Indices closed down.
S&P 500 @ 2789.65, low 2782.97, high 2796.44
RSI @ 64.15
CMF @ 0.214
Internals were :
Down volume led by 1.29 to 1 in NYSE & 1.09 to 1 in Nasdaq
Declining stocks led by 1.02 to 1 in NYSE & 1.33 to 1 in Nasdaq
Net new 52 wk highs were leading by 66 in NYSE & by 3 in Nasdaq
VIX UP .75% @ 14.74
Oil @ $56.56
Gold @ $1284.70
Stocks which were UP 1% or more included FB SQ TWTR
BZUN MOMO HUYA IQ BIDU MTCH NIU ROKU
VICR CRON CGC CTRP GOOG YY NTNX TK
LNG OSTK CNX......
AH news...NIO Down 17.22%, AMBA UP 6.22%
AH Futures Down
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, TAPE stayed on either side of break even, today's close was constructive as overbought conditions are being negated by down to sideways movement. Internals were mildly negative which is encouraging. FANG stocks are trying to reassert with FB in the lead followed by GOOG which got upgraded.
BLOG does NOT give buy or sell.
Saleem
3 comments:
Hi Saleem,
Sold URI @ 129.61
I am late making this trade, but better late than never? I was going to sell last week into resistance at the 200 DMA, but thought it was acting fairly well still and still was inexpensive on a valuation basis. This week really highlighted some underlying weakness in growth despite potential trade deals, so construction will likely remain muted.
Sold FSLR @ 51.33
Another global growth weakness story, and then maybe some relaxing of competitor's tariffs, I think FSLR is stuck for a while here.
Bought PLCE @ 92.00
Again I am late here as I've been looking at it since the announcements Monday morning, it just took me a while to fully develop my thesis. Despite the incredibly terrible earnings and guidance, the future is without question much brighter than the past/current given the winding up of Gymboree shortly including a purchase of its assets.
Stocktrader
Hi Saleem,
Bought IBP @ 46.99
I've been eyeing this one up since earnings because I thought they performed remarkably well given the weakness in the housing market. They are poised for massive gains should that turn up at all. Their strategy of consolidating smaller companies over the last few years has really paid off.
Stocktrader
Hi Stocktrader,
Good luck with PLCE & IBP
Saleem
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