Indices staged a technical bounce from extreme oversold condition.
Jimmy the Cramer is extremely upset @ this technical bounce...reason....he was predicting ongoing decline only yesterday......I guess every rally can only happen IF he "approves it on his show".....he was NOT happy that millions of traders & investors were able to recoup some of their losses......strange guy for sure.....do not know from which end he is thinking tonight ?
Internals of the market were :
UP volume led by 39.24 to 1 in NYSE & 37.95 to 1 in Nasdaq
Advancing stocks led by 12.31 to 1 in NYSE & 5.09 to 1 in Nasdaq
New 52 wk lows were 121 in NYSE & 121 in Nasdaq..NO its not a typo
VIX Down 8.63% @ 39.28...extremely high for my comfort.....
As you can clearly see from above stat that internals were as strong as indices.
European Union is starting a ban on shorting & rumour mongering effective @ open on Friday......BUT these manipulators will use US market to short interlisted stocks......so we may see some pressure in US on interlisted Banks...... US market could face some pressure.....same fund needs new avenue to short.
Friday is Weekly Option Expiry which MM may exploit also.....BUT i am NOT expecting another crazy day..mild negative or slight positive by close...which will be a victory for bulls......
Also do not forget to book gains as it happens........
AH ER were greeted as follows :
NVDA +11.71%
JWN +3.83%
RENN <11.57%>
AH Futures are Down
AH Asian Markets UP
AH Gold UP
AH Oil Down
BLOG does NOT give buy or sell.
Saleem
12 comments:
Hey Saleem,
Nice gains today!
I feel like a fool for selling, but any opportunity lost is in the past and many future gains can be made by proper planning and execution. I'm looking forward to my homework session this weekend.
The market remains difficult but great companies are always great companies :).
Stocktrader
Hi Stocktrader,
Do not feel that way, this market can affect everyone....
As i have always said...it is NOT about market..it is all about stocks you own & what they are capable of doing for you either immediately or in future....
Be stock focus NOT market focus...that will keep you on track.
Conviction in stocks is the key !!!!
Good luck in your homework...would love to see you back in money making mode !!!
Saleem
Hi Stocktrader,
One more thing..please do not watch CNBC...they can panic anyone into selling..every month sky is falling according to CNBC guest / pundits / guru.....
I only watch fast/mad around 730 PM on internet...keeps me stress free....
Saleem
Stocktrader
Good to see you back and making contributions! Yes...
Homework is oh so hard to do!! Are you looking at Oils?
J Cramer was in love with oil's last night.
the market is green in pre market--we need another up day.
Best of luck to all
C
Saleem
Take a look at TZOO it is cheep
C
Hi C,
TZOO is part of my 25 stocks which i monitor every second......
Saleem
SALEEM
are you taking some profit in LULU
We are up?
Regards
Hi C,
Have patience with LULU..it is going much higher..it is above 50 DMA today only....
I am staying put $$$$$
Saleem
SALEEM
thanks
I was looking at GS again and FFIV
FFIV is jumping
Hi C,
FFIV got upgraded today to outperform by Blair..
Saleem
Hey guys,
I tend to think of anyone on TV as a contrary indicator and I actually saw a lot of strategists/people saying you have to buy stocks now, so I felt that people were positioned mostly long, and that a new price decline could be even more vicious. Given my 3-day rule, I tried to jump the gun this time so I'd have buying power when the "new lows" hit. Unfortunately, that all played out poorly.
I will looking at a lot of my old positions as they were really the kind of stocks I did want, but now I'll be able to add some gold as well. One of my favorite stocks that I shouldn't have sold at all is ACI--P/E 5.4 with good exposure to thermal coal which has less economic volatility.
I might do some covered calls too as the volatility is currently high enough to generate decent income and I'm not sure we'll see overall big gains the rest of the year.
Stocktrader
Hi Stocktrader,
In the end it is all about making money...how it is done is not important....
Good luck with your homework..Monday is almost here....
Saleem
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