First Quarter GDP growth: 4.8%. Oh my goodness, what a horrible economy (sarcasm).
The story of the day, and rightly so, was MSFT. MSFT managed to miss both earnings and sales growth and was taken out for a lashing. That lashing, obviously, spilled over to tech stocks and allowed the Nasdaq to fall 1%. What is funny to me is how and why anyone really cares about MSFT anymore. The most exciting and important companies are almost always less than eight years old. MSFT is a dinosaur and for investors that need to make a living MSFT shouldn't even be an issue.
But to the rest of the world it was a big issue. Since, however, we also had a strong GDP number, we saw the SP 500 end with a small .1% gain and the SP 600 finished with a .5% gain. I am not sure if this was the real reason, but since the TV told me it was the reason it has to be the reason.
Volume was higher on the Nasdaq, as is to be expected when MSFT falls 11%. The NYSE however saw a decline in volume from the previous day. This indicates, to me, that the selling was concentrated into that one stock and if it hadn't been for MSFT it would have been a boring but slightly positive day. Why do I think that? Breadth. It was positive on both the NYSE and Nasdaq by 10-7 and 8-7 ratio respectively.
That is where we stand at the end of the week. To get a deeper perspective of where we are at I recommend reading the last five post and all the comments. Along with that, go to Investors Paradise and read all the questions and responses to them the past week. That will get you catch you up on where the market stands.
Have a great weekend!
New Swing Longs: DIL USB TBBK HBC CTCI LEAP -- For more info on longs go to Investors Paradise.
New Swing Shorts: NONE
Longs Outperforming Market(number is % gain since original purchase): SLW-141 BTUI-151 WIRE-185 BOOM-440 MFLX-191 ASF-234 CBG-136 RATE-177 MNG-164 TGC-216 MRB-101 AUY-141 NXG-176 TGB-119 VGZ-126 TSCM-116 GIGM-182 NVDA-95 TTES-40 IFO BGC-73 KDN-26 SCVL RAIL-65 JOBS TXCO-62 KNXA-70 RSAS FTK ASPV NCTY KEX-46 WNR STX-26 FWLT-55 ICTG-69 BWLD VTS-25 HOM-61 AAPL DECK BAS CORS FRGB SNDK CLZR-71 UIC-63 SMSI-56 EFII EAGL-66 PKE NTES NNDS-29 ARS-51 IHS-43 IVAC-30 ILSE VLG NMR-43 WF CTXS-52 GCA POR KBX BWP MMK-34 RUTH TGE-50 BGO-73 OPLK-32 CCI-89 NTO-72 NKTR KGC-58 SA HNZ CLG-95 SPNS-91 UVN GBN-50 GMT WST RSTI-39 TYL WEBM ABI PEIX-79 STD ANO ECOL-40 BDK OMCL DRH PWR UBS-29
Shorts Outperforming Markets: NONE
Stocks On Radar Screen: NONE
Selling/Cutting Losses: NENG BWEB NANX -- Notice none of these were IBD stocks. Notice how almost all of these I list that don't perform are non-IBD stocks.
9 comments:
what do u think of GROW after friday's move ?
Hey, Josh, any sell signals in LNUX I am missing, or does it still look strong here? Volume has been weak, but is it just consolidating its gains? Thanks.
Any thoughts on FNSR? Has it pulled back enough that it could be buyable?
Hey Josh,
How do you like CTRN?
GROW: breakout from a sloppy cup base with terrible volume characteristics in base. High volume selloff on left side of base and low volume rise on right side. You want to see the opposite. Still hold if you are long. Do not buy if not long.
LNUX: Is not giving any sell signals. But I have sold 20% at a 41% gain on 4/20 on a low volume new high. Since this is not an IBD stock you take profits on these moves.
It is still a very strong stock and is a hold. It is also consolidating gains. Very pretty chart.
FNSR: Yes it is a buy here if you have a cut loss with a close below the 50 dma. I am waiting for further upside follow-through confirmation.
CTRN: breakout from a sloppy base. Most IBD stocks are still working when these things complete but I am staying far away.
Thank you, Lance. Great work you are doing. You are a fine American.
You just need to get out in the sun more. LOL.
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