Tuesday, February 20, 2024

Indices closed down .17% to 1.41%.....

 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

at

7 comments:

  1. stocktrader_1996February 21, 2024 at 6:31 AM

    Hi Saleem,

    Sold half SOXS @ 4.79 to take more profits and with the market having pulled back to more appropriate levels

    Stocktrader

    ReplyDelete
  2. Stocks100February 21, 2024 at 7:18 AM


    Hi Stocktrader,

    Measured selling IS a great strategy.

    Good profit in SOXS.....$$$$$

    Saleem

    ReplyDelete
  3. Stock RookieFebruary 21, 2024 at 7:39 AM

    Great job trading soxs!

    ReplyDelete
  4. stocktrader_1996February 21, 2024 at 10:33 AM

    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

    ReplyDelete
  5. stocktrader_1996February 21, 2024 at 10:35 AM

    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

    ReplyDelete
  6. Stocks100February 21, 2024 at 11:23 AM


    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

    ReplyDelete
  7. stocktrader_1996February 21, 2024 at 12:12 PM

    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

    ReplyDelete