Nasdaq tested support & bounced UP..did not go through recent low......
All indices are UP....
Gold UP 80 cents
Oil Down $1.45
Canadian $ Down 10 tick @ 100.57
Portfolio is FFIV,MGM,PCLN,RVBD.....
Solar stocks have been on a tear since recent low.....
Most stocks are UP .....
@1.07 following are green :
LDK,JKS,TSL,AAPL,LULU,MCP,TCK,POT,
RIMM,LVS,MGA,SLW,MOS,IBN,ISRG,MA,
V,X,LEN,M,JDSU,CIEN,SOL,SOLF,STP,JASO,
NVLS,CRUS,SINA,CSIQ,SPWRA,FSLR,TTM,
FWLT....
BLOG does NOT give buy or sell.
Saleem
7 comments:
Saleem,
Do you think the market found support to move higher or this is just a bounce from the oversold condition and will be short live as you indicated in your Sunday blog? Thanks.
Michael
Hi Michael,
We are near term "overbought" in Dow & S&P 500....Nasdaq is trying to catch up......
I believe that any profit needs to be booked & stay on the defensive side.
Any strength should be sold as we are near top end of the range.
Saleem
Hi Michael,
In terms of buying & selling decision...one must factor RSI..that is a better predictor of where a stock may go......irrespective of market direction !!!
Saleem
Saleem,
Thanks for the response. The RSI so far worked really well. Therefore, when RSI in NASDAQ was high, I sold everything but kept FFIV and RVBD. I should follow the principle and not on my sentiment. My portfolio is now FFIV, RVBD and MGM. FFIV and RVBD are in red. So I may hold them through the turbulence and may add more if they become more attractive. Your Sunday blog was very interesting.
Michael
Hi Michael,
Thanks for your feedback.
RSI is what i am going to depend on..a lesson i ignore from time to time with negative results....
FFIV is a deep value so will hold all...
RVBD RSI is 42.19 also in oversold range...
MGM @ 48.55 also oversold
PCLN @ 51.19 ..i may sell on any strength....
FFIV..is safest of all.
VMW reports tonight..which may help or hurt......
Saleem
Saleem,
VMW ER looks impressive but did not help at all. It seems that everything is considered price in right now.
Michael
Hi Michael,
VMW is down almost $4+ from close for a total of Down $7.33...
TXN also Down.....
I have a feeling that RVBD ER on Thursday MAY give boost to FFIV also.....
I am staying put in FFIV, RVBD & MGM....PCLN i will see IF it stays above 50DMA..so far so good.
Saleem
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