Wednesday, August 11, 2010

S&P 500 finding support near 50 DMA.......

S&P 500 went to 1089.63......just above 50 DMA of 1088.03.....IF we hold this level then we MAY build from here.....

Even after Fed brave effort to assure the market yesterday.....sellers took control after Chinese data was weaker.......

Gold UP $2.70

Oil Down $2.01

Canadian $ Down 1.25 cents to 95.51....

In my portfolio :

Sold SNDK

Bought EGO @ $17.30

Bought BIDU @ $84.16

Portfolio is BIDU,EGO,IAG,LVS......

Most stocks are down.....

BLOG does NOT give buy or sell.

Saleem

4 comments:

Michael said...

Saleem,

Thanks for the information on IAG. I followed you on EGO and got a decent profit. I picked up some IAG before ER and will hold it as well.

Hope market will hold.

Michael

Stocks100 said...

Hi Michael,

Gold should be the biggest beneficiary based on "seasonality" & "economic uncertainty"

I am overweight gold now !!!!

Saleem

Michael said...

Saleem,

Cisco ER did not help the market. We may have the bloodbath tomorrow.

Michael

Stocks100 said...

Hi Michael,

CSCO is known for reporting a penny beat @ best & lackluster Sales growth....

CSCO weakness should be overcome by close Thursday.....

Today was nothing but a correction in overbought market....

Saleem