Indices are currently down, indices are gyrating too much, as if they are trying to find a bottom.
New 52 wk lows are 1569 in NYSE & 712 in Nasdaq.......this is a deeply oversold indicator...
VIX Down 2.62% @ 44.26, it went to 46.88 as high @ open...this is a non- confirming indicator of this down market..hope for bulls ?
Gold Down $41.30
Oil Down $2.20
Canadian $ Down 82 tick @ 94.06
Portfolio is LULU & RIMM
Internals are Mixed
@ 2.43 following are Green :
LULU,JCP,FCX,SNDK,CMG,NTES
WYNN,LVS,APKT,FFIV,JKS,TSL,
STP,MPEL,VMW,QCOM,CRM,
PLCM,BIDU,TCK,FNSR,CRUS,
CTRP,FMCN,SOHU,NYX,VAR.
BLOG does NOT give buy or sell.
Saleem
14 comments:
Saleem,
What caused RIMM dropping to new low of 19.29 today? I am looking at RIMM at for safe play because of its valuation. Thanks.
Michael
Hi Michael,
When stocks are taken down by HFT when they are short....they want to flush out everybody...thus series of new lows.....BUT HFT has left the building NOW.....which is a good thing for RIMM.
Saleem
Saleem,
Thanks for the news. I started RIMM at 20.65. It seems that market has found support with the rally into close.
Michael
Hi Stocktrader,
The market behaved like what you expected. It sold off due to most of the bear camp thought it would not make it. However, the rally at the end push down >150, this is your magic number, amazing! Did you buy anything and I wonder what you bought? Thanks.
Michael
Hey Saleem,
APKT down $10 AH, looks really attractive? I can't act, just notifying board.
Stocktrader
Hi Michael,
Good luck with RIMM & your other position.
Saleem
Stocktrader,
Thanks for the information. I just bought APKT at 27. Well, let see how it goes.
Michael
Hey Michael,
I got completely and utterly crushed by the surprise rally as it looked very likely that my scenario would come to pass. These are the dangers of not being a normal shorter :(.
I hope at this point I'll find a small profit back tomorrow at some point, but it is pretty ugly...
(I am still outperforming since last Thursday despite the massive turn against me, so all is not really that bad--just disappointing I didn't take some of those huge profits I had just a half hour ago).
I hope others did better today :).
Stocktrader
Stocktrader,
Sorry, the market caught you by surprise. I thought you planned to close the shorts by close and started some longs. Anyway, hope you will regain some by tomorrow.
Michael
Hey Michael,
I was thinking more like 3:57 ET to reposition after a real shakeout sellout. That late news on a possible EU recapitalization plan really saved the day for a lot of people...
I may have a decent chance for a small profit after the Italy downgrade, but I need to close the short positions now because the steep decline part appears over, so the sidelines and selective stock picking are the better ideas.
The good ADP numbers I was expected could really rocket this market up more--I'm hoping to get out alive.
Stocktrader
TO ALL
plz be very prudent in this roiled market
best to a;l
Hi Stocktrader,
I know you will re-energize your strategy.
We all go through these mis-calculation in an ongoing basis.
Good luck with your re-work.
Saleem
Stocktrader,
Thanks for the tip on APKT. I just closed out the position at 35.5. I don't want to take the chance for tomorrow. Thanks again.
Michael
Hey Michael,
No problem--my retirement account don't allow for AH trades, but I thought the information could be useful for the board. It was such a screaming buy at <$30, but the current price is more in line with the magnitude of the news in my opinion.
Great trade! :)
Stocktrader
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