Market are digesting profit taking from "nervous investors"
Economic news showing inflation moderating & consumers still alive & WELL.....
Market wants to go higher...once it absorbes selling......
Did lot of trading this AM......
Sold all CBAK for almost $2 per share gain.....
Sold all SDTH for a loss of 80 cents per share on a smaller position...
Added 25% more NMX..my sixth purchase so far.....my cost moves UP to $125.97....
Added 25 % more FMCN my cost now $50.55.....
Added 34% more WFR my cost now $59.00....
Like the market...my portfolio is mostly down..which gave me the courage to add aggressively to my existing position....
FMCN had a very good CC and that is the biggest reason why i added more to my position...most analyst were also impressed with their Q2 results and their UPPED guidance for Q3.....their new target for FMCN is around $71......a substantial room for FMCN to move UP....
FMCN is down mostly because of profit taking....as FMCN has moved UP in the last week.....
Fast Money Pete Najarian who said sell BIDU @ $186...now screaming "sell FMCN and take your profit"...he will be wrong AGAIN...as early as today's close......$$$$$
Chinese junior speculative stocks are taking a beating today...because of sharp runup......
My portfolio is :
FMCN,WFR,NMX,NVT,SNDK & CMED......
Other stocks which is green @ 11.30 AM are:
JNPR,AMAT,SIRF (3rd day UP),WYN,AUY,VLO,FSLR,
NCTY (recovering from a major selloff),TZOO (on very heavy volume..no news UP$3),
LRCX,ABX,GG.
Gold is UP $10 to 27 year high...
Oil staying high @ record level....
Good luck on rest of the day.
BLOG does not give buy or sell.
Saleem
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