Markets took an unexpected turn to the downside...thanks to CAT,KBH & GOOG........
This unexpected slump shook the confidence of many......including Jim Cramer....which may be healthy for the next leg UP......
These sharp & swift selloff is always a healthy sign.......as FROTH is taken out of the markets.....
These selloff forces pessimist,nervous & fast money crowd to sell.......
Today lot of selling whole day......Tape was extremely BEARISH.....7 to 1 down volume on nyse & 4 to 1 down volume on nasdaq........It is safe to conclude that there was lot of SHORT trading & Put buying was going on........
This is why ...it is extremely important to do your own due diligence & staying well diversified....
Tape can be negative for few more days.......but if you know ...what you HOLD has GREAT prospect immediately ahead...then you can HOLD with confidence & conviction......
Strong stocks CAN go GREEN against bad tape........
I was fortunate to have SNDK & FDRY which ended GREEN........
SNDK was not disappointing at all.......considering it was a very negative day.....and SNDK was overbought going into earnings......now we had lot of selling either to book profit or selling short..which put us back into favourable ground...so expect relative strength from SNDK.....
RIMM , SNDA & YHOO were decidedly negative.....
UXG & STP did relatively better than market.......
My portfolio took a hit of 1% today...which was better performance than any indices......need to thank my lucky star *****
ISRG was the star performer Up $48 ++ new all time high on 13 times average volume $$$$
PMCS & BRCM did well........
RVBD (new high),JNPR did well.....
AAPL new HIGH on new target of $205 from Piper......
FMCN was strong......
STX did well.....
Will post list of technically strong stocks by 10AM saturday.
BLOG does not give buy or sell.
Have a relaxing weekend !!!!
Saleem
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