Today's RETEST of S&P 500 took it down to 912.81.....much higher than Low of 839.80....
It IS normal to test the previous support point on any UP move......
Longer this back & fill mode exist ...better the base/support......
We are already trading @ 923.75 on S&P 500......higher than today's low......
So what triggered this selling.....a sudden realization that recession is here.....based on ER commentary !!!!
In my portfolio :
PHM Down 11 cents....reports AH loss of 37 cents ..Sales $1.53 Billion
NDN Down 34 cents
SOL Down 62 cents
RIMM UP $1.69
UYG Down 68 cents
@ 11.58 AM following are green in my watch list :
V,AAPL,YHOO,BRCM,BIDU,LVS,GOOG,
DUG,QID,SDS,DXD.
BLOG does NOT give buy or sell.
Saleem
10 comments:
SALEEM hello
To all a blessed day to ya
RIMM seems to be hot today in sympathy with the AAPL ER.
I was hoping for a good swing trade here.
I got on board at$54.30 --- now trading at $52 ah oh well!
I am thinking that MON is a great swing trade here.
Markets are still in turmoil
good luck all
Hi Madmax,
Markets are creating many opportunity be it RIMM or MON....
Good luck with your RIMM trade.
Saleem
IBD take on AAPL:Apple (AAPL) beat with quarterly profit of $1.26 a share, well above the Street's consensus forecast for $1.11.
The iPod, MacBook and iPhone maker predicted Q4 earnings of $1.06 to $1.35 a share on revenue of $9 billion to $10 billion, well below analysts' estimates for $1.69 a share and $10.7 billion in sales.
Apple has a track record of cautious forecasts, though. Investors reacted accordingly, pushing the stock up 12% in after-hours trading.
Meanwhile, Internet company Yahoo (YHOO) posted a steep year-over-year drop in quarterly earnings, missed sales forecasts and cut its full-year revenue guidance. It also announced it would slash 10% of its work force.
Hi Saleem,
Too many more opportunities and I'll be broke! ha!
Have a great week.
Hi Standards,
I know ....what you are trying to say !!!!
This is a very painful bear tape...
Saleem
HERE is some IBD news:
Stocks Fall On Profit Outlooks Disappointing results and forecasts sent stocks sharply lower, with heavy losses in the final hour. The Nasdaq plunged 4.1%, the NYSE composite 3.8%, the S&P 500 3.1% and the Dow 2.5%. Volume rose on the Nasdaq, dipped on the NYSE. Techs and commodity-related groups such as fertilizers and steel makers led the sell-off. More on B1, B2
Fed Aids Money Markets Again The Fed will provide up to $540 bil in financing to buy CDs and commercial paper from money-market mutual funds to help them meet redemptions and aid the short-term debt market. The gov’t said this month it would start buying paper directly and has backed money-market holdings. Also, market rates fell for a 7th straight day.
Dollar Soars, Commodities Dive Cash is king — green cash. The euro fell 2.85 cents to $1.3057 while the pound lost 4 cents to $1.6687 — its lowest in nearly 5 years. Only the yen, a refuge amid recent turmoil, rose vs. the dollar. The CRB index fell 1.6% to just shy of a 4-year worst. Oil sank $3.36 to $70.89 a barrel. Copper fell below $2 a pound for the first time in 3 years. Grains, cocoa and sugar also sank.
Apple Q4 Mixed, But iPhone Hot The tech giant lifted EPS 25% to $1.26, besting views by 15 cents. Sales rose 27% to $7.9 bil, well shy of views. Apple got a big lift from sales of its iPhone, which it says outsold RIM’s BlackBerry. Apple sees Q1 profit and sales far below Wall St. forecasts, though its outlooks tend to be cautious. Apple jumped late, more than offsetting a 7% loss before results. More on this page
Industrials Post Mixed Results Heavy equipment maker Caterpillar’s flat Q3 EPS profit of $1.39 missed views. Sales of $13 bil topped forecasts. It sees flat ’09 sales, below estimates, citing “recessionary conditions” in N. America. Meanwhile, chemical giant DuPont and conglomerate 3M both posted Q3 EPS ex items over views, but cut full-year outlooks. Caterpillar shares fell 5% and DuPont 8%, but 3M gained 4%.
National City Cuts 4,000 Jobs Regional banks were hurt as credit losses soar. U.S. Bancorp swung to a loss of 32 cents a share, missing views by 79 cents. National City reported its 4th straight quarterly loss and says it’ll slash 14% of staff over 3 years. Fifth Third also swung to a loss — 14 cents — missing views by 32 cents. But analysts say those companies will likely benefit from gov’t rescue efforts. More on A2
Iraq Seeks To Alter Security Pact In a surprise move, PM Nouri al-Maliki and his Cabinet called for changes in a U.S. security pact, threatening to unravel months of negotiations. A spokesman said amendments were needed to win “national acceptance.” The draft accord called for U.S. troops to withdraw by late 2011, unless Iraq’s gov’t requests they stay longer. Some Shiite leaders oppose that provision.
France, Japan And IMF Step Up The French gov’t injected $13.9 bil into ailing local banks, but analysts said more may be needed. Germany rejected new French ideas for EU-wide solutions. Japan said its big banks can get public funds if needed while the gov’t seeks to encourage credit to small firms. And the IMF prepared to intervene in Pakistan, Ukraine and Iceland.
BlackRock Q3 Hurt By Outflow The asset manager’s EPS fell 25% to $1.71 ex items, missing views by 25 cents. Assets under management fell 3.1% to $1.26 tril. Money-market funds outflow, slashed hedge fund fees due to the worsening credit crisis and a stronger dollar hurt results. BlackRock shares fell 9% to 130.20, the lowest in 2 years.
Pfizer, Schering Q3 Beat Views The drug giants reported solid results amid tough economic conditions. Pfizer’s EPS rose 7% to 62 cents ex items, beating views by 2 cents. Sales fell 0.2% to $11.97 bil. U.S. sales of Lipitor fell 13% as insurers push generic cholesterol fighters. Schering-Plough’s Q3 EPS rose 39% to 39 cents ex items vs. views for 31 cents. Up most of Tue., Pfizer shares ended flat, Schering off 0.6%.
Saleem
What a crash today
Even AAPL gave up it run up
I am so disappointed
Good luck to all
M
Hi All,
Yes it is hard to believe we were at 11k on the Dow just 30 days ago. And almost 14k one year ago. This may be the second bottoming spike as history has shown. A reverse head and shoulders or double bottom. I saw initial huge almost 90 degree buying spikes over the last up week. Best time to buy is close by. What do you think?
Best Regards :)
Hi Madmax & Standards,
Yes....this is another crash today..
Technicals do not matter until it starts to make sense.....
We just have to see....how it goes from here?????
Saleem
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