Indices closed down.
S&P 500 @ 4461.18, low 4424.30, high 4481.75
RSI @ 57.09
CMF @ 0.176
Internals were :
Down volume led by 1.34 to 1 in NYSE & 1.08 to 1 in Nasdaq
Declining stocks led by 1.50 to 1 in NYSE & 1.70 to 1 in Nasdaq
Net new highs were leading by 6 in NYSE & lows by 54 in Nasdaq
VIX Down 1.42% @ 23.53
Oil @ $112.12
Gold @ $1929.50
Canadian $ @ .7417
Portfolio HST BTCC MGM NCLH PLTR RIOT SOFI SOL UAL
Stocks which closed green included RIOT
CNX APA SU CNQ OXY SLB LNG NTR
MOS AG TECK AAPL QCOM LAC FCX
CLF AMD CSIQ GOLD NEM ZM ESTC
TSLA AEM FFIV AMZN X CVX NVDA...
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE closed slightly lower after 4 straight days of gain, this was a normal digestion of tremendous gains in last 5 trading sessions. Internals were slightly negative and mother of all indicator VIX was actually lower. No real issue with Fed fighting inflation with 50 basis point of increase, news is out and we have reacted to it.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
Sold UPST @ 128.41 after the analyst downgrade today that amplified some of my same fears:
Wedbush downgrades Upstart to Underperform, lowers price target to $75
As previously reported, Wedbush analyst David Chiaverini downgraded Upstart to Underperform from Neutral with a price target of $75, down from $110, based on weakening delinquency trends on recent 2021 vintage securitizations that appear to be deteriorating at a faster pace than its 2018, 2019, and 2020 vintages. The company has yet to operate through a true recession which means its underwriting model has yet to be battle-tested, Chiaverini notes. The analyst fears that weakening delinquency trends combined with macro- and geopolitical risks could lead to waning appetite from Upstart's credit buyers and the securitization market. The biggest risk to Upstart, in his view, is its reliance on third-party funding, and this risk tends to become exacerbated during recessions and market turmoil, the beginnings of which could be in process of unfolding.
Stocktrader
Hi Stocktrader,
Thanks for your rationale for selling UPST as supported by Analyst, nice research done for weakness.
Good luck with next pick!
Saleem
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