Markets did a complete U turn after passing of rescue package......
329 points gain turned into 157 points loss.....a 486 point round trip???
I have NO idea why this selling came??
Technically we are NOT looking good.....
Market is hoping for 50 basis cut in fed funds rate on Monday......will that put a BOTTOM in place? that needs to be seen.......
In my portfolio :
Sold TRLG,VMW & NVDA.....
Bought more RIMM cost went down to $62.45
Portfolio is BRCM,JNPR,PHM,RIMM,SOL......
I have reduced my exposure to market based on WEAK TAPE.......
By 10 AM Saturday I will list technically weak/strong/buy rated stocks.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hi All,
Who is doing all this selling? and why? Makes no sense.
Best Regards
Hi Standards,
Their IS panic & fear in the market...
When will it change or how it will change remains to be seen.....
I have NEVER seen a market which is this OVERSOLD ever???
VIX closed @ 43.04...52 wk high on VIX is 43.34......so FEAR is @ 52 wk high after all this selling??
I..certainly cannot explain VIX @ todays close.....
Saleem
Hi Saleem,
I thought 52 week high on Vix was 46?
Maybe I read that wrong. The only thing I read that made any sense was that after the NEWS, the selling started into the rally. More people bailing out on the bump.
Or? Or? traders closing positions before the weekend?! Who wants to hold over the weekend? Anything could happen.
Just me thinking out loud.
Have a great weekend.
Hi Standards,
There are 4 VIX index...one is FAR term 43.04...then NEAR term 51.05..then CBOE has two volatility index...
The most quoted one VIX closed @ 45.14..high on that is 48.40....
I went to MSN and got the previous quote & 52 wk range....
On VIX we stayed in the range of 41.51 to 45.52..closing @ 45.14..near high.
Saleem
Does anyone know the reason of the selloff? now what happened to solar stocks, they should go high because of the ITC ? nothing makes sense...
Hi Troy,
Market selling today..does NOT make sense......
Traders are fearful of weakness in US economy.....
Some traders bailed because Fed failed to cut 50 basis right after passage of economic package....
Hoping Monday brings CALM to markets.....
Saleem
Hi, all
Market sellig off because HEDGE fund force to sell off their position .Rich investors pulling their money out and might be buying fore clousere homes very cheap.
IT seems like without 50 % cut marrateket might get ugly.I am holding BAC and AAPL.So many shares are dirt cheap but .....fear .If you are not real long term better stay away from market.I got 0 % INTEREST RATE credit card for one year so i like to put it in AAPL.I will buy more every 5 point decline.I am day tarder so everything chage as per momentum. UPL, FWLT, NAT, FCX, MSFT, CSCO, FRO, FFIV, BP, but no bank ,,no gs,bac, jpm, usb rf, ...THANXS
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