S&P 500 even today in this massive sell off did not go below Jan low of 1270 ???
This IS the second time S&P 500 has stayed above 1270 on an intraday basis or closing basis since Jan low.....
Monday most technicians would love to see S&P go below 1270 & then recover & close higher....will it happen ?????
Vix went as HIGH as 32.89 vs all time high of 37.57...is that enough FEAR?????
Vix closed @ 31.16 improved with S&P close.......
As you can see lot of UNRESOLVED technical issues from technical point of view........
I am hoping that Monday close... should give a very conclusive answer to technicals.....I hope !!!
Based on how I am looking @ markets .....it should be a very opportune time to pick strong stocks for either trade or long term positions.......
I will keep buying @ these level..whenever possible...trade some & keep some !!!!
This market is definitely "tougher"than what I was ever ready for........
So...we have no choice but learn to live with it.....like it or NOT.......
This retest whenever its over ...should create a solid bottom for this unpredictable market...so I think !!!
In my portfolio :
CSIQ rating 90/90 target $22.83
CMED rating 100/45 target $41.98
NVDA rating 85/100 rated for a "breakdown" @ $18.29 for a target of $15.88...IF NOT 1st UP target is $21.12
RIMM rating 30/90 target $113.77
TOL rating 65/70 target $21.58
In other stocks :
NTES rating 65/80 target $20.86
BIDU rating 25/45 target $279.61
10AM Saturday I will post a list of technically weak/strong & some new buying ideas !!!
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hi Saleem,
Sold CHNR for basically even. Traded SDS with a buy in pre market and sold for $2.50 gain. Bought it again and made $1. Also traded JOYG for $1.50. Made a good trade with BIDU for $6 profit. Bought ESLR but it never made a move so Im holding. Overall it was a fun and profitable trading day. I ended up buying TKC and BIDU (again) near the close. So thats it, I am: BIDU, TKC and ESLR. Hope your day went well. I'll talk to you over the weekend blog updates.
Check this out, and we say WS is not corrupted:
Who Traded 55,000 Bear Stearns $30 Puts Tuesday?
(aka, how to turn 825k into 30ml in 72hrs).
This past Tuesday, when Bear Stearns was trading around $65 a share, there was huge put volume in the March $30 strike.
Over 55,000 contracts traded that day at an average price of 15 cents a contract. This is an extremely unusual trade in terms of the number of contracts and how far out-of-the money those options were at the time. This begs the question of why someone would execute such a transaction.
First, it's important to understand that buying a put gives you the right to sell the stock at the strike price. So to buy a put that requires the stock to decline over 50% is essentially a bet that the company is possibly on the brink of going out of business or about to deliver some terrible news.
Remember, these options expire on March 20, so that left only 10 days for some event to occur that would cause these puts to go into the money and have some value.
So it appears that as rumors began swirling early in the week that Bear was having liquidity problems and might possibly be bordering on insolvent, someone took that to heart and bought the puts as disaster insurance. And today came news that several banks, including Goldman Sachs would no longer act as a counterparty to any transactions with Bear. The inability to execute trades would essentially put Bear Stearns out of business.
Hence, we have today's selloff in which shares of Bear are down some $25, or 44% to around $30 a share. Those disaster put options are trading around $5.50 a contract.
This is an extreme situation, but illustrates how put options can be used as insurance and/or to get downside protection from a decline in a stock's price.
Other banks and brokerage firms are seeing put volume today and several names such as Merrill Lynch saw above average activity last week. Merrill saw 13,000 and 16,000 of the March $45 puts traded last Thursday and Friday, respectively. That volume was over 13 times the 30-day daily average. At the time the stock was trading around $46 and the puts were valued at about $1.50 a contract. Today Merrill is down to $44 and the puts are worth $2.60 a contract.
On Tuesday of last week, Citigroup saw 57,000 of its March $20 puts trade. But this volume was only about three times the daily average and represented less than half the open interest in the strike. Still, on that day those puts were changing hands at around 40 cents, and today they are worth about 90 cents a contract.
Saleem
Trading options is a pain ful experience if you are on hte wrong side os a trade
Ouch. I hate to see people lose money
M
Hi Doug,
We all forget the purpose of buying stocks...is to make money.
If something is not working ..move on....
In a volatile market many trades can be done in the same stocks...
You are proving that one CAN make money if you react to events which may be unfolding.....
I am happy for you that your friday was very productive..because of your own due diligence.
Keep doing it......
Saleem
Hi Trashcan,
Yes...wall street is an old boys club......
We all need to understand the environment & place bet accordingly....
MER is also vulnerable in this environment.
Saleem
Hi Madmax,
Options is very dangerous game...I have no talent for options strategy.
