Indices closed UP.
S&P 500 @ 3005.70, high 3006.21, low 2993.73
RSI @ 60.97
CMF @ 0.202
Internals were :
UP volume led by .65 to 1 in NYSE & 1.12 to 1 in Nasdaq
Advancing stocks led by 1.17 to 1 in NYSE & .84 to 1 in Nasdaq
Net new 52 wk highs were leading by 81 in NYSE & 34 in Nasdaq
VIX Down 1.57% @ 14.44
Oil @ $59.34
Gold @ $1513.40
Stocks which were UP 1% or more included LSCC SPWR TWTR
MRVL FB IQ HUYA UAL MTCH AAL SPLK FSLR CGC YY
BABA CSIQ EXPE NFLX MCD ULTA TSM KBH CMG...
AH news....FDX Down 9.78%, CHWY Down 3.9%
AH Futures Down
AH Asian Markets Down
AH Oil & Gold Down
About market, TAPE was under pressure before open but came back to life after news came that oil supply will be restored within 1 month, Indices closed @ high of the day. Internals were mixed. It is all about Fed statement around 2 PM which in my opinion will be market friendly, means a .25% rate cut and future rates will be data dependent based on trade deal also.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hi Saleem,
Sold CSTL @ 22.33
It's hard to see a catalyst from these levels if the Fed moves more towards neutral from easing.
Stocktrader
Hi Saleem,
Sold ACST @ 2.20 to take profits
It pains me to sell a stock that appears to be performing so well, and should have much greater long term value. I just fear a hawkish Fed, and they definitely need to raise capital soon.
Stocktrader
Hi Saleem,
I now have 35% cash, and feel comfortable with my current portfolio.
Holdings: PLAN FSLR LITE FB CSOD ACMR VICR TRIL
I can articulate a good long term story for all these stocks and am willing to absorb whatever Fed commentary comes out. I am also willing to rebuy stocks to full allocation again should the Fed talk dovishly.
Stocktrader
Hi Stocktrader,
It is all about your comfort level given any major event like Fed policy announcement and Q & A.....
Good luck with your strategy!
Saleem
Hi Saleem,
I do get the feeling though like everyone is defensively positioned, so we probably still have decent market buying interest at only slightly lower levels.
Stocktrader
Hi Stocktrader,
Because of Saudi oil situation, Fed may take a more dovish stance....crowd is generally wrong in reading Fed moves.....
Saleem
Post a Comment