Markets are in a basing mode.....
Markets are waiting for fed rate cut news.....
Lot of negativity is built into this market.....which is "great for contrary action"
Hong Kong is on fire for good reason.......11+% ongoing growth in China is fueling the outperformance.....
Until 08 olympics...this frenzied growth will continue.....
Most Chinese frontline stocks were lagging the runup in FXI/BIDU......they are in the process of catching UP....
In my portfolio :
VMW is on fire & smoking UP $6.33 to new all-time high on heavy volume......
SINA is Up 31 cents .... new high....most undervalued portal.....on a valuation basis.....
FMCN is also on fire & smoking UP $3.92 on heavy volume....only $1.02 from all-time high...
RIMM UP $1.58.....only $6.97 away from alltime high....
AAPL UP $1.03 only $2.87 cents away from alltime high....
Today I added RVBD ....my cost $33.96 UP 89 cents ....so far...most undervalued high growth networking leader.....oversold big time on in-line ER.....
@ 11.23 AM the following stocks on my WL are green :
CMED (alltime high on IBD coverage),MR,TSL,DELL (new high),
SNDK,ICE,BIDU (new high),WYNN (new high),CTRP (new high),
GOOG (new high),LVS (new high),GRMN,FSLR (new high),WFR (new high),
STP (new high),AKAM,MPEL,NTES (breakout),JASO,SWIR,NVTL.
As you acn see many many stocks are breaking out to new all-time highs...which is a sign of great underlying strength of the market.....be prepared for sharp pullbacks when overbought levels are reached......so taking profit as you go MAY not be a bad idea.....
Good luck on rest of this exciting day.....$$$$$$
BLOG does not give buy or sell.
Saleem
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