Indices are green after some hesitation in the morning.
S&P 500 low today was 1121.36 which is HIGHER low than yesterday of 1114, a significant improvement in technical picture...also we did NOT violate recent low of 1101......
Internals are positive by 2 to 1
Oil Down 28 cents
Gold Down $101.70...biggest 1 day loss in 5 yrs..currently @ $1637.50
Silver plunged 18%..worse 1 day decline since 1984
Canadian $ Down 5 tick @ 97.15.....
VIX UP 1.23% @ 41.86..this should be down BUT its NOT ?
Portfolio is BIDU,PMCS,RIMM, AUY
Most stocks are UP
@ 2.33 following are Down :
AUY,PMCS,AMZN,GG,CNQ,SLW,JCP,MOS,POT
LVS,WYNN,CMG,RVBD,AG,BWLD,KGC,
PLCM,FMCN,CCJ,ABX,AEM....
BLOG does NOT give buy or sell.
Next post by 2 PM Sunday...
Saleem
10 comments:
Hey Saleem,
I too notice the VIX up and hitting highs as I type this (which is even more unusual given Fridays tend to see the VIX biased down due to the 3-day time decay). Using my contrarian analysis, this tells me people are adequately protected for any weekend surprise, so the action Monday should be positive--another chance to test my theory :).
Stocktrader
Hi Stocktrader,
YES...VIX being high today COULD be a very good CONTRARY indicator.
Today is weekly Option Expiry thus MM are keeping their foot on any UP move...
Monday i expect to be an UP day $$$$
Saleem
TO ALL
\Let us all hope that your prognostications are spot on
My portfolio needs a boost lol
have a good weekend
I sold CAT, gotta wait 3 days in my IRA accout
Hi C,
We are pretty good in most of our prediction.....
Enjoy your weekend !!!
Saleem
S
Big action in CLX up $2.94 wooHou
Based on J Cramer recommendation to Buy in his show
Oh Boy!!
Hi C,
So Jimmy the Cramer gets this right BUT CMG was a BUST..batting 0
Saleem
Hey Saleem,
Sold the lowest beta stock in my account (AAPL!) and bought some FAS. Risk-averse assets crashing all around us today: gold, yen, treasuries, etc. I'm taking a flier here, but everything points to taking as much risk as possible right now--I'll give it a shot.
Stocktrader
Hi Stocktrader,
Good luck with FAS..its working today !!!!
Saleem
Hey Saleem,
I listen to CNBC for 5 minutes and I'm scared to death to own anything...some analysts are brutal in their European assessment and apparently China's got a housing bubble and an economy that's about to implode???
I can see why so many people are out of this market--the media loves the negative spin as the negative is always a more compelling story to tell.
Thanks for the blog and the dialogue--there are always great stories to tell too! :)
Stocktrader
Hi Stocktrader,
Thanks for your feedback.
Monday morning quarterbacking is a popular sport in US & CNBC...they always KNOW AFTER the FACT....
Contrary approach pays well, because HERD is NEVER right.
Saleem
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