It was my last day at the scientists job today until January 3rd! Can you say vacation? Seems I will be busy next couple of days so I don't know the posting ability. I imagine there will be Friday night blog though, so don't forget.
Also, if you know much about the benefits of Wordpress over Blogger let me know in the comments section.
A Rally Some Stocks Forgot
Like I said, I am off for a bit and I am not sure how active I can be in markets if I am running around doing stuff. That said, a few observations.
Tuesday's huge rally was on the usual suspects of low volume and select names and indices plays. The low volume I have come to terms with because so much money left stocks over the past 3 years maybe it is the new normal. In any case today started off weak, but after lunch another ramp up came in.
I have been long AMZN (as discussed last Wednesday) and I sold out today at breakeven. Why? After a great hammer print and a ripper rally day Amazon has not shown any energy or any inclination to go higher. Today, even as the general market reversed, AMZN was going the other way. Down (click any for larger look):
I also sold out of Kinross Gold (KGC) at breakeven ($11.80) for the same reasons, just no lift a all over the past 4 trading days.
As markets near the same top they have been rejected from so many times, a tech sector blow up was in full force. Oracle (ORCL) came in light and had weak guidance and this firebombed the entire cloud/storage services sector today. Readers know I have traded Commvault Systems (CVLT) in both trading and long term account this year and look at the carnage today:
Maybe this is the big change for the market. New leaders will come forth and some old ones will fall. Maybe the year end rally will come. Lots of maybes.
I am staying light part out of a wait and see attitude and part I won't be able to actively trade into weeks end. Should the S&P 500 make it to 1250 tomorrow, I will be going index short in case it's going to be more of the same.
Have a good night.