indices closed down.

S&P 500 @ 2728.37, low 2710.51, high 2795.14

RSI @ 17.66

CMF @ -0.268

Internals were :

Down volume led by 4.92 to 1 in NYSE & 1.71 to 1 in Nasdaq

Declining stocks led by 3.53 to 1 in NYSE & 2.66 to 1 in Nasdaq

Net new 52 wk lows were leading by 718 in NYSE & 387 in Nasdaq

VIX UP 8.80% @ 24.98

Oil @ $70.97

Gold @ $1227.60

AH Futures UP

AH Asian Markets Down

AH Oil UP

AH Gold Down

About market, TAPE continued its slump despite 10 year rates were actually lower. Chinese economic weakness was a key factor in this selling as orders were softer. There is talk of China and US having a dialogue @ next summit which may result in trade talks.RSI has taken an extreme reading Nasdaq @ 18.97, DOW @ 26.49 and S&P 500 @ lowest @ 17.66, Nasdaq & S&P 500 is deep deep oversold numbers. There is only a closing BLOG on Friday's around 7 PM.

BLOG does NOT give buy or sell.

Saleem

7 comments:

stocktrader_1996 said...

Hi guys,

Sold AVLR @ 34.33

I needed to free up some cash for the PLAN IPO opening shortly. I would have preferred selling one of my speculative biotechs, but there's not much liquidity and I'm hoping for some rise still.

Stocktrader

stocktrader_1996 said...

Hi guys,

Bought PLAN @ 23.75

Stocktrader

stocktrader_1996 said...

Hi guys,

The $RUT chart is one of the craziest I've seen for a major index in a long time.

Stocktrader

stocktrader_1996 said...

Hi guys,

Trimmed some ALLK GRTS PRNB STRO.

All the biotech IPOs have died off in price action and volume. I think investors received way too much allocation in total for what they should, and the Fed raising rates could have the biggest impact on these companies. I may try to sell more of my position size eventually, but I want to wait for analyst initiations or other catalysts to sell on pops.

Stocktrader

stocktrader_1996 said...

Hi guys,

Trimmed more ALL KGRTS PRNB STRO, cutting them all about in half from my allocation as of this morning. I am tempted to sell the whole lot of them as today seems like a decent day to do that.

Also trimmed ESTC as it is very expensive, and added to TRIL due to undervaluation. The recent news from CELG discontinuing its CD47 trial should have been a good news piece, not bad.

Stocktrader

stocktrader_1996 said...

Hi guys,

Ok, I just decided to sell all of ALLK GRTS PRNB STRO. They are just too far out on the risk spectrum and long duration assets to be involved in right now despite what should be positive flow dynamics into year end. This leaves me with 21.7% cash.

Stocktrader

Stocks100 said...


Hi Stocktrader,

Good luck with PLAN & future picks.

Saleem