Indices were given double whammy by France potential rating cut & US political gamesmanship.
Indices closed well above lows of the day.
Internals of the market were as follows :
Down volume led by 13.97 to 1 in NYSE & 5.29 to 1 in Nasdaq
Declining stocks led by 5.85 to 1 in NYSE & 4.87 to 1 in Nasdaq
New 52 wk lows were in the lead 101 in NYSE & 150 in Nasdaq
VIX closed UP 2.84% @ 32.91, this was giving clear signal that markets are turning UP....
AH ER were greeted as follows :
HPQ Down 1.27%
BRCD UP 5.58%
JKS Down 12.28%
TSL Down 6.10%
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
BLOG does NOT give buy or sell.
Saleem
29 comments:
Saleem
Good morning sir!
Looking GREEN today!!!!!!
I like your picks. I would have to go on margin to buy, as I am fully loaded.
Was considering a quick buy of APPLE--thoughts
have a good day to all.........
C
Hi C,
Carter Worth likes AAPL....
Saleem
SALEEM
thanks I was looking for fast money
Smile
C
SALEEM
this is interesting ON: GNK
When Genco Shipping & Trading (NYSE:GNK) reported earnings two weeks ago on November 1st, 2011, analysts, on average, expected the company to report earnings of $0.01 on sales of $92.9 million. Genco Shipping & Trading actually reported earnings of $0.04 per share on sales of $94.3 million, beating EPS estimates by $0.03 and beating revenue estimates by $1.4 million. Shares of Genco Shipping & Trading have slipped from $8.97 to $8.72, representing a loss of 2.8%, since the company reported earnings 20 days ago.
Hey Saleem,
Ugh, FRO.
I'm keeping for now--I doubt it gets too much worse than this in the short term? It is too bad because tanker rates are the best in months. Is there a better way to take advantage of this?
Stocktrader
Stocktrader
Are call and puts an idea.. I dunno.
Gotta be a way to keep the pain low...
C
Hi Stockrader,
As long as FRO stays above $3, i am staying with it.
What is the news on FRO...cannot find anything?
Saleem
Hey c,
Selling some 5 calls is maybe not a bad idea.
Sold GNK at open because shipping might be too hard--had nearly 7k shares but was able to get all out for 7.8201 in two blocks luckily. I know they aren't exactly related and I've always liked the dry shippers better, but this FRO is a wake-up call.
Stocktrader
Hey Saleem,
FRO reported earnings overnight. They warned they will need to restructure through asset sales or capital raises to continue business.
I think today is a washout of sorts for FRO, so I am keeping for now. I will likely sell around 3.75-3.85 if we get there.
Check out FRO.OL on Yahoo! news for better reporting since the primary listing is in Norway (Oslo).
Stocktrader
Hi Stocktrader,
I am surprised that despite my alert setting, i have no news on FRO....
Thanks for your update on FRO...
Saleem
SALEEM
I can not offer any news on FRO
I can say that they are not the same old FRO that I used to trade
Something is ad-miss---
Good luck on what to do!
PS
I still on my GNK
Yeks
Hi C,
Thanks for your feedback on FRO...i dont understand why there will be no news release about earning IF it trades in NYSE?
Saleem
Hi All
Maybe negative does matter now, I don't know about you guys, I am light up my positions before end of Thursday. This market doesn't give me good feeling at all
Hey Saleem,
Bought ACI with most of the GNK proceeds. The market seems ok today for bounce? I might add to AGU with the remaining bit...
Stocktrader
Hi Stocktrader,
Market should be OK going into close.
ACI & AGU are behaving better than their peers.....
Good luck !!!
Saleem
Hey Saleem,
Got AGU at $69.35--great price I think--looks like it really wants to move up today if the market will just cooperate.
Stocktrader
Hi Stocktrader,
You have repositioned with ACI & AGU now market has to do better than what its doing.
Saleem
Hey Saleem,
The fact the the $VIX is still down is really alarming me. People are not worried enough! Either those people are going to be extremely right or extremely wrong, and I fear the latter.
Stocktrader
Hey guys,
Good signs:
AAPL is up
Lots of "known" bad news
Bad signs:
Technicals breaking
$VIX too low? (=complacency?)
Extremely nervous here but holding some good stocks I hope...
Stocktrader
Hey guys,
I've decided I think we'll see a big down intraday and rally big into close given my good/bad signs analysis.
Stocktrader
Hi Stocktrader,
Markets can stay down for so long...that is my strategy...has to go UP.....
Out of FRO.....
Saleem
Stocktrader
I too believed that market will come back before close. Break down form technical is not good at all. I should have sell everything when i see that triangle breaking down.
Hi All
Problem about this market is people who have not sell yet are regret and will sell on any bounce. Maybe that is the reason why we are still down
Saleem,
I just bought AGU @69.44 and CLF @65.06 this morning. A little bit early for CLF. Anyway, there is a good chance that we will close in GREEN and I hope that the tradition of light trading rally on Friday will hold for this year as well.
Happy Thanksgiving and Good Luck with your portfolio.
Michael
Michael
Hi Michael,
CLF is your old favourite stock...i hardly get any stock @ low of the day maybe 1% of the time.....i just buy & hope for the best.
Market has lot of upside....no need to overthink.
Good luck with AGU & CLF.
Saleem
Hey Saleem,
Does this count as a double bottom for BAC? I continue to feel the anguish of not making the TOL switch.
Stocktrader
Hey guys,
Just got today's VLCC rates (for FRO)--up again! This is like a race to see if their balance sheet can survive the improving fundamental backdrop.
Stocktrader
Hi Stocktrader,
BAC low today is $5.32..previous low is $5.13.....IF BAC can close UP then it was a successful test of support.....that will be higher low......
Saleem
SALEEM
Bloomberg says
FRO
has financial trouble
No details provided
OUCH
C
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