Indices closed mixed.
S&P 500 @ 2636.78, low 2621.30, high 2674.35
RSI @ 39.90
CMF @ 0.046
Internals were :
Down volume led by 1.32 to 1 in NYSE & .97 to 1 in Nasdaq
Declining stocks led by 1.17 to 1 in NYSE & 1.21 to 1 in Nasdaq
Net new 52 wk lows were leading by 338 in NYSE & 264 in Nasdaq
VIX Down 3.89% @ 21.76
Oil @ $51.65
Gold @ $1247.20
AH news...EAF UP 4.28%, FEYE UP 4.51%
PLAY Down 14.76%
AH Futures UP
AH Asian Markets UP
AH Oil & Gold UP
About market, TAPE continued its bearish run by jumping sharply higher @ open and then closing near low of the day. China indicated its willingness to reduce duty on US cars substantially which caused early jubilation in market. Technically, we are holding near support and may come UP IF enough buying develops.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hi Saleem,
Today is a big day in my opinion.
The two biggest concerns with the market in the past month were the aggressive Fed and terrible trade rhetoric. We have a more positive feel on both of the those fronts. Pessimism about any rally is very high.
When issues get resolved that were the biggest worries, it can't be ignored even if we feel really terrible about the market. I think the bottoming processing in the last two trading days has been some of the best action we've seen in a while now, and with pessimism so high, we could definitely see a big surprise rally.
I look for an aggressively sold open to scare people again that we are going to fall out of bed, and then stabilization and recovery possibly closing at the highs of the day. This would be the ultimate signal that the worst is over, and set us up for a year end rally.
If this doesn't happen, I'll have to come up with another thesis haha :)
Stocktrader
Hi Stocktrader,
Your thesis is dead on.
Bought MOMO @ $25.20
Saleem
Hi Saleem,
Sold TENB @ 26.96
I sold this stock after it continues to act poorly compared to its peers. I shouldn't have tried to bottom fish on this one.
I'm looking to add HUBS or OKTA, but maybe will pick up a FDX or something.
Good luck with MOMO!
Stocktrader
Hi Stocktrader,
Good luck with your new pick$$$$$
Saleem
Hi Saleem,
Bought FDX @ 188.20
I think the selloff on Express fears and Amazon competition is way overdone. I think positive trade talk could additionally propel shares.
Stocktrader
Hi Stocktrader,
Good luck with FDX.....
Saleem
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