Dow & S&P 500 were down less than 1%...But NASDAQ took on the chin by being down 3.54%....
Reason for NASDAQ weakness was the jitter with INTC ER.....traders were very nervous that INTC ER will be below expectations and they will warn way lower in guidance....there was also concern about margins.....Guess what !!!margins are staying as per INTC original guidance ..only Sales were tweaked down for Q4....all in all a very good ER considering commotion in world economies....
So after IBM..INTC gave much better than feared ER & guidance...they are taken as the leading indicator of technology stocks ....
INTC UP AH...
RIMM UP AH...
AAPL UP AH.....
Markets MAY resume its UPTREND on Wednesday...as Dow & S&P 500 took all the selling in stride.....
Gold stocks were strong......
BLOG does NOT give buy or sell.
Saleem
8 comments:
Saleem,
Good evening. I also started a position in UYG yesterday. Are you looking for a quick in/out for a small profit or intermediate term hold for a possible double? Your thoughts are appreciated.
Victor
Hi Victor,
Nice to see your note.
UYG is a very good long term hold.
I like to stay with all my positions long term..but sometimes market forces me to sell to protect capital.
@ july low UYG was $14+..now it s in a giveaway $12 area.....
Let us hope we both have a good gain with UYG.....
Saleem
I had bought UYG dec 22 calls on friday....its not moving much, but hopefully soon....
Hi Troy,
Dec 22 calls will be much higher in 8 weeks expiry....
Saleem
I also bought bunch of deep OTM calls on QQQQ like Nov 40s & Dec 45s, they are doing wonderful but they sold off in the afternoon. Planning to keep them till expiry and hopefully they become ITM then.
Hi Troy,
Good luck with OTM calls.
QQQQ has the most to go UP by dec as they will see the benefit of fed & treasury actions.
Saleem
SALEEM
I am not good with call and puts
But I did buy QLD and AAPL and FRO
Diversified and yet AAPL and QLD are tied together with the INTL earning and Christmas coming I believe we could get a grate run up!!!!!!!!
Cheers to all
Hi Madmax,
I do not indulge in calls & puts either.....
Markets are trying to deal with all the actions & its impact on the economy.
Inflation is not an issue anymore.
Markets will slowly build from here..
I firmly believe that we have seen the lows.
Saleem
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