Things were looking more than gloomy when S&P 500 went down to 1074.77, BUT last 40 minutes saw a huge spike in buying, S&P 500 closed @ 1123.95......This IS a huge reversal & technical action which will become a reference point in this downturn.
Internals were :
UP volume led by 5.79 to 1 in NYSE & 10.75 to 1 in Nasdaq
Advancing stocks led by 1.52 to 1 in NYSE & 2.68 to 1 in Nasdaq
BUT new 52 wk lows were 1164 in NYSE & 715 in Nasdaq
VIX tumbled 10.19% @ 40.82
BUT all this positive TAPE will be put to test again on Wed as Moody's cut Italy by 3 notches with Negative outlook.
IF we can close ABOVE 1101.54, then we will have another technical victory back to back.
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold UP
BLOG does NOT give buy or sell.
Saleem
22 comments:
Hey Saleem,
I had a great day turn into a poor day in just one hour, and the worst part is that my "buy" list stocks for 3:57 all rallied like crazy!
I said I'd be brave as long as things were working for me, but today's drubbing will force me to get smaller despite the poor Thursday I am expecting.
Something still bothers me about this market--data/company commentaries are relatively good while price action is relatively poor (except the last hour today!). I have a feeling that resolution to this conundrum will be violent, and I tend to lean bearish still because I've been burned in the past during these counterintuitive kinds of declines by not being cautious enough.
I guess I'm trying too hard--being smaller will help. You are right to point out that tomorrow should give us more information, and a weekly close above the 1101 level would be helpful (just now looked at the weekly S&P while writing this and MACD/CMF are in rough shape--thinking too hard again!).
Here's to tomorrow...
Stocktrader
Stocktrader
I will drink to "here's to tomorrow".
well Wednesday it is!
Pre market is down
J Cramer was negativer again.
Europe is Green which is good...
All our futures are up.
I have LULU and AUY and APPLE in my cash account
Here to hoping that they do well today
APPLE has been wiped bad --now that the news is out about the iPhone we may get an updraft!
Greece is in riot mode.. Lost of crowds mad at austerity... How awful, they want a free ride-Europe is in trouble until Greece is resolved.
C
Hi Stocktrader,
I understand your situation.
We all have faced similar issues when we sell something, it takes off.
Shorting or inverse ETF is something i do not indulge in, as i feel they are too volatile for my comfort zone.
It is wise to do which one can live with.
I am sure, you will regroup & build from here, it is good to do baby step in an unpredictable market.
Good luck in your rethink / regroup.....
PS..as a Taurus, i do not worry about what has happened but FOCUS on what should be done now....
Saleem
Hey Saleem and c,
Thanks for the kind words. I'm looking to add to specific stocks first thing this morning and will leave the short ETFs as hedges for now. My buy list from yesterday still looks attractive I believe, and I am comfortable with stocks I know even if the market is choppy. AGU is my #1 buy this morning.
Stocktrader
Hi Stocktrader,
AGU has come down too much alongwith MOS & POT.
For the first time, i may add another stock to my RIMM & LULU .
Good luck with AGU !!!!
Saleem
S
The market is up and down
POT andAGU are hot FCX is so under priced
Look at BMY it is in break out mode new high
FFIV is back again--do not know the catalyst there!
Best to all
APPLE seems to have bottomed and may be up form here....
Hey guys,
Got some AGU, FCX, BAC, and ULTA near the lows--sold the FAZ (too early!) but kept the SQQQ as hedge for now. I missed out on my energy stock, and it's a lot trickier now.
I am mostly net flat exposure now which is comfortable for me heading into the ECB meeting tomorrow. If I could flip in and out I'd play today for a big day, but I have to have a least a 3-day lookout due to the retirement portfolio restrictions.
So far so good guys!
Stocktrader
Hi C & Stocktrader,
Added CNQ to my portfolio.
Good luck with your strategy.
Saleem
S
YOu will love this on CNQ: wow I am in:
Look for Shares of Canadian Natural Resources to Potentially Rebound after Yesterday's 0.58% Sell Off (CNQ)
9 hours 28 minutes ago - Comtex SmarTrend(R)
Canadian Natural Resources (NYSE:CNQ) traded in a range yesterday that spanned from a low of $25.69 to a high of $27.53. Yesterday, the shares fell 0.58%, which took the trading range below the 3-day low of $27.50 on volume of 10.6 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
Hi C,
CNQ has become a "screaming buy"..oil usage is not going down anywhere....CNQ made series of new 52 wk lows.....
Saleem
Hey Saleem,
Bought some AMZN--I can't help but think that the Kindle Fire will be the "goto" Christmas product after what I believe to be an AAPL flop.
Stocktrader
Hi Stocktrader,
YES...AMZN will be strong into holiday sales as kindle fire @ $199 makes sense.
I added more RIMM as VOD is the rumoured buyer ?
Saleem
Hey Saleem,
Your RIMM has moved 25% in 24 hours--time to take some off and let the rest ride for a buyout?
Stocktrader
Hi Stocktrader,
RIMM is 53.30% of my current portfolio......
BUT my cost is $23.70....need to make some serious dough before i sell.
Saleem
Stocktrader
APPLE is NOT flop on any products
APPLE has the must have products as the young at heart of the word know
APPLE may not have had a new phone my but IMHO the ipad is still the must t have product for Christmas.....
I got one and I love it--works flawlessly
So, all other tables are place holders--not must have
Just ask my daughter----she adores the iPad!!
Amazon may compete with apple but never out sell them the Apps alone make Apple King of the hill.
Just my .02 cents.
C
Hey c,
I'm not saying AAPL's products are flops--I'm just saying this much-anticipated release did not live up to the lofty expectations. AAPL now has a lull in its product cycle right at Christmas time. In this light, I expect AMZN to outperform, especially since AMZN usually does well leading up to Christmas anyways.
AAPL still has the cutting edge products--about that there is no doubt! :)
Stocktrader
SALEEm
Good Afternoon
CNBC say sell RIMM on this pop! They says it is to high in price and now over priced ???
You are way smart you will do the right thing!
THey also said that APPLE new phone will have voice recognition and a better must have camera! I do not need either but I love the GPS on my old iPhone. Also the $99 iPhone will steel Rimm market share!
C
Hey Saleem,
I get the impression that commodities have bottomed. I guess even if the EU weakens more, China will ease? I bought some PAL and KOG also.
Stocktrader
Hi C,
CNBC gurus knows everything "after the fact"
CNBC has been bad mouthing RIMM for almost 2 years.....have been shorting all along...NOW they must be HURTING.....
Saleem
Stocktrader
Commodities are at the bottom
Look at oil up today !!
Copper up also
My AUY is up .76 cents---gotta back to even?
POT AGU are smooth
IMHO --go for it
C
Saleem,
Sold RIMM bought CNQ at 28.75. CNQ is a precious gem. It's already up .50.
Michael
Hi Michael,
CNQ has lot of room to go UP from 52 wk low....
Saleem
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