Indices are showing no sign of life so far. Today is Option Expiry for week & month. Also there is horrendous amount of margin call which needs to be cleared up by 3.15 PM, after that we may have a chance of half decent close.
Gold UP $33.10 ..a new record high
Oil UP 46 cents
Canadian $ UP 37 tick @ 101.26
VIX barely down, currently negative by 1.73% @ 41.93....it went to 45.40 this AM...unless VIX tumbles 30% or more ....it will be difficult to sustain any rally.
S&P 500 low today is 1130.57, making lower low, RSI @ 34.52
Down volume leading by 50%
New 52 wk lows 263 in NYSE & 241 in Nasdaq
In my portfolio :
Added 50% LULU @ $47.10
Portfolio is RVBD & LULU
$ weighting is 60% LULU & 40% RVBD
Exposure 68%
Most stocks are Down
@ 1.59 following are green :
RVBD,AUY,BIDU,PHYS,GLD,GG,JCP,SLW,AG,
RIMM,BWLD,FNSR,PWRD,AEM,KGC,ABX....
Next post on Sunday by 2 PM....
BLOG does NOT give buy or sell.
Saleem
12 comments:
Hey Saleem,
If this waterfall down continues into the afternoon, I will probably sell the rest of my QID. I think the full realization of our economical situation is almost fully upon the market, so I doubt much index downside is left.
I'm looking forward to adding to some key stocks Wednesday with the buying power I made available today :).
Stocktrader
Hi Stocktrader,
YES..it will be prudent to take QID money & run......
You will find many good long ideas by Wednesday when your funds are available.
Lots of time for homework.
Saleem
Sold it--now run market, run like the wind :)
Hi Stocktrader,
I am so happy for you..you did way better than most of us....
Saleem
Sold the remaining UGL too--just seems like gold getting crowded and not acting all that well during this 150pt selloff.
Now I'm completely done until Wednesday--sitting in mostly cash except for the ACI and KOG.
Have a great weekend everyone!
S
this market is to difficult to figure out and trade in.
Look at APPLE off another $7 smackers
stocktrader -- way to go way to clean the stock market clock
Hurrah!!!!!!!!!!
best to all
Hi C,
This market is more difficult than 2008.....
@ 68% exposure..still painful....
Saleem
Saleem,
I told a friend that recently--this market is more difficult than 2008 in my opinion also.
Stocktrader
Hi Stocktrader,
In 2008 individuals were getting out of the market in a hurry..BUT today it is all controlled by HFT...
Saleem
Saleem,
Hopefully your health has been better.
I am back to Hong Kong and able to access your blog without any problem. I got a beating on LULU, RVBD, and TZOO. Sold TZOO at 35.6 for a lost of 1 and double down on LULU, since LULU will be better on the way up. I am still 50% of investing. It is tough market and looks like 2008. Another chance to make money if we do it right! You had guided us through the turmoil of 2008. I believe that under your guidance, we will come out strong again. I wish I could be able to access your blog while I was in China. I would do better.
I am still have one more week in China before heading back to the US. I may not be able to read your Sunday block, since it will be Monday in Asia, and I am already in China.
Thank you very much and Good luck to all.
Michael
Hi Michael,
Thanks for your complementary note.
YES..i will try my best to analyze this crazy TAPE..
This TAPE is more difficult than 2008 as it seems to rehash slower GDP growth worldwide...which i have identified months ago.....
I think we are close to finding a base & then moving UP...
Please avoid those stocks whose ER was weak like TZOO....go with winners of last Q like LULU...LULU should go UP substantially very soon.....
Enjoy your trip in China & Hong Kong....was in Hong Kong twice long tine ago.....
Monday should be the day to go higher than 50%..i suggest 80% in strong stocks like BIDU,AAPL,AMZN...
Good luck with your decision !!!!
Saleem
Hello to all
Michael
I was in Hong Kong 35 years ago and plan on going to Beijing in November!
On Friday there were several strong stocks
IMHO if ya take a conservative approach look at these stocks:
JNJ, KO, MCD, SBUX, LO, BMY
you will get a divi and some up swing--but little down swing. these companies are value divi plays! good luck
I do like TZOO, it should come back--as for LULU fast money say it is dead money and was down graded!
this is one crazy market
APPLE will rule --earning are coming up and we should see $424 or higher--target is $450
Just some ideas
C
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