Tuesday, August 23, 2011

Market strong rally today..UP 2.97% to 4.29%......NICE !!!!

Market staged a "strong technical rebound" after 4 weeks of non-stop selling.

This was long overdue & it happened today, NOT yesterday?

Internals of the market were as follows:

UP volume led by 7.27 to 1 in NYSE & 12 to 1 in Nasdaq

Advancing stocks led by 5.55 to 1 in NYSE & 4.49 to 1 in Nasdaq

New 52 wk lows were still in lead, 157 in NYSE & 118 in Nasdaq

VIX down 14.54% @ 36.27

Gold took a well deserved beating from $1918 to low of $1831.80..a drop of $86+

Oil closed @ $85.44

Canadian $ went UP by 24 tick to 101.23

SO..how some of the popular stocks fared today, here is the result :

JKS UP 15.11%
LULU UP 11.38%
AMZN UP 9.02%
APKT UP 7.78%
BIDU UP 7.67%
RVBD UP 7.17%
CRM UP 7.04%
NFLX UP 6.98%
PCLN UP 6.79%
CNQ UP 6.48%
POT UP 6.21%
AAPL UP 4.81%

I am sure, some of you are surprised by TAPE action in some?......sometimes it pays to have your OWN trading list which may OUTPERFORM some of the-most talked about name in CNBC?

How do i interpret today's much anticipated "short covering" & "technical bounce"......I am glad it came & gave back some capital back to investors / traders........BUT this market remains very difficult & tough to trade...what worked today may not work tomorrow.....so be careful & not get EUPHORIC with one day rally...remember many stocks are down 30% still......

In my portfolio :

Bought AUY $15.17 as gold was being pummelled...25% allocation.

AH Futures Down

AH Asian Markets UP

Oil UP

Gold Down

BLOG does NOT give buy or sell.

PS...got my EchoCardiagram done, now have to go for more blood test...with your best wishes...i am feeling much better, Pulse staying normal for 8 day's now.......Beta Blocker is working.....

Saleem
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18 comments:

  1. stocktrader_1996August 23, 2011 at 5:41 PM

    Hi Saleem,

    I'm glad to hear today's round of testing went well and you are feeling more normal :).

    Stocktrader

    ReplyDelete
  2. cAugust 23, 2011 at 5:47 PM

    SALEEM

    Sounds like you are getting better

    Soon you will be fit as a fiddle! -- Smile

    ReplyDelete
  3. Stocks100August 23, 2011 at 5:51 PM

    Hi Stocktrader & C,

    YES..feeling 80% normal today.

    Thanks for your good thoughts for my health.

    Saleem

    ReplyDelete
  4. ebAugust 23, 2011 at 8:57 PM

    Saleem,

    I'm wishing you continued good health and good days ahead.

    Elsie

    ReplyDelete
  5. cAugust 24, 2011 at 4:43 AM

    S

    AUY chart syas target is $21

    RSI is 62 looking good

    AUY is down a bit in pre market

    J Cramer screamed buy gold
    likes some miners and bullion!

    Today may be a tought trade day

    ReplyDelete
  6. Stocks100August 24, 2011 at 5:01 AM

    Hi Elsie,

    Thanks for your best wishes...they do work !!!!

    Saleem

    ReplyDelete
  7. Stocks100August 24, 2011 at 5:02 AM

    Hi C,

    You were watching an old pre-recorded segment of Jimmy the Cramer.....

    Saleem

    ReplyDelete
  8. cAugust 24, 2011 at 6:17 AM

    S

    I thought that the show seemed like old stuff and familar!

    WOW I am so stupid

    best to you does the beta blocker have side effects?/

    Hope not, drink lots of green tea!
    C

    ReplyDelete
  9. Stocks100August 24, 2011 at 6:45 AM

    Hi C,

    CNBC tries to trick everyone by not labelling REPEAT & putting Dow closing numbers.....

    Beta Blocker i am raking is 50MG divided into 2..so 25 MG each dose.

    There are many potential side effects like dizziness, headache etc..initially i felt all that BUT..now i am OK.....

    Thanks for asking..i do drink Jasmine tea.....

    Saleem

    ReplyDelete
  10. stocktrader_1996August 24, 2011 at 6:52 AM

    Hey guys,

    Managed to get some great deals this morning with "stab in the dark" limit orders--BAC 6.329 (6.38 executed lower) CLF 72.1 COH 50.9 RVBD 21.3--the only one I had to chase up was AAPL (375.4) but it was worth it :)

    Good luck trading today--market setting up for Friday disappointment? That's the only thing I'm worried about short term...

    Stocktrader

    ReplyDelete
  11. cAugust 24, 2011 at 8:39 AM

    HELLO to all

    I was all set to get some BIDU and --oh my gosh it drops $3 bucks
    Dunno what happened

    I did buy some AUY at $14.85 --sweet

    APPLE is my core holding I have 50 shares left! Waiting for the new iPad and new iPhone to be released
    APPLE will fly then!!
    strange market

    ReplyDelete
  12. Stocks100August 24, 2011 at 8:43 AM

    Hi C,

    I doubled my position in AUY.....

    Market is tough....this pullback in gold is very healthy..so it can go above $2000.....

    Good luck with AUY.

    Saleem

    ReplyDelete
  13. Stocks100August 24, 2011 at 8:59 AM

    Hi Stocktrader,

    You have created a well diversified portfolio which should be OK even with BB inability to do more.

    Good luck !!!!

    Saleem

    ReplyDelete
  14. stocktrader_1996August 24, 2011 at 9:19 AM

    Thanks Saleem!

    To go along with my energy stocks (ACI/KOG), I do feel nice and diversified with quality companies. I didn't plan on buying RVBD today, but it seemed unreasonably cheap early today--of course it just got cheaper...

    I also bought a small-cap biotech, GHDX. I've been watching for a while and felt today was a good day to enter for the long haul.

    I don't have any buying power now, but I really like the portfolio, so maybe I can just relax?

    Stocktrader

    ReplyDelete
  15. Stocks100August 24, 2011 at 9:24 AM

    Hi Stocktrader,

    You have done quality homework to buy each & every stock.....

    We all work with "probability"..rest is upto fate or technicals of stocks / market....

    Saleem

    ReplyDelete
  16. stocktrader_1996August 24, 2011 at 9:28 AM

    Well said Saleem. Nothing is certain--all you can do is be the best prepared possible.

    ReplyDelete
  17. cAugust 24, 2011 at 10:29 AM

    S

    Dennis Gartman on CNBC---just said to sell GOLD
    Claims that it is way over priced (bubble). had lots of charts that did not help me understand but he said that the big boys are dumping gold--hmmm

    darn it --one hard market to figure

    BIDU has come back up $2 bucks

    Until BB speaks it would look to me like we go sideways

    ReplyDelete
  18. Stocks100August 24, 2011 at 11:10 AM

    Hi C,

    Gartman can do whatever he likes based on his charts or analysis...but iam not buying his thesis of bubble...

    AUY is behaving better than most gold stocks.....that is the only thing which matters....

    Saleem

    ReplyDelete