Indices closed UP.
S&P 500 @ 2574.41, high 2579.82, low 2547.56
RSI @ 51.22
CMF @ -0.106
Internals were :
UP volume led by 2.64 to 1 in NYSE & 2.47 to 1 in Nasdaq
Advancing stocks led by 3.36 to 1 in NYSE & 2.16 to 1 in Nasdaq
Net new 52 wk lows were leading by 9 in NYSE & highs by 16 in Nasdaq
VIX Down 4.35% @ 20.47
Oil @ $49.78
Gold @ $1285.90
Stocks which were UP 3% or more included FEYE
MTCH FB TLRY OLED CHK WYNN TRIP
OSTK M.....
AH news....CGC UP 3.85%
AH Futures UP
AH Asian Markets UP
AH Oil & Gold UP
About market, TAPE continued its bullish pattern by closing near high of the day. Many stocks are participating in this rally which is a very good sign. Despite Samsung warning and poor earnings, there was hardly any real reaction, most semiconductor stocks closed UP or erased most of the losses.
BLOG does NOT give buy or sell.
Saleem
Hi Saleem,
ReplyDeleteIt was unfortunate that I sold stocks before the Powell testimony because then it put me in a position to have to ignore what he said or find reasons to disregard or dispute it. Granted, I didn't think he would turn so dovish suddenly, even if only in words. Today, all the Fed speakers are parroting his words, so I think the Fed will continue to preach "patience", which takes them off the table for now, which was indeed my biggest fear.
This puts me in a position to have a positive bias until at least the next Fed meeting, especially as we are likely getting closer to a government shutdown resolution. I think a trade resolution is much longer in coming, but the market seems to accept the positive rhetoric for now.
Stocktrader
ReplyDeleteHi Stocktrader,
I know it is tough to accept present posture of Fed based on recent past...but writing was on the wall with " patience "
When Fed is on side market loves it, thus market UP 4 days in a row and counting...
We have come out of major drubbing, so we have a long way to go on UP move before we go in normal mode of TAPE.
Good luck on revamping your strategy, It is never too late to change mind....
Saleem
ReplyDeleteHi Stocktrader,
Sold BIDU $167.30
Saleem
Hi Saleem,
ReplyDeleteBought TDOC @ 55.21
Bought VCEL @ 18.58
Stocktrader
ReplyDeleteHi Stocktrader,
Good luck with TDOC VCEL
Saleem
Hi Stocktrader,
ReplyDeleteBought WB @ $59.80
Added 100% to NVDA @ $140.78
Saleem
Hi Saleem,
ReplyDeleteGood luck with the extra exposure. It seems like nothing can stop the upside for now.
Stocktrader
Hi Saleem,
ReplyDeleteBought VICR @ 39.15
I needed some chip exposure and this chart is shaping up well. I really believe in the longer term for this company as you know, so thought it could be a time to jump in.
Stocktrader
ReplyDeleteHi Stocktrader,
Good luck with VICR...
I already had max exposure in market, Sold BIDU this AM as it became 50% of my portfolio, allocated 80% of proceed to NVDA & WB....
Saleem
Hi Stocktrader,
ReplyDeleteBought IQ @ $17.25
Saleem
Hi Saleem,
ReplyDeleteGood luck with IQ!
Stocktrader
Hi Saleem,
ReplyDeleteAdded a little TENB @ 23.62
Stocktrader
ReplyDeleteHi Stocktrader,
Good luck with more TENB...
Saleem
Hi Saleem,
ReplyDeleteSold TZA @ 12.44
Based on my new outlook, this hedge is no longer needed.
Stocktrader