Market are in "freefall AGAIN"
S&P 500 broke its closing support of 1310 close......
S&P 500 closed @ 1304.34.......
So....where is the next support 1270 area......
Next support 1235 area.......
The way the financial are falling apart 1235 area seems like next support......
No real rally can take hold unless financials participate.......
So...now it becomes 1 hour trading market for traders......
Long term investors have nothing to worry...because they are in it for the long haul....so they keep adding to their exposure.....Dollar cost averaging does work !!!!!
So...where are the trades you can hide in.......some like ultra short positions & they are working big time like FXP,SDS,QID & many others like these.......
Or...you can hide in long positions with the stocks you know very well & make quick trades....
Rallies will NOT last unless there is major fundamental news to support the market......what could that be...I have NO idea.......
So we WAIT ..... TEST of S&P 500 @ 1235 area is completed????
In my portfolio :
Sold GS and took a loss of $15 per share......as I believe that financials are in a major downtrend ..GS reports on 18th which is 8 trading days away........an eternity these days.....
Bought CMED 3 times today ..my cost $40.51....CMED has come down $17 from its high only last Thursday.....so my comfort level is very high...CMED RSI is 28.01...lowest I have seen in CMED...which means it IS deeply oversold.....
LDK RSI 31.08..also deeply oversold
CSIQ RSI 56.99 ..closed above 50 DMA..technically still looks very good....
My portfolio is CSIQ,CMED & LDK.......
CSIQ rating 25/50 target $22.82
CMED rating 80/70 target $41.94
LDK rating 60/90 rated for a "breakdown" @ $23.85 with a target of $17.52...IF NOT 1st UP target IS $32.59......
As you can see I am only keeping those stocks where my comfort level is very HIGH !!!
I have positioned defensively with a trading bias !!!!
Good luck on Jobs report...all kinds of numbers are being thrown around from Negative 10,000 to positive 20,000....they all could be WRONG ????
BLOG does NOT give buy or sell.
Saleem
1 comment:
SALEEM
What depressing news all around!
I still say when it all looks totally bad, thats the time to buy.
So you did well to accumulate CMED-time will tell if we got into it to soon.
I deceided to spreed out further, by buying
two more stocks PWE, AGU:
I am still holding CMED at $56, CSIQ, DRYS, DSX, GS, LDK, and 50 shares of RIMM
I gotta spreed it around! I know that most of my stocks are dead money for now. RIMM has really let me down as has CMED.
In a normal market both would be up big.
So I got me some DIVIDEND plays, 2 drys and PWE 14% divi oil gas...
Dunno what else to do either all cash or hold and stop selling all the time. I will hold them! hurray
Please ---good luck to all!
Looks like a red day with the jobs number so awfull.
M
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