Indices closed UP.
S&P 500 @ 2546.16, high 2573.99, low 2528.71
RSI @ 31.56
CMF @ - 0.061
Internals were :
Down volume led by 1.16 to 1 in NYSE & .96 to 1 in Nasdaq
Declining stocks led by 1.14 to 1 in NYSE & 1.43 to 1 in Nasdaq
Net new 52 wk lows were leading by 985 in NYSE & 665 in Nasdaq
VIX UP 4.32% @ 25.58
Oil @ $46.24
Gold @ $1253.60
Stocks which were UP 2% or more included NVDA SQ
MTCH SHOP AMD AAL PHM ESTC AEM FB GG
VICR FSLR TLRY AMZN CRUS CSIQ QRVO
NTNX GS MGA KBH M.......
AH news...MU Down 9.06%, JBL UP 10.27%
FDX Down 6.11%
AH Futures Down
AH Asian Markets Down
AH Oil UP
AH Gold Down
About market, TAPE is following a very bearish pattern despite being deeply oversold, hardly any strength in today's bounce. DOW was UP 300 points and lost it all mid day only to close modestly higher. Fed statement may give some relief @ 2 PM and @ conference call but Thursday trading day may show fade, this is based on current weak TAPE and " sell the strength trading "
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hi Saleem,
Sold LITE @ 42.41
I find myself already disappointed with LITE as competitive concerns from CSCO's purchase of Luxtera possibly dims their optical side, while smartphone unit sales appear to be getting worse. I'll move on for now.
Bought AVLR @ 31.28
Back to one of my on-again-off-again picks as the chart appears to be shaping up nicely for a breakout if momentum continues.
Stocktrader
Hi Stocktrader,
Good luck with AVLR
I am not sure anymore about this market, has all the trapping of a full blown bear market.
MU & FDX guidance is confirming my worst fears of big time slowdown....
Saleem
Hi Saleem,
I think it's easier to play in a global growth slowdown environment compared to a tight Fed environment. Assuming they act as the market expects today, I think there will be opportunities going forward. Powell's speech in late November has had me more constructive on my kinds of stocks since then, and they've held up better than other stocks during that time. I think most of my losses in the last month have come from SWN and TRIL more than anything else.
Stocktrader
Hi Saleem,
I also think today could go either way with price action though. I think there's still more "long term" sellers out there, and it will take a while to fully get through those people.
Stocktrader
Hi Saleem and Stocktrader,
Biotechnology stocks have misbehaved lately. What your opinion on RUBY. Morgan Stanley reiterated overweight rating; company beat earnings; also getting added to biotechnology index on Dec24th. It is down today for no apparent reason.
Thanks
Paramjeet
Hi Saleem,
This seems too hawkish still :(
Stocktrader
Hi Paramjeet,
It looks like technical selling based on the two false breakouts above the 50 DMA in the last two days.
I don't know much about the company itself, but biotech investors have gotten very picky about which ones they want to invest in now. Only the most cutting edge ones are seeming to get the flows.
Stocktrader
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