Saleem
SALEEM
IBD 100 listing:
1 POTASH CORP SASKATCHEWAN POT 160.46
2 BUCYRUS INTERNATIONAL BUCY 109.25
3 INTUITIVE SURGICAL INC ISRG 283.07
4 C F INDUSTRIES HOLDINGS CF 116.05
5 RANGE RESOURCES CORP RRC 62.53
6 TITAN MACHINERY INC TITN 17.56
7 RESEARCH IN MOTION LTD RIMM 101.69
8 TELE NORTE LESTE PAR ADS TNE 23.89
9 YAMANA GOLD INC AUY 19.39
10 PRICELINE.COM INC PCLN 117.63
11 COMPANHIA SIDERURGIC ADS SID 39.12
12 NEWMARKET CORPORATION NEU 71.05
13 ATWOOD OCEANICS INC ATW 89.76
14 KOPPERS HOLDINGS INC KOP 42.7
15 VIMPEL COMMUNICATIONS VIP 31.73
16 COCA COLA HBC SA ADR CCH 44.21
17 COMP VALE DO RIO ADR RIO 33.82
18 TRANSOCEAN INC RIG 137.55
19 L K Q CORP LKQX 22.55
20 MASTERCARD INC CL A MA 208.04
21 SOUTHWESTERN ENERGY CO SWN 65.85
22 TERRA NITROGEN CO LP TNH 130.35
23 T THREE ENERGY SERVICES TTES 44.45
24 ARENA RESOURCES INC ARD 38.77
25 AGRIUM INC AGU 70.13
26 QUICKSILVER RESOURCES KWK 36
27 WESTERN DIGITAL CORP WDC 31.27
28 CONTINENTAL RES INC CLR 28.86
29 MOSAIC COMPANY MOS 107.23
30 NATURAL GAS SERVICES GRP NGS 21.17
31 CTRIP.COM INTL LTD ADR CTRP 52.68
32 CORE LABORATORIES NV CLB 122.4
33 ENERSYS ENS 23.57
34 F M C TECHNOLOGIES INC FTI 58.3
35 PETROQUEST ENERGY INC PQ 16.27
36 SANDRIDGE ENERGY INC SD 39.45
37 CENTRAL EUROPEAN DIST CP CEDC 56.37
38 TEAM INC TISI 33.16
39 DENBURY RESOURCES INC DNR 31.52
40 SOCIEDAD QUIMICA Y MINRA SQM 214.98
41 CONCUR TECHNOLOGIES INC CNQR 27.97
42 AMTRUST FINANCIAL SVCS AFSI 15.06
43 ROWAN COMPANIES INC RDC 40.27
44 M E M C ELEC MATERIALS WFR 81.05
45 B H P BILLITON PLC ADS BBL 63.7
46 SADIA SA ADR SDA 18.64
47 PETROHAWK ENERGY CORP HK 18.47
48 TURKCELL ILET HIZME ADR TKC 23.08
49 BANCO BRADESCO SA ADR BBD 29.92
50 MERIDIAN BIOSCIENCE INC VIVO 31.04
51 URBAN OUTFITTERS INC URBN 30.22
52 CHART INDUSTRIES INC GTLS 34.39
53 BOIS D'ARC ENERGY LLC BDE 21.65
54 HORNBECK OFFSHORE SVCS HOS 44.3
55 A Z Z INCORPORATED AZZ 35.86
56 BUENAVENTURA COMP ADS BVN 83.91
57 GERDAU S A ADR GGB 33.08
58 C T C MEDIA INC CTCM 28.85
59 H M S HOLDINGS CORP HMSY 29.39
60 A B B LTD ABB 25.48
61 ANSYS INC ANSS 35.55
62 NEW ORIENTL EDU&TECH ADS EDU 62.15
63 EMPRESA NAC EL CHILE ADS EOC 45.2
64 GREIF INC CL A GEF 64
65 BANCO ITAU HLDG SA ADR ITU 24.27
66 PRIDE INTERNATIONAL INC PDE 35.44
67 GAMESTOP CORP CL A GME 49.05
68 OPPENHEIMER HOLDINGS INC OPY 43.66
69 MOBILE TELESYSTEMS ADR MBT 78.07
70 DAWSON GEOPHYSICAL CO DWSN 68.39
71 INTEGRAL SYSTEMS INC ISYS 25.28
72 MICROS SYSTEMS INC MCRS 34.08
73 SUN HYDRAULICS INC SNHY 27.02
74 ROSTELECOM LONG DIST ADS ROS 70.14
75 WEATHERFORD INTL LTD WFT 68.26
76 HERBALIFE LTD HLF 46.72
77 AIR METHODS CORP AIRM 44.3
78 W M S INDUSTRIES INC WMS 38.86
79 BADGER METER INC BMI 40.3
80 FLOWSERVE CORP FLS 96.19
81 COMP DE BEBIDAS ADR ABV 78.46
82 GAFISA S A ADS GFA 35.63
83 SYNIVERSE HOLDINGS INC SVR 16.31
84 EXPONENT INC EXPO 31.55
85 OCCIDENTAL PETROLEUM OXY 75.27
86 ENCANA CORP ECA 79.59
87 PARTNER COMMUNICATNS ADS PTNR 22.4
88 MECHEL OAO ADS MTL 137.24
89 HESS CORP HES 99.04
90 MONSANTO CO MON 108.79
91 APACHE CORP APA 117.46
92 NOBLE CORP NE 49.56
93 DOLBY LABORATORIES INC DLB 42.08
94 COMP DE SANEAMENTO ADR SBS 46.66
95 ALMOST FAMILY INC AFAM 20.3
96 ROCKWOOD HOLDINGS INC ROC 34
97 TELEFONICA S A ADR TEF 85.49
98 JINPAN INTERNATIONAL LTD JST 23.9
99 CANADIAN NATURAL RES LTD CNQ 73.64
100 COVANTA HOLDING CORP CVA 27.46
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