Indices slumped again thanks to President Trump statement to keep shutdown going for a long time, real confidence builder in a slumping markets. Indices closed near low of the day and Nasdaq into bear market. Even Fed change of heart for 2019 interest hikes and a jump in all indices was torpedoed by US politics.
S&P 500 @ 2416.58, low 2408.55, high 2504.41
RSI @ 22.44
CMF @ -0.096
Internals were :
Down volume led by 6.60 to 1 in NYSE & 5.60 to 1 in Nasdaq
Declining stocks led by 3.58 to 1 in NYSE & 3.77 to 1 in Nasdaq
Net new 52 wk lows were leading by 1497 in NYSE & 1096 in Nasdaq
VIX UP 6.10% @ 30.11
Oil @ $45.59
Gold @ $1258.10
Canadian $ @ .6426
Stocks which closed green included MOMO
NIU TSLA WB CHK MGA MCD NKE
CNX.....
In my portfolio :
Added 400% AMD @ $17.33
Added 70% NVDA @ $129.00 in AH
Here is my portfolio weighting :
NVDA 42.30%
AMD 27.60%
SQ 24.00%
MOMO 6.10%
Next post by 6 PM on Sunday.
BLOG does NOT give buy or sell.
Saleem
3 comments:
Hi Saleem,
Good luck with the additional NVDA.
The market has ignored any good news for a while now--I think there was just some necessary selling to take place. I imagine most of that is done for the year, but that doesn't mean we'll up go--it just means we might go down more slowly haha!
The 2-yr chart on the $RUT is one of the most vicious for this 2000-stock index that I have ever seen. It's probably overdone, especially considering the Fed's "clarifications" today from Williams and even Mester, a notorious hawk. All I hear now is how scared people are, how stocks can't go up because we need to drop another 5-10%, how everything is bad for the market currently. I actually find this all quite humorous and sad at the same time--what was everyone doing any time in the last 3 months as all this was apparent and happening? In terms of the Fed, we've actually gotten more dovish since then, so it's all the cries of the latecomers in my opinion.
I don't know when or if we'll bounce, but it sure seems like we are more ready than any time in the last 3 months given how badly people are giving up.
Stocktrader
Partial summary of Mester's comments:
She reiterated NY's Williams comments on CNBC earlier, saying she looks at what's going on in the financial markets and asks, "are they trying to tell us something about fundamentals" And so that's the question." What the Fed is trying to do, she added is balance both sides of the dual mandate. She has seen some softening in interest-sensitive sectors and the global outlook has softened somewhat. Business fixed investment has not been as strong, but said there's some evidence it may be picking up. Negative consumer sentiment could feed into the real side of the economy, so they're monitoring.
****
Given she is possibly the most hawkish on the Fed, I think these comments are significant.
Stocktrader
Hi Stocktrader,
I would not have added any stocks today IF i did not see too much pessimism and RSI in 22, 24 & 26 in SPX, DOW & Nasdaq.....it was no brainer to buy or add.
TAPE turn on their own dynamic and RSI @ these level are flashing GREEN.....
YES Fed change is extremely significant .....
SO all systems GO.....
We may have a liftoff very very soon...how soon...cannot be soon enough...
Now you got all my thesis for Sunday BLOG.....advance copy!
Enjoy your weekend
Saleem
Post a Comment