Markets are reacting to less than "ideal economic numbers"......
Indices are being sold off in reaction to economic numbers.....although IMF has increased worldwide GDP growth expectations for 2009 & 2010......
Corrections are healthy & give "better" entry points......
Yes...it IS October...BUT there is tremendous amount of FEAR already priced-in......
I have a feeling that October will "surprise" us just like September......based on current negative sentiment....
IF you are looking for support in S&P 500 it is @ 50 DMA..which is 1020.91..we are about 13 points away.....BUT NOT all stocks will make lows near that level????....RSI 47.17..great entry point...YES !!!!
Oil Down 31 cents
Gold Down $6.80
Canadian $ Down 62 tick.....after hitting highest close yesterday @ 93.40 US for 1 CAD....
In my portfolio :
Sold SOL pre-market yesterday @ $5.05...09 biggest losing trade.....
Sold COMS....for profit
Sold HOU.TO for profit
Bought RIMM cost $68.25
Bought GNK cost $21.10
Portfolio is GNK,GSS,HL,MRVL,POT,RIMM....
@1.04 following are green :
CTRN,MA,V.....
PS.....My diagnosis is of "inflammation" in my Gall Bladder & the pain HAS subsided 90% already.....I am going for Ultra sound for my Gall bladder area @ 930AM Friday......
Sincere thanks for all the messages for my health......
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hi Saleem,
Great to have you back! BDI starting to go positive. GS has SOL on conviction buy list?????? They missed that one! I'm still holding SOL, company is expanding its profit centers, stock dilution sucks. Maybe can pickup some at bargain prices soon. RIMM looks tasty in low 60's.
Best Regards
Hi Standards,
Thanks for your welcome note.
GS went neutral from conviction buy once they did not get the underwriting business from SOL???
It was the $4.75 price of secondary which shocked me.....
About buying any stock...i look for an attractive entry point..never push my luck too much on the buy side.....i do not mind sitting with a $/per share loss for few days...
Saleem
Saleem,
You just left us only a couple of days and market tanked. I pray for your health getting better and better to give us your intelligent analysis.
I is good to hear you picked up some bargains. I will follow your suit.
Michael
Hi Michael,
Thank you so much for your prayers.
Currently.....risk/reward is very compelling.....
Warren Buffet famous line is....BE GREEDY WHEN OTHERS ARE FEARFUL....
Saleem
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