Market is being subjected to lot of negatives.....but holding "firm above support"
S&P 1490 area is the most watched support level by technicians...which it is holding ...a very good sign.....
Morning jitteriness is very evident because of geo-political backdrop.....
I am still expecting a better close......
I am calling a High on Canadian $ which was reached this AM.....@$1.1020 area...means Canadians had to give less than 90 cents to get 1 US$......
I converted everything in my Brokerage account to take advantage of this very high "unsustainable valuation of Canadian $"...i am expecting Canadian $ to weaken against US$..as canadian economy will suffer big time if C$ stays @$1.10 area......I converted @ 8.30 AM...since then C$ has fallen to $1.0909...so I have already made a full cent on my switch......
I bought 15% more SINA and paid 5 cents higher than low of the day...my cost on SINA went down to $56.92......
In my portfolio :
FMCN UP 26 cents after pricing secondary @ $64.75...a miniscule discount from yesterday's close.....looks very good ..going forward....
RVBD down 72 cents...as everybody is waiting for CSCO ER......I am expecting in line Q but guidance will be above expectations.....that will help RVBD.....
CMED is UP 17 cents ....showing strength in a weak market...may close strong $$$$..
AAPL went to all-time high but is down 40 cents.....
SINA is up 50 cents...they announced earning date which is Nov 14 AH......expecting a good report & strong guidance.....
RIMM went to new all-time high and is UP $5.38...CIBC raised RIMM target to US$ 180...now highest.....as RIMM business is tracking ahead of expectations.....$$$$$
@11.31 AM the following stocks are green :
SNDA(kissing new high),AMZN ( found support around $84),TSL,
GOOG (new high),MSO,LDK (retested support),WFR(new high..jimmy the cramer likes it a lot..calls it best value play in solar),NDAQ (new high on Philly option exchange takeover),
JASO (new high).
Most investors & traders are afraid to buy frontline stocks like RIMM,AAPL,GOOG,BIDU,VMW,MA...because they think it is very expensive PE wise...they are expensive for a reason...they are growing their business @ phenomenal rate...market is more than willing to reward these stocks year after year......so do NOT be afraid to BUY & HOLD for a long period of time ...until their business reaches a saturation point.....
Never fight the tape on strong stocks....otherwise you will miss out making serious money $$..
Good luck on rest of the day.
I will be posting another report every morning around 8.30 AM for a take on pre-market actions & market developements.
BLOG does not give buy or sell.
Saleem
2 comments:
your posts are very informative and valuable. Thanks for keeping us up to date in this roller coaster market.
Hi Jack,
Thanks for your appreciative note.yes it is nice to share ideas as to how to deal with this market craziness.
saleem
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