Indices are trading @ low of the day after European exchange showing almost 5% loss....
S&P 500 currently @ 1124.92 still above 1101 major support area.....We have a very good chance of closing ABOVE this low.......
Gold Down $74.60
Oil Down $ 5.25
Canadian $ Down 2.56 cent @ 96.56..means US$ is 3.44% HIGHER
VIX UP 10.05% @ 41.07...quite tame considering worldwide plunge...signalling a turn UP for equity ?
YES..it IS buying levels NOW......
Internals are negative from 5 to 1 to 10 to 1
Portfolio is BIDU,PMCS,RIMM,AUY
Most stocks are down
@ 12.26 following are Green :
JKS,NFLX.....
BLOG does NOT give buy or sell.
Saleem
19 comments:
S
it is all negative
Boo Hou
Thanks for your blog--good job
C
Hi C,
Thanks for your feedback.
It is NOT as bad as it looks on CNBC.....i am glad i dont have cnbc to bug me whole day....
Saleem
Saleem,
I picked up some more BIDU at 128. it has been weak, but it can turn up anytime. I also bought back AUY at 15. Like what you said never wrong when booking profits. I don't know if Gold still a good hedge or not. Well if you sell it, please inform. Thanks.
CLF was a disaster for me. However, I am holding tight. It may be reaching bottom.
Michael
Hi Michael,
Good move in BIDU..it IS in major support area.
AUY is behaving OK now.....
Good luck with your portfolio !!!
Saleem
S
I am hoping for a better close
C
Hey Saleem,
We've just experienced an amazing 8+% drop in 48 hours. Although there may be a little more to come, the repricing has to be almost complete for now.
Hold on tight! :)
Stocktrader
Saleem,
BIDU broke all technical supports and it seems that there is more to come. Is that a bad sight? Thanks.
Michael
Michael
It is NOt over till it is over
We may have one tough day to get through....
Let see what the close brings
I think we are at capitulation!
C
Saleem,
Thanks for your comment. It is very tough. I had managed to limit my lost by last couple of days, they have been in disarray.
Michael
Stocktrader,
Yesterday, your call was correct about the sell off in the end of the day. How's about today? Thanks.
Michael
Hey Michael,
It's a bit tricky, but I'm not sure people want to be short risk into tomorrow after the latest EU headline, plus the corporate and economic news was decent/good. You may see the combination of traders short covering and fund managers dipping their toe in.
My base case is a rally into close, but of course anything could happen.
Stocktrader
Stocktrader,
Thanks for your comment. I don't hold you on to that call. You had made many correct moves before, so I just want to learn of what's your thoughts. I have been happy to find Saleem's blog with all constructive comments and help readers to make $$$$. Thanks again.
Michael
Hey Michael,
I hate to pile on to a call that already isn't working, but this is a classic setup for a 3:30 rally...would be nice :).
Stocktrader
MICHAEL
Stocktrader
Looking very bad for a strong close!!
Yuk
I do hope that this is it
OUCH!
Stocktrader,
My hat off to you! Your call was correct again. Thanks.
Michael
Hi Saleem,
I hope the visit to the doctor went well.
Best health wishes!
Stocktrader
Saleem,
As always, wish you all the best!
Reading your Sunday blog, you expected the sell off through Wednesday and it happened like what you predicted. I wonder why you did not sell and reduce your exposure when uncertainty was high? I did reduce my exposure, but not enough for this brutal market. Where do we go from here? Thanks.
Michael
S
J Cramer
had some interesting things to say.
here are some buys he mentioned
EMC
JNPR
NVDA
VMC
VMW
CLX
UN
GIS
T
I like a lot of these
Looks like tough time are here again
C
Hi Stocktrader & Michael,
Just came back from my trip to Doctor plus medication pick up etc.
My HYPERthyroid is getting treated now.
Feeling better/ENERGETIC already...left @ 1230 & came back 830PM..in brutal traffic but NOT tired..a very good sign.
Once again thanks to all well wishers....
Will give my closing comments around 11 PM Eastern time.
Saleem
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