Dow was UP 290 after fading earlier to less than 100 points......
Technology was extremely WEAK ????
It seems that every sector has been hit severely.....
Home Builders,Retail & Financials were strong & have seen their LOWS.....
It will be interesting to see when Oil,Ag,Steel,Nat gas,Solar,Gold,Coal,Techs will turn UP...
In my portfolio :
Bought GG a frontline Gold stock which IS being trashed while Gold is staying above $800 and entering strong Gold selling season in India,China,Middle East & Christmas season...My cost $27.99
My portfolio is CSIQ,SOL & GG......
CSIQ rating 45/90 target $41.06
GG rating 55/70 target $37.34
SOL rating 45/70 target $28.46
Market strength will be evident if we close Green on Tuesday.....Technicians were trying to crash the party today also...they MAY try again Tuesday......I personally believe that Decision on FNM & FRE is good for the strength in the market and will bring confidence gradually.....
BLOG does NOT give buy or sell.
Saleem
9 comments:
SALEEM
What a great call
Buy gold--Hmmmm you are the man
Did ya see my GS
AAPL nosed dived and yet nothing but great news
Oil is hurting right now
Peace
Hi Madmax,
GS was the-superstar today.....
AAPL & RIMM are trying to find support.....once they do...they will fly north.
Oil & Gold go hand in hand $$$$
Saleem
some IBD notes:
The news gave a boost to home building stocks, which have been trying to bounce off deep declines since July. Toll Brothers (TOL) surged 2.27 to 26.47. Pulte Homes (PHM) gapped up for a 1.64 gain to 16.22. Meritage Homes (MTH) soared 4.16 to 27.20.
All three advanced in heavy volume.
Bank stocks also benefited.
Bank of New York Mellon (BK) gapped up, gaining 3.44 to 39.78.
JPMorgan Chase (JPM) added 1.95 to 41.55, but found resistance at its 200-day moving average.
Oil stocks were among the day's losers as crude inched up 11 cents to settle at $106.34 a barrel.
Continental Resources, (CLR) which was No. 1 on the IBD 100 as recently as late July, cut through its 50-day moving average on volume 50% above average. It sliced off 4.04 to 40.73. The oil explorer is 51% off its high.
Traders are keeping their eyes on Hurricane Ike, which is expected to enter the Gulf of Mexico later this week. A hard punch from Ike could drive prices up.
A meeting of OPEC oil ministers on Tuesday also will be followed closely. OPEC will be deciding whether to cut production to stall oil's decline. Prices are down about 28% from the high in July.
Iran is pushing for a reduction in crude output, but analysts say Saudi Arabia will try to block that move, according to the Associated Press.
Another stock sector that showed strength on Monday was retail.
Teen apparel chain Buckle (BKE) rose for a fifth consecutive session. It tacked on 1.85 to 58.50 on more than twice its usual action.
Clothing retailer Guess (GES) gapped up 2.84 to 42.49 on twice its normal volume.
Meanwhile, some top-rated stocks resumed strong action.
Industrial supplier DXP Enterprises (DXPE) jumped 3 to 60.21 in double its usual volume. The company announced a 2-for-1 stock split that will take effect on Sept. 30.
Medical outpatient care company Almost Family (AFAM) gapped up 2.51 to 40.15. Volume was 71% faster, but the stock finished in the lower half of the day's price range. The Louisville, Ky.-based company recently found support at the 50-day line
Hi Madmax,
Thanks for IBD notes on strength in many sectors/stocks.
It is very helpful.
Saleem
Hi All,
Interesting reading about banks who bought and held FNM & FRE shares. Soon they will be writing down their losses in those share values. Paulson said they would help these institutions with massive write downs. Who knows. Financials look bad, as losses will continue for some time to come.
Hi Standards,
This mess is still being sorted out..so another Q of writedowns & loss in Financials.
I am trying to play safe with few stocks & still NOT working....
Tough market...to say the least.
Saleem
hi saleem
i know you own csiq and sol. i dont know if i should nibble a bit. it is very attractive price.i also like mos. what do you think?
thanks
steve
Hi Steve,
Based on recent tape action....LDK is the-best then SOL.
AG ..I do not have a feel.
Saleem
thanks saleem
Post a Comment