Indices were down from .08% to .31%.....which is very impressive considering we have come a long way from 666 in S&P 500.....
Internals were weaker than closing numbers as listed below :
Down volume led by 9 to 5 in NYSE & 4 to 2 in Nasdaq
Declining stocks led by 17 to 13 in NYSE & almost even in Nasdaq
New Highs remains impressive 271 in NYSE & 144 in Nasdaq.....
So..what is the take away from today's number......Friday's close will be a better indicator about the strength of this market...a down close on Friday may not be such a bad thing.....market needs to catch its breadth for few days......
AH PALM ER was better than expected especially PRE sales numbers were a blowout......PALM is guiding lower in sales & announced a secondary of 16 million shares.......PALM Down AH 2.98% on a AH volume of 2.26 million.
About my strategy going forward...i feel pretty good after doing a covered write on POT..which gave me $5 per share already and have until October the 16th to figure out what to do about my covered write......also sold my odd lot of POT @ $97.02 & got $95 valuation on my covered position.....
I will be holding RIMM going into ER next Thursday...as I feel pretty confident that RIMM will BEAT & will guide HIGHER than consensus.......
About my other position...I feel pretty confident that Gold & Silver will outperform while market MAY correct......
AH Futures are RED...
AH Nikkei is Down 1.39%
AH Gold is UP 80 cents
AH Silver is UP 3.5 cents
AH crude is Down 17 cents
BLOG does NOT give buy or sell.
Saleem
2 comments:
SALEEM last I looked things seemed neutral for the market
I will hold here and see what happens _ got the cash form sale of POT, I am thinking that we are due for corretion.
ALl the pundits are now sayinf APPLE is a buy till $200-$250 go figure!
Very Best
Hi C,
Market is "extremely unpredictable"
Booking profit may not be a bad idea.....
Near TOP everybody loves their stock holdings.....BUT there IS always a risk of gains becoming smaller in a hurry.
Saleem
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