Indices closed UP.
S&P 500 @ 2711.74, high 2736.69, low 2705.60
RSI @ 41.30
CMF @ -0.109
Internals were :
UP volume led by 1.64 to 1 in NYSE & 2.27 to 1 in Nasdaq
Advancing stocks led by 1.53 to 1 in NYSE & 1.59 to 1 in Nasdaq
Net new 52 wk lows were leading by 162 in NYSE & 90 in Nasdaq
VIX Down 9.08% @ 21.23
Oil @ $65.31
Gold @ $1215.00
Stocks which were UP 4% or more included SQ SPLK FSLR
CGC AMD TLRY AMZN BABA CTRP EAF JKS MOMO
MU NFLX OLED SHOP WB YY NTNX ROKU BZUN
CHK FEYE MA SINA X CNX......
AH news....FIT UP 9.51%, FORM UP 6.21%
OTEX Down 7.31%
AH Futures UP
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, TAPE confirmed this uptrend by staging two day's of strong rally where most sectors participated.Tonight Chinese manufacturing PMI came in ahead of expectations @ 50.1% which should give us 3 day's of back to back gains.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hi Saleem,
Sold everything except TRIL.
I was hoping for better prices today, and the portfolio sits down ~1.33% right now, but many of these stocks have already been selling off this morning.
This is not a change in my thesis from a month ago nor a week ago, but I wanted to lock in the bounce we've had as I feel the technology stocks are total death now, with charts so broken that they can't rebound this year anymore. Good results barely move stocks, and bad results crush stocks, skewing the risk/reward against them.
"Don't fight the Fed" is my primary idea here, and I don't think the data will be weak enough to get them to stop their hawkish rhetoric yet. If the data remains strong, other parts of the market might rally, but high growth stocks might still fall.
When I make a move like this to sell my whole portfolio, I am usually very wrong, so we'll see how I fare this time. I just can't envision the landscape changing positively for these stocks this year.
Stocktrader
Hi Stocktrader,
Any well thought strategy is a good strategy.....
Sometimes being wrong for a week is OK...it is the long term thesis which matters.
Locking years worth of gains can never hurt....
Enjoy "non ticker life "
Saleem
Hi Saleem,
I'm already looking at the significant drop in oil and rates even on this strong day wondering if I should rotate back into the tech stocks lol. This is never easy...
Stocktrader
Hi Stocktrader,
Always follow your heart...in or out or back in......
Good luck with your strategy !
Saleem
Hi Stocktrader,
Wow, that’s a bold decision & I have seen it working for you. Good luck with your thesis. I was also on the side lines but APPL should time the future of tech stocks tonight.
Explorer
Bold as always. Enjoy the cash ride.
Paramjeet
Post a Comment