Markets again showed resiliency.....by trending higher @ close.....
Dow / S&P 500 both extended their record breaking run....UP four days in arow......
Even Nasdaq.... which was under tremendous pressure due to end of the month & some mutual fund end of the year...was trending UP @ close.....
Todays close is confirming a "major turn UP is underway"
In my portfolio I did some"opportunistic trades".......
As RIMM was getting beat up pretty bad thanks to an analyst note reducing target to $135 from $138 who had a neutral rating before & neutral rating now...saying his channel check is giving mixed picture...so he reduced the estimates for this year & next by few cents.....
So....I sold EWY and booked $1 per share profit & put all the proceed in adding 50% more RIMM.....my cost went down to $116.67......I was able to buy RIMM when it was down $8.34..hard to pass up a bargain like that......thus my sale of EWY in 24 hour.....
Now my portfolio is :
AAPL, RIMM,AGU & LDK......
Overall I am hoping for a break-even day as LDK,AGU were UP & RIMM & AAPL were down...plus my Canadian $ short will give some dough...which I will know when my account is updated in AM......
My $ allocation @ close is :
AAPL.....33.6%
AGU..... 17.6%
LDK .... 14.4%
RIMM... 34.4%
Financials were very strong today...which is very necessary for this UPTURN to continue.
Financials were being bought by institutions as it was end of the month also......
There was some switching of funds from techs to beaten down financials also....as some institutions took some profit off the table from tech......
Inspite of all the selling...nasdaq advancing stock had a comfortable lead by 256 over decliners...which is showing strength of techs......
I will be posting technically WEAK/STRONG plus list of momentum stocks by 10 AM saturday.
The ONUS is on you to do your homework ...no matter which stock I mention or buy or sell...I am a trader and have many reason to buy any stock or sell any stock...based on my trading decision or other perspective.....which is UNIQUE to ME & for ME only......
I always start with FA and then check TA and keep monitoring those on an hourly basis and react accordingly.....my trading is knowledge based....I have a tendency to trade the same stock over & over again......
Opinions which I express in responce to a question in my BLOG or on CMED board is to answer a given question for that person only.....I normally trade out based on my game plan....so do not equate my opinion for you ......with my decision to get out of any position.
I do NOT trade options in any shape size or form...no covered write either !!!!
BLOG does NOT give buy or sell.
Have a nice weekend.
Saleem
6 comments:
Hi Saleem, I think everyone knows that you are doing your business throughout the day and you may exit or enter a position at any time. It is just nice to be able to check my own senses of market conditions with a seasoned trader that is honest to top it off. I also like when we are in the same stock as I get your take on that specific stock as well. That is always really helpful. I respect what you have done. You are giving back some of your knowledge and that deserves respect. One a lighter note, it is also fun to read your blog and posts throughout the day, because as you know, it can get a little boring at times. LOL... I read the post on the CMED board that pointed out for you to consider that newbies could get left out in the cold with your blog (if they treated it like an IH subscription) but I don't think anyone looks at your blog like that and we shouldn't try to put any responsibility on you for our positions...it's just nice to "be in your head" at points of the day so that we can reflect on our perceptions and check them against experienced eyes...Best wishes and I hope you have a great weekend. Doug...
Hi Saleem:
Ended the week up 6.5%....wish all weeks were like this one!
Current $ allocation:
AAPL - 39%
BIDU - 14%
GENZ - 7%
JEC - 10%
RIG - 5%
RIMM - 9%
VMW - 9%
CASH - 7%
Hope you have a relaxing weekend!
Bruce
Hi Saleem. Nice week for me as well. Sold BIDZ monday at 21.44 before the crash (nice profit). Now 50% in a diversified international etf basket (EWZ, EWA, EWY, FXI, IFN, TRF, EWS, EWM). 10% cash. 20% LDK, 10% SNCR, 10% OTEX. Have a great weekend.
Hi Doug,
Thank you for your feedback.As you know that I do get positive feedback plus some very negative reaction towards me personally...as if I am committing a crime by being helpful and honestly stating my position.
Some people are "furious because I sold my position based on market conditions or stock situation".
I personally do not understand their logic of attacking me personally and accusing me that I do not understand FA of any company...that gives me a "chuckle"
Knowledge has "no meaning if you cannot OPTIMIZE your gain...which I try to do...in my UNIQUE trading style.
It is NICE to know that my every WORD is scrutinized as if "someone is paying me to please or profit them"...
I know there are MANY who appreciate my honesty,integrity and focus on sharing my take on economics,markets & stocks...and for those I continue to accept abuse from many for last 3 years on MB..who have nothing better to do than attack me personally...for what..I do NOT know.
Saleem
Hi Bruce,
Great performance in a nicely diversified portfolio.
My CAD short has been my anchor since nov 7 & have made me serious money since.
Last week I ended UP 8.7%..but CAD short contributed 6%..so my stocks were UP 2.7%.
Good luck for next week & have great weekend.
Saleem
Hi Minaccess,
I am very impressed with your ETF...I started to look @ them only few days back...
I like EWY & IFN as I have not studied others @ all...will look @ other ETF shortly....as it is a safe strategy.
Great trade on BIDZ....
I also like SNCR...want to study that also..no FA or TA done yet.
Have a nice weekend.
Saleem
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