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Entries in ATHR (2)



Okay..only mildly disappointing…

You’re probably looking at the title and saying what was so disappointing about today, SPX up 3 pts day after the recent  ~10+% rise.    Well,  we’re not even disappointed that market was not up greater, we’re disappointed because we can’t get a decent red pullback to relieve the overbought conditions and let others come into the Bull playground.    You see,  we didn’t  have sellers today and we didnt have buyers even like us already on board the bull train to press higher or/ new buyers step up.   Nothing changed from Friday and the trading conditions noted in DJIM weekend report continued,  notably any weakness getting a light bid.    If you’re on a Level2 platform, you can clearly see a lack of any meaningful size bids or asks to make any stock move in either direction.    If something did move today, it basically reversed back due to lack of conviction.    A few DJIM stocks making intraday new highs are prime examples of all this, (excluding HITK )… ININ TBI SWI  gave back the new intraday highs and others with the real strong earnings like JDAS, ATHR AAPL  are just stuck in the Nazzy/ Tech oxygen tank after it's trip to the moon.  It's unfortunate as far as timing that the latter 3 gapped into the middle of the rally giving them little room to roam higher at this point.  All this just made for a flat boring day, but digestion is still better than indigestion! 

So..until one group gets aggressive, we’re stuck in what looks like June trading all over again.   It will probably involve a surprise catalyst to initiate a move.   Today,  some were saying it was a negative that we sold into the Home sales number,  but this wasn’t a surprise catalyst as in recent weeks the numbers, sector options action had pointed to this data.   It wasn’t enough of a catalyst for the Bulls to run through the streets and it wasn't really a sell on the news in our view
Positives to take away, include,  Financials strong in all sub groups  and TRANS  keeps rolling and a big part of this recent rally (recall July 16th we said FDX exploding over 200MA was a positive) and allowing rest of market to digest,  while showing this market is probably capable of rotation to keep on going forward.  In this case as NAZZY tech takes a much needed breather.  Bulls have time on their side!. Also, some M&A activity today maybe a start to some more good noise in this area.


More disappointment...

Yes, don't be fooled by our journal title again!    On the contrary, this market has been anything but a disappointment.     We had a "mild" pullback early on into the middle of our 972-966 intraday note for a bid support.    It's considered mild because we really haven't even seen this mkt down more than 7 or 8 pts on SPX intraday in quite a while.  Believe it or not, today’s -2.5 pts SPX decline was the biggest in over 2 weeks!!.  So when this mkt was pulling back early on, we were excited and hoping that we may be able to get some stock cheap for once.  But…

Here comes the disappointment.   Things just don't seem to stay "low" for long these days and you only had a chance for a handful of light dips.  We had plenty of reason to dip (notably CC #), but long demand came in the form of an underlying bid.    Again, this is becoming a normal phenomenon with this market these days.     Little rants aside, this market has once again exhibited the kind of strength that is typical of a strong bull market.    Dip buying will be the game!   Plays like HITK SWI  don’t even give us a chance pause before they inch higher,  these names actually were climbing to 5-10% gains and new highs while market dipped.   HITK, for some reason, turned out to be the best runner among the ones we've covered, so far.     At this point, we do feel it may needs to settle down a bit.    We still have many reports left in the earning season and we won't be surprised to see some exciting reports/reaction surface as a result.   Currently, plays like JDAS  ATHR  ININ  are all developing nicely.  If Nazzy/ Techs come out of their oxygen tanks for some follow through this week these names should benefit.  If there's strength that accompanies a breakout among those plays, we won't be hesitating to chase higher aggressively by adding to positions.

Bottom line, we are pretty choosy as far as plays are concerned.  We do have plenty of earning plays to work with and we'd imagine there's more good ones coming out within the next couple of weeks.   For now, lets just enjoy what this market is offering us.