Indices closed mixed in an UP DOWN session.
S&P 500 closed @ 1160.40..low today 1139.93 while high was 1175.87...as you can see there was an intraday swing of 35.94 points or 3.05% from low to high.....
Internals were positive by 50%
Oil closed @ $82.14
Gold closed @ $1617.30
MU earning was well below expectations...AH it was down 3.41%.....
Today's TAPE was an extreme let down, because of a major downdraft in BIDU, which i had held for a while. Accounting probe of unknown Chinese company took a toll in many Chinese companies FMCN,YOKU,SINA & BIDU to name a few.
It is tough enough dealing with all the cross current of this market, but when a stock loss is in excess of 14% in a day on unknown reason for BIDU...it is hard to make any sense of current market environment.....
Technology TAPE is extremely weak for most stocks, although we are coming to traditionally strong Q4, BUT tech demand is weakening due to economic condition......
I am going through a major rethink of how to position in this market.....
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold UP
BLOG does NOT give buy or sell.
Saleem
Saleem,
ReplyDeleteWe all took a loss in many stocks not just BIDU. However, let regroup and move forward. Tech, commodities, miners.. They all took a beating. What is good nowadays? Thanks.
Michael
Hey Saleem,
ReplyDeleteGood luck with the rethink. It is constructive to take a step back and re-evaluate when things are this difficult.
I decided last night to do some selling because the high growth stocks were stark underperformers on Tuesday/Wednesday. I was lucky enough to get a 200+ pt pop this morning and sold the whole portfolio (not the original intention but conditions were favorable). I expected to rebuy tomorrow afternoon, but today did not close properly for that setup. It may force me to be on the sidelines for a short time, but I'm starting to think that's a good thing--too many stocks are acting strangely.
I wish the best for your health and your stock choices :).
Stocktrader
Hi Michael,
ReplyDeleteMy comfort level with this TAPE is extremely low.....
There is no logic to down down down in many stocks.
This TAPE makes NO SENSE.
Saleem
Hi Stocktrader,
ReplyDeleteThanks for your best wishes for my health....
Stock choices are not working out.
I have to decide today what to do.
Good luck with your strategy.
Saleem
S
ReplyDeletelooking just plain ugly out there
HFT are cleaning up but the small guy is slapped around
THe market is roiled!!!!!
I am selling sone covered calls where it make some sense
I bought one deep in the money call on apple.
I am trying a different approach in one crazy market
It seems that Tech is getting punished I was hoping for a bottom--not.
C
Hi C,
ReplyDeleteSometimes selling is better than doing covered calls..IF the stock is heading lower....
I think its time to be very small in this crazy market.....cannot fight this TAPE.
Ensure your comfort level, which needs to be high.
Saleem
Saleem,
ReplyDeleteIf we cannot winning play long. We may change to short?? It is tough. Thanks.
Michael
Hi Michael,
ReplyDeleteShorting requires different mindset.
I have not done it, so have no experience.
Imagine..IF we had shorted everything yesterday?
I am definitely getting more small today.....less exposure less loss...I am shooting for less than 30% exposure from about 50% yesterday.....
Saleem
Saleem,
ReplyDeleteThanks. Neither do I. Shorting is another approach that works well in this market. Will you sell MU today? Thanks.
Michael
Hi Michael,
ReplyDeleteSold MU & AUY to reduce market exposure..its @ 24.4% NOW
Saleem
Saleem
ReplyDeletewe may close green
My GIS and MO are greenKGS is flashing green too
Just some ideas
MU and apple are so down yuk
S and Michael
ReplyDeleteI looked at QID closely
May be good for a trade here--
thoughts
I am so surprised that the classic stocks are green
MCD, GIS, MO, BMY--must be a safe money more even JNJ was up for awhile
I will hold AUY for today--gold should be stronger than this?
Hi C,
ReplyDeleteI sold AUY because i wanted to reduce exposure.
Saleem