Indices went in freefall in late afternoon.
But buyers stepped in again giving some lift to markets.
Indices closed down 3.19% to 3.25%
S&P 500 low today was 1114.22, but we closed @ 1129.56
Internals of the market were as follows :
Down volume led by 19.74 to 1 in NYSE & 12.22 to 1 in Nasdaq
Declining stocks led by 7.79 to 1 in NYSE & 5.64 to 1 in Nasdaq
New 52 wk lows were 758 in NYSE & 564 in Nasdaq...this stat is extreme, sign of capitulation ?
Many stocks are deeply oversold, thus are attractive buys. S&P 500 RSI is @ 38.07 which is an oversold indicator.It is important NOT to worry about positions in deep RED, but to evaluate IF it is the stock to keep or else switch it with better performing stocks.....plan AHEAD NOT look behind....I NEVER worry about what went WRONG but strategies to move AHEAD....NOBODY bats 100%, 55% is good enough in this extremely volatile market....
Oil Closed @ $80.51
Gold closed @ $1741.70
AH Futures UP
AH Asian Markets Down
AH Oil & Gold UP
BLOG does NOT give buy or sell.
Saleem
15 comments:
S
And all
Pre market looks green at 6Am
I was looking at 2 week stocks that I own to sell
Gott make up my mind to sell or not..
Still have AUY and BIDU
CNBC says the world is coming to an end
J Cramer is down beet too
All JMHO.
Best to all
On A personal note -- I am thrilled that your health has returned. Stay well my friend.
I am so sorry that your appointment took so long yesterday, Is your medicine expensive??
C
Hi C,
Thanks for your feedback about my health....it is getting better for sure....
Medicine are costly...for two of us we spend about $5,000 in a year.
Looks like another test of support is coming..currently S&P future is @ 1114.....
BIDU has been a major disappointment..do not why it is falling apart..next support is $114 to $117..currently its above...BUT it has broken its long term UPTREND line..which is @ $131.22 ????
Saleem
S
In pre market
APPLE is green and RIMM, SINA
J Cramer says do not buy gold it is coming in
Hi C,
Currently stocks are coming out of "intensive care"..they may go into "stable condition" shortly..hopefully !!!
Ecen BIDY has a "pulse" NOW
Saleem
Hi C,
I meant BIDU has a "pulse" NOW
Saleem
Hey Saleem,
I am tempted to sell something to get some RVBD. What do you think of it here (20.75)?
Stocktrader
Hi Stocktrader,
My preference is APKT.
Saleem
Hey Saleem,
Hmmm...I always struggle with APKT's valuation, but it's good they rely on telco spending which is still rocking versus RVBD's government component.
Additionally, I'd probably have to sell either AAPL or VMW to finance (to keep my sector concentrations the same). Do you feel that kind of swap is worthwhile?
Thanks!
Stocktrader
Hi Stocktrader,
Keep AAPL which has momentum.
Saleem
S
The market is on a sea saw
Tottering around
LOL
C
Hey Saleem,
The market tempts you in so many ways...I'm trying to figure out if I'm excited about establishing a AUY position as it nears the 200 DMA here. With margins on these companies still so tremendous here (cash costs <$500/oz), the decline has got to be overdone?
Stocktrader
Hey Saleem,
I just realized that the CME will likely raise margin requirements again due to this kind of move--maybe I'll look again on Monday. Also, maybe FCX is a better pro-economy play given copper is getting tossed out in the same way yet you still get FCX's gold exposure?
Stocktrader
Hi Stocktrader,
AUY is getting very attractive.
Waiting till Monday is wise for your pick...
Saleem
Saleem,
I will wait till Monday to double down on AUY. Do you know any reason that KGC behaves a lot better than AUY? Thanks.
Michael
Hi Michael,
KGC & AUY are maintaining their prices on a comparative basis...both are down..but AUY is higher beta..thus down more & UP more....
Saleem
Post a Comment