Markets are in the process of finding a bottom......
Today's LOWER open & dow going down to 240......and snapping back to HIGHER LOWS ..is pretty SIGNIFICANT.....
If we close higher than yesterday's LOWS.....then there is some CONVICTION to the bottom...
More important if we close HIGHER than yesterday's CLOSE...then it will CONFIRM the bottom.....I hope !!!
In my portfolio :
I felt comfortable enough with recent tape of RIMM & with today's selloff.... I bought RIM.TO in Toronto.....as I am LONG Canadian $ NOW as of yesterday...I bought RIMM in toronto in Canadian $..my cost CAD $86.97.....not @ low which is $84.50 so far......
So now my portfolio is :
AGU,AKNS,CSIQ,LDK,MA & RIMM.......
Only LDK is green...so far.....
@11.16 AM the following are green :
BX,WYNN,MSO,WYN,NVDA,AMD,EBAY,GRMN......
Good luck on rest of the day.
BLOG does NOT give buy or sell.
Saleem
18 comments:
Looks to me that a MAJOR bailout is taking place this morning. AAPL getting some more beating, as if the AH action last night wasn't enough!!
GRRRRRRRRRRRRRRRRRRR!
Got a feelin (which does not hold too much weight these days), that this will continue....
2X GRRRRRRRRRRRRRRRR!
Hi Bruce,
Price action on most stocks..are UGLY.....
If we do NOT close better than open or yesterday.....
Then....
You may be RIGHT !!!
Saleem
Saleem,
I admire your ability to navigate this market and enjoy being able to peer over your shoulder. I, for one, am still on the sidelines as I am not skilled enough to figure this one out...
Pete
Hi Pete,
@ least I get an "A" for effort...
Hopefully the effort will be productive in the end.
Staying OUT is OK...if you are NOT comfortable.
There is always a right time ...whenever you are READY.
Saleem
Herb Greenberg is the biggest joke on TV. LOL... Patriots! Hang in there everyone.
GOSH the market is lookinf worse
AAPL is being creamed today!--Ouch
RIMM is doen a lot also anbd mny beloved MA is down $7.30
Gosh...
Madmax
Hi all,
Just shows you the power of the media. AAPL crushed by misleading media statements. At least the Chinese showed some guts +10% market climb in one day. Not a good showing for the US market, bunch of weak sisters.
I'm not a Cramer fan AT ALL but he has a video on thestreet.com today about AAPL that anyone in it should listen to, just to understand what some people are thinking right now, not that he is right or wrong but just to hear thoughts. Best wishes.
Forgot to mention that I bought some FWLT today @ $55.98 for a relief rally play on oversold conditions. The stock was down 12% today. Also, the stock split for those thinking I was crazy about the price. LOL... I will sell pretty quick, max hold 1-5 days.
Hi Standards,
US markets are in "total control of hedge funds"
On Nasdaq we traded as low as 2202 TODAY...nearly 3000 points lower than 7 years ago......
While all the worlds markets have gone UP minimum DOUBLE......
I do NOT think anybody can explain US markets ...where media is used to inject FEAR every month.....
Saleem
SALLEM : this is defently a fear market, I can feel it in my bones, this is not going to clear up over night.
It is hard to believe that the GS and heggies are moving the market like this--DOWN. Is there and other explaination--greed of shorts. When does the greed stop?
AAPL as least I think has found a bottom as maybe MA, my precious DSX is down again.
Peace to all
Madmax
Funny, if someone would have bought AAPL at the exact moment that Cramer video came out and said "Don't Buy", they would be up $7 right now! Former GS Boy!
Hi Madmax,
Do NOT worry too much NOW....
Hedgies will lock profit by covering their shorts....thus the markets will go UP....
Saleem
SALEEM
you are CORREST
the market is truniong green RIMM nad AAPL are coming back and MA is us 10 samckers,
Hurray $$$$
Shorts must be covering I have never seen a market turn on a dime.
Madmax
Hi Saleem,
I love the way your portfolio behaved today. Congrats, Bravo, viva Las Vegas? Happy days are here again, at least for a couple of days!!! LOL. LDK flexing some muscle today. My FWLT will do ok and I added a little MLNM to lower my cost basis to $14.87. Glad for our blog friends. Great RIMM call and timing my Friend.
Saleem,
I think your philosophy of having conviction in your stock picks is the only way to be IN the market. However, being IN these volatile markets is NOT easy. You need a BIG bottle of Maalox next to you.
On the other side to try and be "smart" (like me) and actively trade the market is not good for your psychological or financial well-being. For this you need 2 bottles of Maalox and a bottle of Excederin Migrane.
Take you choice....
Hi Doug,
Thanks for your note.
Markets are "brutal all the time ..but SCARY near bottom"
Conviction is what matters based on FA/TA plus tape .....
Saleem
Hi Bruce,
I used to get "thrown out with fear on every downtick"
Now I stay with conviction...and only sell when I decide to do that based on comparative value or loust tape in my stock...relative to other stock in the same sector.
I feel for you....but if there is any comfort...I almost bought AAPL today ...but did NOT like the idea of selling AKNS & UEX.TO.....
AAPL is FINE...and will move from here.....
So have a "cold one on me"..it is NOT as bad as it looks.
Saleem
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