Markets always do the opposite if enough people believe in one direction.......
It IS known as "contrary indicator"
US markets have been trying to find support around 1270 on S&P 500.....
S&P 500 went as low as 1262.71 after open...higher than pre-market of 1257 area & low in Asia @ 1250 area......
Why do I highlight S&P 500...because it is broad based 500 stocks index...which gives a better picture of strength/weakness.....
I personally believe that investors with broad diversification will do well as markets try to form a strong base.......
US$ is strong against most currency including Canadian $.....
OIL is down after reaching record level.....most commodities are down except Gold..as there is a US$ based reversal going on......
In my portfolio :
CSIQ down $1.14
CMED down 57 cents
NVDA down 31 cents
RIMM down $2.76
TOL down 46 cents
@11.34 AM the following are green:
DUG,CTRN,IGT,AUY,ABX,GG,EWJ,QID....
Good luck on this support building day !!!!
BLOG does NOT give buy or sell.
Saleem
12 comments:
saleem:
YOU CAN SEE THE RAINBOW FOR THE STORM CLOUDS! Great!!!!!!!!!!!!!!
I bought some POT at $155 lets see where we close today.... right now it is down $7.00 Darnit! I need to make a few bucks.
Good LUck to all
M
Hi Madmax,
Base building process is very painful....based on past history.
It IS important to know that ...where we are in the market phase.....
Character of this market IS changing...so one needs to act accordingly.
Saleem
Saleem,
Seeing BS sold so cheaply crushed the common share holders without warning. This is going to scare the herd IMHO.
The cheap $2 a share price was so manipulated. Book value was $84. Who wants to be next?, people will bail.
Hi Standards,
Fed is facing a very difficult task of...containing the leveraged snowball......
BSC had to be contained right here right now...or else there would have been another CRASH due to rolling bankruptcy.
Saleem
CNBC
Says the Fed Reserve is moving to slow--40 miles per hour as the market is moving at 90 miles per hour
Gosh -- every one is losing money
M
Hi Madmax,
Fed IS on the right track.....
We rae in the last phase of base building in markets.....
Saleem
Saleem,
I hope you're right about that base building; because my base is in the basement as they say!
Best of luck. I'll be on the sunny beach in Clearwater Florida on Tuesday about 11 am! Yahoo!
standards, If you dont mind me asking, what do you do that you have to travel this much?
It is always good to hear your experiences from around the country...!!
Jim Rogers: Don´t sell Chinese stocks
Source: China Daily
03-17-2008 16:05
Despite continuous dives in domestic stock markets, Jim Rogers, co-founder of the Quantum Fund and a veteran US investor, said he was still confident in China's capital market.
In a recent interview with the Beijing Youth Daily, Rogers said he had sold his stocks in all emerging markets except for China, and there are no reasons for him to sell his Chinese stocks.
Mainland stock markets have experienced a major slump since last October, as the benchmark Shanghai Composite Index dropped from a record high of 6,124 points to below 4,000 points at the end of last week. Rogers said the correction, however, was beneficial to healthy market development.
"Originally, some stocks in China's market were highly overpriced and the drop helped rid the market of these bubbles. Since last year the Chinese government has been trying to cool the property market and stocks, introducing a series of tightening measures including higher interest rates and bank reserve ratios. The moves did lower the asset prices and adjust the stock markets."
The principle of stock investment is always "to buy at low prices and sell at high prices," said Rogers.
Rogers predicted the commodity market to continue its bullish trend into the next decade due to imbalances of demand and supply. He also predicted gold to exceed US$2,000 per ounce in the future.
Hi Troy,
Thanks for posting JIM Rogers take on China.....
He has been ahead of the curve on many things.
Saleem
Troyhouse,
I am a forensic expert who specializes in the failure of tires and wheels in accidents of all types. So I get to travel where the accident and court system are to investigate and then voice my opinions of the cause of failure like on TV.
Best Regards
Standards
Hi Standards,
Yes.....base building is almost over......
Tuesday should be a green day....so you can enjoy the Beach/pool
We are all in basement...in this TOUGH market.
Saleem
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