The market closed lower with most groups experiencing small amounts of profit taking after TGT guided to some margin pressure in its earnings report. Housing starts undershot expectations, and oil dropped on talk of SPR releases by US or coordinated world efforts to keep growth on track. Even with the declines, the major uptrend remains in place for year end, with only the extremely frothy sentiment as a warning sign.
The big after hours news was NVDA where a standard "beat and raise" quarter was good enough to keep the bulls in charge. NASDAQ overnight futures are up while other markets indicate a flat opening. The $VIX closed at a high today, and remains too elevated given we are near all time highs - this bears watching.
Welcome back Saleem - hope your trip was great and you feel better soon!
Thanks for your continued recap & market commentary.
Canadian Government rule for entering Canada took a huge toll on my health, they require a negative PCR test for Corona within 72 hours of arrival.
Found a company who promised me results for PCR within 72 hours, after 48 hours when no PCR result came in my email...then the nightmare began, they inform me no result will come in my needed time frame....2 days wasted completely...then started my quest to find the next quick PCR result...no luck...all booking with no guaranteed return date still...
2 sleepless night...then decided to start my 10 hour drive home and see IF 2 vaccine from pfizer plus a quick negative result from Michigan will suffice....Border guard refused to accept and offered me 2 choice pay $6000 fine and get entry or go back to USA and get PCR done.....obviously did the later...in Port Huron got my urgent PCR test which was negative and returned to Canada....
After looking @ all required and completed results, they made my day by selecting me for another Covid-19 test on their expense....
SO ....by now I have 2 negative PCR test within last 3 days and 1 more to go as I am part of random selection.....not so random in my books....stupid gets stupider every second...
Very weak still from all this PCR related stress, hopefully ready to BLOG on Friday....
Selling RBLX IONQ BLNK at market at open but my platform is broken at the moment and I'm not even sure I'll be able to see the fill prices. Also trimming a little KRUS on the rise.
I apologize for not writing last night - the home life was hectic and I forgot to provide a recap!
This morning sees a strong "stay at home" trade with Austria going back into lockdown. WDAY and AMAT are lower after earnings while PANW reversed higher last night. One striking feature from yesterday again was the $VIX closing higher again - this indicator seems to be a good gauge of potential issues.
Today is monthly options expiration, so there could be increased volatility and unusual moves. I personally wouldn't read too much into a new lockdown somewhere because theoretically the virus is "contained" now.
Good luck with trading everyone!
Oh, my trades posted from yesterday finally:
Sold RBLX @ 129.00 Sold BLNK @ 45.22 Sold IONQ @ 33.57 Trimmed KRUS @ 79.68
Apparently the trading platform problem was a matter of clearing the browser cache? Anyways, back to full functionality, which is a blessing after some managing in the darkness for a few days...
Added to ZIP @ 31.30
My top holding, I feel it has the right mix of relative strength, right story, good valuation, and sensible price movement so far.
I will still probably reluctantly buy RBLX before close due to its emerging "must own" status for year end. $100B+ valuation does not seem unreasonable if more consumer companies like Nike set up ad placement areas on the platform.
I think materials and energy continue to be undersupplied given the global economic backdrop and climate considerations. ELY is a unique story that continues to exceed expectations and estimates are catching up to valuation finally.
I run all kind of software daily before closing my desktop, it keeps PC @ optimum this includes antivirus, defrag, malware, system care and CCleaner....a habit which keeps me ahead of all PC issues.
14 comments:
Hi Saleem,
Sold MNDY @ 394.16 to take profits
I feel there will be an overhang with the lockup expiration next month
Stocktrader
Hi Stocktrader,
Good luck with next pick.
Saleem
Wednesday 11/17
The market closed lower with most groups experiencing small amounts of profit taking after TGT guided to some margin pressure in its earnings report. Housing starts undershot expectations, and oil dropped on talk of SPR releases by US or coordinated world efforts to keep growth on track. Even with the declines, the major uptrend remains in place for year end, with only the extremely frothy sentiment as a warning sign.
The big after hours news was NVDA where a standard "beat and raise" quarter was good enough to keep the bulls in charge. NASDAQ overnight futures are up while other markets indicate a flat opening. The $VIX closed at a high today, and remains too elevated given we are near all time highs - this bears watching.
