I was prepared for a gap up, but nothing like what we actually got. Thought we would sell it off, but Dow is holding 33k. It got a buy signal at beginning of month. Looks like now the other indices will follow suit.
Dollar weaker again, some news overnight from China on the reopening hopes helping to push the dollar lower I guess plus people still digesting/trading on the weaker than expected CPI yesterday, almost everyone was super bullish on the dollar before the CPI and so it is not surprising to see people might be repositing themselves a little bit. Seeing some market rotation today, riskier/tech stocks getting love while those that did extremely well when tech stocks were getting hammered aren't doing so hot today. LMT/GD (defense), UNH, CI (health insurance), AZO, ORLY (auto parts retailers), MRK, BMY, JNJ (healthcare) are down pretty big today
BlockFi Stops Withdrawals, Hinting FTX Mess Can Only Get Worse (blockworks.co) We are not done yet after the FTX mess
Have a good weekend guys While I was not super bullish heading into the CPI and I didn't really buy anything on Wednesday before the CPI came out yesterday, still pretty happy I was able to sell number of stocks for profits when I thought it would take awhile for me to make any money from those stocks PPI next Tuesday then I guess we are heading into Thanksgiving and the World Cup, might see some lower volume days especially when Team USA is playing, USA vs England will be fun Leaning a little bit more bullish now with the dollar seems to be have peaked at least for now, the bitcoin thing could be a potential black swan event though.
Enlarged my position in RBI (Austrian Bank) and TQQQ, and started a new position in Polestar. Good green week.
The markets are getting really interesting, again. We'll see how long it lasts. I think we'll be better off in the long run if we can get a sustained recovery, or go ahead and tank. Hovering around the doldrums like we've seen the past few months doesn't do most of us any good - certainly not me. Of course I make money in up markets, I can make money in down markets, too. It's the doldrums that are the worst.
Seems like a directionless day into the PPI tomorrow If the PPI isn't softer than expected like the CPI was last week then we might pull back a little bit tomorrow
The PPI number got us past SPX 4000, now it just needs to hold it. We're making a beeline for the 200 sma in SPX/NDX; which the Dow has already taken out. You still got PANW? That has perfectly held the 34-month ema, which some other big-name stocks have not been able to do (TSLA, NVDA/AMD, etc.). I mean those other stocks will get back over it, just a peek-below, but PANW didn't even peek. ER on Thursday, I'll see if we get a pullback to the month's low...that cybersecurity sector has really been weak in general. I bought SHLS last week, and it picked me up yesterday after hours and keeps holding me up today.
Yeah I am still holding PANW and also FTNT as longer term plays for cybersecurity, PANW did the stock split and I had to double check my average price paid, looks like my average is $87.79 and I probably will continue to hold unless I feel like I am about to lose all of my gains I might actually want to add some CIBR and CRWD if we have another big pullback in this market. Nice trade on SHLS. Thanks for mentioning this name too, I didn't really know this ticker before, I was mainly playing with SEDG and ENPH for clean energy Futures a little lower now, we will see whether the incident in Poland will turn out to be a black swan event, I hope not but not because I am long but because it could really get ugly for the entire world if more countries are getting involved in the war.
Finally a breather for the market I feel like we ran a little too much when inflation is still 7.7% but we are also heading into the holiday season, so not too bearish for the near term but still pretty bearish for Q1 of 2023 with interest rates likely will go higher and we will probably begin to see the economy slowing down due to higher interest rates/lower demand. CSCO and NVDA both up AH, let's see if they will help the market tomorrow
It's amazing the market is flat right now, little more than 2 hours left in the day. Only 24% of issues are advancing, and the heat map is mostly red.
Team USA playing next Monday at 2:00 pm EST, maybe we will see a low volume day and it doesn't help that it will be a short week due to Thanksgiving
Not much going on expect big cap tech stocks continue to see selling pressure and there was a pretty intraday move for oil. Not expecting much this week due to holidays
