Indices closed near low of the day on China US trade escalating further with the arrest of CFO of HUAWEI who is the daughter of founder, not a confidence building act. Even Fed statement of recommending no hike in December did no good.
S&P 500 @ 2633.08, low 2623.14, high 2708.54
RSI @ 39.32
CMF @ 0.046
Internals were :
Down volume led by 4.19 to 1 in NYSE & 4.70 to 1 in Nasdaq
Declining stocks led by 2.08 to 1 in NYSE & 2.63 to 1 in Nasdaq
Net new 52 wk lows were leading by 283 in NYSE & 254 in Nasdaq
VIX UP 9.63% @ 23.23
Oil @ $52.61
Gold @ $1252.60
Stocks which closed green included AEM ABX CRON
CGC TLRY LNG YELP SU
In my portfolio :
Sold AMD @ $20.45
Bought BZUN @ $35.65
Here is my portfolio weighting :
NVDA 34.2%
SQ 32.90%
BZUN 18.20%
ROKU 14.70%
Next post by 6 PM on Sunday.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Paramjeet,
Yes, everything was just thrown out today even though I thought the jobs report and the Fed's Bullard could both be seen as positives for the US secular growth stocks.
For a long time COUP was too expensive for me based on P/S, but its business has outperformed more than I expected in recent quarters even as the market held the stock down, so I'm more comfortable with both the valuation and future prospects/TAM now. I like buying it right on support here, although I was a bit early today as I didn't expect so much weakness.
TRIL is basically a disaster, but I knew this potential outcome going into the position. I thought the ASH data should have been supportive, but it's only sold off more since then. It is in need of another financing round or a new financial arrangement here, and I'm hoping they do the latter in the form of a serious partnership or buyout. Trading this far below cash value with a drug that's proven to actually do something seems so crazy to me, but that's how the market goes sometimes I guess.
Good luck with your picks and positions! :)
Stocktrader
Hi Paramjeet,
YES....market is anticipating more turmoil due to HUAWEI situation.....it is a case of " overreach " and may backfire big time.
Good luck on your steadfast approach.
Saleem
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