Today Indices should have tanked as many economic news were negative. Consumer confidence index fell sharply to 44.5, lowest level since April 2009....we all know very well what happened in April 09...market found a bottom ?
Gold Jumped $38.20 closing @ $1829.80
VIX closed UP 1.89% @ 32.89...this went UP while market closed UP ? Fear is in vogue....
SO..we have to be impressed with indices closing green today.....being three days in a row
Fed minutes are being viewed as pro-active to give economy a helping hand.....
BUT all this does not mean that CAUTIONARY strategy not to be taken....I have reduced my exposure in this environment to 52% & have 3 stocks in my portfolio with Gold as my main anchor...
Internals of the market were positive.....
New 52 wk high were in the lead, 39 in NYSE & 23 in Nasdaq
One big positive today was, that volume was higher than yesterday......
BUT leave it to HFT, to see what they will do on Wednesday ?
Stocks which were UP 3% or more included BIDU,NFLX,
RVBD,MPEL,AG,JDSU,CIEN,FNSR,WYNN,RIMM,
GLD,PHYS.......
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP
BLOG does NOT give buy or sell.
PS...There will be no post on Wednesday, as i will be busy with friends & relatives to celebrate end of Ramadhan.Its known as EID which starts with morning prayer in a mosque, then day spent with friends & family.
Saleem
Hi Saleem,
ReplyDeleteHave a wonderful day tomorrow with family and friends! :)
Stocktrader
Saleem,
ReplyDeleteEnjoy EID with your family and friend! Hope your health will be better after EID.
Michael
S
ReplyDeleteI second that you should enjoy family and friends
and your holiday
Peace and joy to all
C
To ALL
ReplyDeleteCAT is rocking again
Get some next stop is $$100
EVEP is on it way to a new high
My BIDU is very good
best of luck to all
Hi C,
ReplyDeleteMarket seems in consolidated state now. It may want to see the job number before deciding to move up or down. Your CAT is looking good.
Michael
Hey guys,
ReplyDeleteI think it's becoming fairly obvious that the early-August slowdown was a temporary pause rather than the start of a serious downtrend. The economy may be sluggish, but it's not crashing. In this kind of environment, the good companies can still do well.
Looking forward to my buying power on Friday...
Stocktrader
Hi Stocktrader,
ReplyDeleteThanks for your comment on the market. You did very well with the down turn with some shorts and GOLD. What do you think will be a good buy now? Thanks.
Michael
Hi Michael,
ReplyDeleteThe long positions I had for the last week (selling yesterday) were BAC, KOG, AAPL, COH, CLF, ACI and RVBD.
I was very pleased with how they performed during the upswing, and will look to add some of those back along with potentially other ideas I have like AGU, ULTA, and VMW.
Stocktrader
Stocktrader,
ReplyDeleteThanks for the list. VMW had a big run from 76s to 85s. I think it needs to consolidate before moving higher. AGU pulled back a little bit. That is good.
Michael
Hey Michael,
ReplyDeleteDefinitely I wouldn't chase VMW here--it's just on my list :)
Also, I'll probably look at ETN for industrial exposure.
Stocktrader
Stocktrader
ReplyDeleteI like ETN here
You are also listing some power house stocks! WooHoo
Lok sharp at T on NO merger news and BIDU news on China trading
APPLE on todays news is a buy ?
this is all my .02 cents
Hey c,
ReplyDeleteI like my growth stocks :). Since I follow them closely, they are definitely the ones with which I am most comfortable.
I'm not smart enough to game the resolution of T nor the intentions of the Chinese with BIDU so I will stay away from those. I will, however, be looking to reacquire AAPL on this pullback. The competitive concerns have merit, but the stock is cheap enough to perform well for a long time to come still. QCOM is also a good alternative for more generic smartphone/tablet exposure as it is gaining market share with both AAPL and the android phones.
I am starting to think the E in the P/Es will only be only slightly weaker than expected, so finding cheap, well-run industrials like ETN should work out nicely in my opinion.
This is a tough market, but the good companies are starting to outperform the averages, which is an indication of market health. There is probably one more big selloff day lurking somewhere, so that would be the opportunity to add exposure to the good names.
Good luck!
Stocktrader
Stocktrader
ReplyDeleteOur are A- OK
thanks for your reply
food for thought
I also like QCOM
Hi C, Michael & Stocktrader,
ReplyDeleteThanks for your greetings !!!!
It is a blessing to have good friends like you all.
Saleem
Saleem,
ReplyDeleteWelcome back! Hope you feel better after an important Holiday.
How do you read market's action today? It seems wanting to move higher, but a consolidation will be needed. I think market has calmed down a lot, not in a panic mode like last week/month.
Michael
Hi Michael,
ReplyDeleteThanks for your good wishes for my health, I am almost 75% improved.
Read my analysis which i am working on now.
Saleem