Markets played another YO YO whole day.......
Market shrugged off Freddie Mac troubles & ran higher......
Fed released policy statement @ 2PM...markets gave up all gains in advance of report....
After release of Fed report...market went into triple digit loss and nasdaq loss was almost 36....
@ 3.45 PM market ignored the fed policy statement and went up to close green in all indices ???
There is a CHANCE that markets have discounted all the issues with financials.....only time will tell...thus a rebound today !!!!
My portfolio was on a major roller coaster whole day...thanks to FMCN...which tanked $10.15 @ one stage......on very heavy volume......then a miraculous recovery by close Down $5.15 to close @ $52....this was most "surprising as both Citigroup & Goldman kept a BUY ????I thought these two analyst controls the market...so another theory down the drain......
SINA UP 89 cents....
AAPL UP $4.90....
RIMM UP $1.79.....
Overall my portfolio was UP .10%......but I may lose a fraction because Canadian $ is UP 58 tick against US$....so my Canadian short may cost me few $...will know in AM.......
CMED reported very good numbers Q2 higher Sales & EPS and guiding as expected higher in sales & EPS for FY 3/08......Higher $2.48 @ bid on very low volume ????
Market is giving the impression that LOW was reached today..... and RETEST of Aug low was successfully done today also........?????
It is very important to know FA & TA in this difficult market.....if you have SOLID conviction...then only you will do well...otherwise you will be selling @ LOW and buying much higher......
I have my "best four ideas & I am sticking with it"
@ this stage TA is not of much help...as most stocks have broken down......
I have two very strong stocks RIMM & AAPL.....and also have two laggards FMCN & SINA.....on most day's they offset each other & if I am lucky I have been moving ahead....very slowly !!!!
Good luck for wed.
BLOG does not give buy or sell.
Saleem
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