Indices closed mixed on " overbought condition "
S&P 500 @ 5306.04, high 5315.91, low 5280.89
RSI @ 63.55
Internals :
Down volume led by 1.35 to 1 in NYSE & .76 to 1 in Nasdaq
Declining stocks led by 1.75 to 1 in NYSE & 1.34 to 1 in Nasdaq
net new highs were leading by 158 in NYSE & 20 in Nasdaq
VIX UP 4.53% @ 12.92
Oil @ $79.83
Gold @ $2356.50
Canadian $ @ .6365
In my portfolio :
Bought NVDA.NE @ $104.95 in Toronto
Added SHOP.TO @ $77.95
Portfolio AMD INTC META NVDA SHOP PLTR SOUN BTCC
Market strength is only in Nasdaq, rest are weak.
BLOG does NOT give buy or sell.
Saleem
11 comments:
Hi Stocktrader,
Bought DELL in pre market @ $165.25
Saleem
Hi Saleem,
Good luck with NVDA and DELL!
Hi Stock Rookie,
Good luck with SPOT and AI!
I think I'm actually going to sell AI ahead of earnings today as the enterprise spending space has been extremely difficult to navigate and the persistent short interest is often an ominous sign.
Stocktrader
Hi Stocktrader,
Thank you for AI analysis! Much appreciated!
Hi Saleem,
Sold AI @ 24.14
I'll be buying MTRN at some point today.
Stocktrader
Hi Stocktrader,
Good luck with next pick....
Saleem
Hi Saleem,
To elaborate - with all the short interest blow ups we've seen the past few weeks, it feels like anyone actually staying short through earnings on AI is pretty convicted that their product is not differentiated enough to gain traction in the marketplace and/or have channel checks in hand that are lackluster. The stock remains below both moving averages and with the AI mania we are having generally throughout the market/economy, that doesn't sit well with me.
Stocktrader
Hi Saleem,
Also, watch it blow out earnings now and be up 30%... market can always surprise.
Stocktrader
Hi Stocktrader,
Thanks for your take on AI.....
Market has spoken for last 8 months....
AI is out of AI halo effect even....that is NOT what I like to see when picking my trades...
Saleem
Hi Saleem,
I try very hard to follow relative strength on stocks with good volume and exposure. AI has both and sits where it sits, so I have to respect that.
Stocktrader
Hi Saleem,
Bought MTRN @ 111.86
Stocktrader
Hi Stocktrader,
Good luck with MTRN....
Saleem
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