Indices closed down on jitters about NVDA earnings report.
S&P 500 @ 4975.51, low 4955.02, high 4993.71
RSI @ 58.10
Internals were :
Down volume led by 1.88 to 1 in NYSE & 1.36 to 1 in Nasdaq
Declining stocks led by 1.43 to 1 in NYSE & 1.87 to 1 in Nasdaq
Net new highs were leading by 186 in NYSE & 14 in Nasdaq
VIX UP 4.83% @ 15.42
Oil @ $78.18
Gold @ $2039.80
Canadian $ @ .6471
Portfolio AMD GOOG INTC MSFT META NVDA BTCC.TO
With NVDA RSI @ 63.33, I do NOT believe that this stock or TAPE is very vulnerable, S&P 500 RSI @ 58.10, we are more close to support than a huge beating. Market sentiment is extremely negative which IS a " contrary indicator " and IS already factored IN......
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hi Saleem,
Sold half SOXS @ 4.79 to take more profits and with the market having pulled back to more appropriate levels
Stocktrader
Hi Stocktrader,
Measured selling IS a great strategy.
Good profit in SOXS.....$$$$$
Saleem
Great job trading soxs!
Hi Saleem,
I've been selling off the rest of my TYGO over the last two days and finally got rid of the last portion. I'm not 100% sure the avg price, probably around 1.50, but it's a good lesson that a large position size in a minimally traded stock can be very hard to liquidate!
Stocktrader
Hi Stock Rookie,
Thank you for the kind words!
I have one position size left in SOXS, and I'm still deciding what to do with it ahead of NVDA's earnings today, or if I should even factor that in at all and just let it be a simple hedge for the rest of the portfolio.
Stocktrader
Hi Stocktrader,
I am glad that TYGO lesson learned which IS more important than trade.
Good luck with new pick....
I am sure you will make the right move with Balance of SOXS....
Saleem
Hi Saleem,
Sold rest of SOXS @ 4.84
I think I have enough cash and diversity in the portfolio that I don't need a hedge, and we've seen some good pullback already.
I am tempted to put on a little TZA to hedge out the interest rate risk specifically, but I won't for now.
Stocktrader
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