Indices fought year end locking of gain/loss & ended @ another record close for Dow,S&P 500 & Nasdaq.....
Internals were flat BUT new 52 wk highs in NYSE & Nasdaq were 380 & 204.. a strong indicator...
RSI IS getting stretched on sixth day of gains.......Here is the RSI read :
Dow 61.83
S&P 500 62.84
Nasdaq 70.43...highest in last 4 months is around 75 area...SO excercise CAUTION @ this stage in markets....There IS too much OPTIMISM & EUPHORIA for markets going HIGHER...generally that IS when market CORRECTS......
Strong stocks today were AMZN,POT,SOLF,AAPL,RIMM,
GOOG,BIDU,MA,AGU......
FTSE & Canadian markets were closed for Boxing Day ( like Black Friday)
AH Futures are mixed
Nikkei Down slightly
Shanghai Down slightly
Hang Seng UP
Oil & Gold Down
BLOG does NOT give buy or sell.
Saleem
6 comments:
SALEEM
POT may jump today:
December 29, 2009 7:50 AM EST
In a report this morning, Goldman Sachs notes that recent Conviction Buy List-rated stock PotashCorp (NYSE: POT) published their price list for 2010 in the US. The price for granular grade potash for January 4, 2010, to February 28, 2010, will be offered at $390/st, which is down 24% from the July 2009 price. List prices will increase by $30/st beginning March 1, 2010.
Commenting on the implications of this, the firm said the decrease has been expected but notes the increase in the price list in March indicates that POT is seeking to stimulate order activity and anticipates the market will tighten as spring application approaches.
The firm is making no estimate changes and maintained their Conviction Buy rating and $138 price target on POT.
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Hi Madmax,
Thanks for posting POT report by GS.....
I saw GS & by Soleil Securities which had a negative take on the same news???
Saleem
Saleem
I am amazed that the investment houses do NOT get arested for honesty
darn it integrity is so hard to come by
have a great New Year my friend
and I wish you continued sucess in the market...
Hi Madmax,
GS is losing & Soleil is winning in their call on POT...that is how it goes sometimes???
Thanks for your new year wish..I wish the same for you !!!!
Saleem
My 2 cents.
GS must be waiting for the POT buyout (as rumored). Actualy, these guys are accumulating POT at lower price.
Happy new year 2010
Hi Rajpal,
POT is @ very attractive price IF you look BEYOND the current potash pricing issue....
Happy New Year to you also !!!
Saleem
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