Thursday, August 17, 2023

Indices closed down .77% to 1.17%....

 Indices closed near low of the day again after reversing from green open to deep red.

S&P 500 @ 4370.36, low 4364.83, high 4421.17

RSI @ 34.61

Internals were :

Down volume led by 1.58 to 1 in NYSE & 2.99 to 1 in Nasdaq

Declining stocks led by 2.43 to 1 in NYSE & 2.02 to 1 in Nasdaq

Net new lows were leading by 117 in NYSE & 263 in Nasdaq

VIX UP 6.62% @ 17.89

Oil @ $80.39

Gold @ $1915.20

Canadian $ @ .6472

In my portfolio:

Sold 50% SHOP @ $52.99

Bought AI @ $29.80

Bought PLTR @ $14.16

Portfolio AI PLTR SHOP BTCC

Nasdaq is down 8% from high getting close to deeply oversold condition. Nobody buys @ absolute low of any pullback, so I get IN when I feel its close enough and stocks I am keeping or buying are oversold enough.

BLOG does NOT give buy or sell.

Saleem

5 comments:

Stocks100 said...


Hi Stocktrader,

Bought CAVA @ $43.25

Saleem

stocktrader_1996 said...

Hi Saleem,

Good luck with CAVA!

It is tempting to unwind my hedge here, but I think there's more short term downside. A lot of market participants are too overweight stocks given the interest rate environment and so I think there's still some rebalancing that needs to happen.

Stocktrader

Stocks100 said...


Hi Stocktrader,

I totally agree with your take.....

I am gradually shifting into my " bullish posture "

Saleem

Stocks100 said...


Hi Stocktrader,

Bought TSLA in Toronto 10% Value @ $20.05

Saleem

stocktrader_1996 said...

Hi Saleem,

Good luck with TSLA!

Stocktrader