Thursday, September 22, 2011

Indices plunges 3.36% to 3.92% in worldwide selling....

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
at

19 comments:

  1. cSeptember 22, 2011 at 9:40 AM

    S

    it is all negative

    Boo Hou

    Thanks for your blog--good job

    C

    ReplyDelete
  2. Stocks100September 22, 2011 at 9:42 AM

    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

    ReplyDelete
  3. MichaelSeptember 22, 2011 at 9:50 AM

    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

    ReplyDelete
  4. Stocks100September 22, 2011 at 9:56 AM

    Hi Michael,

    Good move in BIDU..it IS in major support area.

    AUY is behaving OK now.....

    Good luck with your portfolio !!!

    Saleem

    ReplyDelete
  5. cSeptember 22, 2011 at 10:07 AM

    S

    I am hoping for a better close

    C

    ReplyDelete
  6. stocktrader_1996September 22, 2011 at 10:52 AM

    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

    ReplyDelete
  7. MichaelSeptember 22, 2011 at 10:57 AM

    Saleem,

    BIDU broke all technical supports and it seems that there is more to come. Is that a bad sight? Thanks.

    Michael

    ReplyDelete
  8. cSeptember 22, 2011 at 11:28 AM

    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

    ReplyDelete
  9. MichaelSeptember 22, 2011 at 11:47 AM

    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

    ReplyDelete
  10. MichaelSeptember 22, 2011 at 11:48 AM

    Stocktrader,

    Yesterday, your call was correct about the sell off in the end of the day. How's about today? Thanks.

    Michael

    ReplyDelete
  11. stocktrader_1996September 22, 2011 at 11:55 AM

    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

    ReplyDelete
  12. MichaelSeptember 22, 2011 at 12:00 PM

    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

    ReplyDelete
  13. stocktrader_1996September 22, 2011 at 12:27 PM

    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

    ReplyDelete
  14. cSeptember 22, 2011 at 12:33 PM

    MICHAEL
    Stocktrader

    Looking very bad for a strong close!!

    Yuk

    I do hope that this is it

    OUCH!

    ReplyDelete
  15. MichaelSeptember 22, 2011 at 1:01 PM

    Stocktrader,

    My hat off to you! Your call was correct again. Thanks.

    Michael

    ReplyDelete
  16. stocktrader_1996September 22, 2011 at 1:31 PM

    Hi Saleem,

    I hope the visit to the doctor went well.

    Best health wishes!

    Stocktrader

    ReplyDelete
  17. MichaelSeptember 22, 2011 at 1:44 PM

    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

    ReplyDelete
  18. cSeptember 22, 2011 at 4:11 PM

    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

    ReplyDelete
  19. Stocks100September 22, 2011 at 5:38 PM

    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

    ReplyDelete