Nasdaq is down 2.1% from its recent high of 2015.59..today we closed @ 1973.16....
Dow & S&P 500 are showing better TAPE relatively speaking......which IS a good contrary indicator...means that all indices are NOT showing equal weakness.....
Nasdaq has been the first to show relative strength..so it is basing for a next move UP.....
Friday is our much awaited Jobs report...consensus is a loss of 300,000 and unemployment uptick to 9.7%.....
I have a feeling that job loss will come with a digit 2.....so it will be less than consensus...GS came out with a number of 250,000.....they MAY be close to the real number.......
Once this Job report is out..market will do what it wants to do.....go UP or go Down slightly as has been the case lately......
This Job report MAY not turn out to be the catalyst which most traders are expecting it to be....almost like a non-event......
In my portfolio :
Sold SU...for a breakeven trade to BUY RIMM which was being sold off..added 42% more RIMM @ $77.37.....I am always looking for a comparatively better trade idea going forward.....
Portfolio is POT,SOL,RIMM,RVBD......
IPI ER was a miss of 4 cent..nothing unusual as POT also missed by a mile in its report...AH IPI Down $1.20 on 13,767 shares....all potash stocks are ready to rebound in Q3 which is current Q....
NVDA ER was a BEAT & is UP $1.18 on 2.10 million shares....
AH Futures are all GREEN.....
AH Nikkei is Down .55%
BLOG does NOT give buy or sell.
Saleem
2 comments:
SALEEM
Buying RIMM may have been a fantastic buyers opportunity, they beet the snot out of RIMM yesterday
But selling SU, I would think oil has just begun it's run--but what do I know.
Lets see if I can get some GS today on a sell off yepie
Best regards
Hi Madmax,
My swap from SU to RIMM is already working out as expected.....RIMM is UP $1.29 from my purchase while SU is UP 15 cents from my Sale price.....
Also i like to buy/switch based on relative value on down days when everybody is running for cover....
Good luck on your purchase$$$$
Saleem
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