SOX already made a new all time high last Thursday ......
Real question IS IF attack on Saudi Arabia & worlds biggest refinery will cause a pause in this uptrend....
50% production output of Saudi oil has been taken out by this drone attack.....serious hit to worlds oil supply.....no more glut.....
How long the impact of this attack will last is unknown @ this moment.....but with Oil prices jumping sharply...prediction is jump of $10 per barrel @ Monday's open ...IF repairs are done in 7 days ....otherwise $100 per barrel may show in ticker IF facility are not repaired quickly.
Here is where we stand in market on Friday's close :
SOX 20 points away from making another new all time high...
DOW 182
Nasdaq 163
S&P 500 21
Russell 164
Here is a look @ RSI :
SOX 65.53
DOW 63.86
RUT 63.83
S&P 500 61.93
Nasdaq 58.53
As you can see that SOX is the-strongest which is a very good indicator of technology sector going into strong Q 4, Nasdaq has to do catching UP, that is where opportunity lies.
Many stocks are looking attractive @ this stage in market.....Financials are laggards which may participate after Fed policy statement this Wednesday.
While SOX made new all time highs with participation from LRCX AMAT LSCC & MU...but others like NVDA & AMD are trailing........
Good luck with your own analysis and comfort level.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hi Saleem,
Sold TREX @ 88.87 to take profits
I fear what the higher oil costs might do to margins, and higher interest rates might put a damper on housing projects.
Stocktrader
Hi Saleem,
Last week: -1.14% (YTD: +10.31%)
Notable Winners: VICR ACMR LITE CSOD
Notable Losers: CSTL MDB TWTR PLAN
The fierce rotation continued unabated last week, hurting the portfolio which still had some positioning in the high growth stocks. I feel like it's too late to sell there, but the ferocity and persistence of the declines caught me by surprise. I will keep evaluating the composition of the portfolio, but feel it's not helpful to try and make drastic moves during volatile times. I am somewhat concerned about what the Fed may say this week in regards to future interest rate cut possibilities, so my inclination is to lessen exposure somewhat.
Holdings (after today's move): LITE FSLR CSOD PLAN FB ACMR TWTR VICR CSTL MDB ACST TRIL, cash 9.5%
Stocktrader
Hi Stocktrader,
Last week Down 3.57%
YTD UP 67.71%
Added 70% LSCC @ $20.71...
Saleem
Hi Saleem,
Good luck with more LSCC. I really like semiconductors here.
Stocktrader
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