Indices are taking on the chin again, as NO resolution in sight of ongoing US & European debt issues.
In US politicians are enjoying summer holiday's, no sense of urgency. In UK due to riots parliament was called back..BUT in US.....no business as usual ?
Today S&P 500 went down to 1125, which is higher than lows of last two days...which is technically encouraging...maybe we have "triple bottom in place"
RSI is 28.30
Internals are weak, Down volume leading by almost 9 to 1 Nasdaq
Gold @ record high of $1800/oz, currently UP $37.60
Oil UP $2.16 @ $81.46
Canadian $ Down 1.31 cent @ 101.02
VIX went to a new 52 wk high @ 44.41, currently @ 41.55 +18.51%
In my portfolio :
Sold AMZN
Sold AUY
Doubled my position in LULU @ $50.28
Portfolio is CNQ, LULU, RVBD
$ weighting is :
LULU 49.98%
CNQ 31.85%
RVBD 18.17%...No i have not sold a single share of RVBD, i may add when i am ready.
Most stocks are down
@ 1.33 following are green :
LULU,AUY,GG,SLW,AG,APKT,NTES,
SOHU,JKS,SVM,ATML,JASO,SINA,
LDK,ABX,AEM...
BLOG does NOT give buy or sell.
Saleem
10 comments:
Hey Saleem,
Good stocks are working today which has been an encouraging sign from the start. I am still 100% exposed having ridden out the storm, but I'm dying to sell some laggards on a decent rise.
Starting to look better today--best of luck to all :).
Stocktrader
Hi Stocktrader,
Do not dump too soon, make sure you have good reason to get rid of.
I am sure next 12 months will better.......
Good luck with your patience & strategy.
Saleem
S
what a lousy close
Hmmmm
Hey Saleem,
I sold the whole portfolio around 3:30 as I feel another leg down is coming based on today's failed follow-through and I'm nervous about the price action that may accompany that move. Although... maybe I'll mark the absolute bottom...
Good luck guys--treacherous market! I'm locked out now until Monday with my 3-day settlement retirement portfolio.
Stocktrader
Hello Stocktrader
Cash is king
I hate the 3 day rule!!!!
GOLD and oils were hot today
Hey c
I had a lot of commodity exposure so I was only down about 1.9% despite having high beta stocks and the selling near the lows. My only wish is that I had some gold--I could have kept that :).
Stocktrader
Hi Stocktrader,
Nobody can time the market, a bitter lesson we all have to learn.
Good luck in your future investing approach.
Do visit us for chit chat from time to time.
Saleem
Hi Saleem,
"Although... maybe I'll mark the absolute bottom..."
as in maybe my selling out marked the bottom for everyone else (if that didn't read well originally).
Thanks for your words as another voice helps to present perspective. I'll be watching and seeing what moves Monday can bring.
Stocktrader
Hi Stocktrader,
I do understand that this market has challenged all of us.....BUT i do adjust based on my exposure...
It is not prudent to stay out completely as markets can turn on a dime or allow us to make money with our own strategy.
I will highly recommend strategic approach in maybe 2 to 3 stocks..how about gold stocks !!!!!
Saleem
Hi Saleem,
As you know, I've been looking at gold/miners for a little while now. Unfortunately, I fear by Monday they will have run too far, but maybe other stocks will look more attractive by then. In the meantime, I'm forced into having a few days to regroup and find the stocks I truly want for the next leg :).
Stocktrader
Post a Comment