Welcome back Saleem - hope your trip was great and you feel better soon!
Good morning Saleem and Stocktrader,
Saleem, Take good care of yourself and I do hope you feel better soon.
We are lucky to have Saleem and Stocktrader,
Thanks for the blog, your market analysis and daily update. Thanks also for sharing your stocks and your views on those picks.
Even though I don't trade much, I do follow the blog
I am grateful to you both.
Wish you both a Happy thanksgiving day
joseph
Hi Stocktrader,
Thanks for your continued recap & market commentary.
Canadian Government rule for entering Canada took a huge toll on my health, they require a negative PCR test for Corona within 72 hours of arrival.
Found a company who promised me results for PCR within 72 hours, after 48 hours when no PCR result came in my email...then the nightmare began, they inform me no result will come in my needed time frame....2 days wasted completely...then started my quest to find the next quick PCR result...no luck...all booking with no guaranteed return date still...
2 sleepless night...then decided to start my 10 hour drive home and see IF 2 vaccine from pfizer plus a quick negative result from Michigan will suffice....Border guard refused to accept and offered me 2 choice pay $6000 fine and get entry or go back to USA and get PCR done.....obviously did the later...in Port Huron got my urgent PCR test which was negative and returned to Canada....
After looking @ all required and completed results, they made my day by selecting me for another Covid-19 test on their expense....
SO ....by now I have 2 negative PCR test within last 3 days and 1 more to go as I am part of random selection.....not so random in my books....stupid gets stupider every second...
Very weak still from all this PCR related stress, hopefully ready to BLOG on Friday....
Take care and good luck in market...
Saleem
Hi Saleem,
Oh my, what a terrible series of situations! I hope you rest up, physically and mentally, and come back refreshed next week!
Stocktrader
Hi Joe,
Thank you for the kind words - just trying to help if I can! :)
Stocktrader
Hi all,
Selling RBLX IONQ BLNK at market at open but my platform is broken at the moment and I'm not even sure I'll be able to see the fill prices. Also trimming a little KRUS on the rise.
Stocktrader
Hi Joseph,
Thank you so much for your visit to our BLOG, It Is a pleasure to do daily BLOG as we still get 200 daily visitors...which is so gratifying...
Appreciated your feedback !
Saleem
Hi all,
I apologize for not writing last night - the home life was hectic and I forgot to provide a recap!
This morning sees a strong "stay at home" trade with Austria going back into lockdown. WDAY and AMAT are lower after earnings while PANW reversed higher last night. One striking feature from yesterday again was the $VIX closing higher again - this indicator seems to be a good gauge of potential issues.
Today is monthly options expiration, so there could be increased volatility and unusual moves. I personally wouldn't read too much into a new lockdown somewhere because theoretically the virus is "contained" now.
Good luck with trading everyone!
Oh, my trades posted from yesterday finally:
Sold RBLX @ 129.00
Sold BLNK @ 45.22
Sold IONQ @ 33.57
Trimmed KRUS @ 79.68
I'll probably buy at least RBLX back today.
Stocktrader
Hi Saleem,
Apparently the trading platform problem was a matter of clearing the browser cache? Anyways, back to full functionality, which is a blessing after some managing in the darkness for a few days...
Added to ZIP @ 31.30
My top holding, I feel it has the right mix of relative strength, right story, good valuation, and sensible price movement so far.
I will still probably reluctantly buy RBLX before close due to its emerging "must own" status for year end. $100B+ valuation does not seem unreasonable if more consumer companies like Nike set up ad placement areas on the platform.
Stocktrader
Hi Saleem,
Added to a few positions:
AA @ 47.49
CHK @ 62.05
ELY @ 29.40
I think materials and energy continue to be undersupplied given the global economic backdrop and climate considerations. ELY is a unique story that continues to exceed expectations and estimates are catching up to valuation finally.
Stocktrader
HI stocktrader,
I am glad Cache cleaning resolved platform issue.
I run all kind of software daily before closing my desktop, it keeps PC @ optimum this includes antivirus, defrag, malware, system care and CCleaner....a habit which keeps me ahead of all PC issues.
Good luck with your new additions AA CHK ELY
Saleem
Hi Saleem,
Ugh, in the end I couldn't buy RBLX this extended. I'll look again next week.
Stocktrader
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