Indices were subjected to typical bear market action for two days in a row, open better & close weaker is the new mantra.
S&P 500 went to 1209.43, but closed @ 1216.13
RSI closed @ 46.37
Internals of the market were as follows :
Down volume led by 12.36 to 1 in NYSE & 5.73 to 1 in Nasdaq
Declining stocks led by 4.15 to 1 in NYSE & 2.53 to 1 in Nasdaq
VIX closed @ 34.51 UP 2.98%, this is telling me that market reversal is imminent.
Volume has been higher past two days, which means most of the selling is out of the way.
On the guru front, Jimmy the Cramer is extremely pessimistic, saying no one should be in this market or take your money & wait for a day like today..... that kind of pessimism is a known contrary indicator.
Adami guarantees everyone that 1190 is a given, everytime he predicts that, he has been proven wrong.
Fast Money gang was so depressed that Mr Cassanova (Terranova) is predicting "no end of the year rally this year"
SO, based on Guru read & VIX, do not be surprised IF we close UP on the day.
European issues are known to just about everyone & their grandmother by now, but we keep going down...which is puzzling to me...
So cheer up, just about everyone is down on this market, which means we are all set to rally hard.....
Oil closed @ $98.82
Gold closed @ $1720.20
AH ER were greeted as follows :
INTU UP .10%
CRM Down 6.46%
MRVL UP 3.20%
AH Futures are Mixed
AH Asian Markets are Down
AH Gold UP
AH Oil Down
BLOG does NOT give buy or sell.
Saleem
21 comments:
Hey Saleem,
I am highly interested in adding to my AGU position after today's decline. BAC might be on the chopping block?!
I'm looking for a flat to up day tomorrow even in the absence of positive news as it would make sense for shorts to cover ahead of the weekend although they could definitely wait until late in the session.
Stocktrader
Stocktrader
looks like AGU, POT are green in pre market, my copper play is down again FCX and SCCO copper took a big hit the last 3 days .
Again Fast Money said all banks are dead money unless they are regional banks l!! So unless you got deeeeeep pockets. ( smile) sell em ... Note:
I am still holding C--for over 2 years from 100 shares to through the reverse split etc-- and it has gotten health--It will eventually.
Saleem
FRO is up pre market
APPLE may get up and run today --way over sold IMHO
Lets have a green day!!!!!!!!!
Hi Stocktrader,
@ market lows, switching is a good idea.
i am not a fan of AG after my recent loss with POT.
Good luck with your sale & buy.
Saleem
Hey guys,
The pre-market looks much better than I expected this morning! It leaves me in a bit of dilemma on whether to lighten up or not on this easy pop, though.
As for fertilizer stocks, I have been thinking for a while, and CF mentioned the same in its presentation yesterday, that moderate prices for crops help keep fertilizer demand higher as you don't see the demand destruction. Fertilizer profits are higher when crop volumes are higher, not when crop prices are higher. I think fertilizer stocks are being mispriced right now.
Stocktrader
Hi Stocktrader,
Please read BHP news about going out of CANPOTEX cartel.
This is a major shift which will pressure potash prices...this news came out last night.
Saleem
Hi Saleem,
Thanks for the info--I'll check it out!
Stocktrader
Stocktrader
I was going to buy mos, but after consult with chart. It is telling me a no no.
Saleem
Do you think it is time to buy finance since everyone say it is dead money
Hi Up,
Financial needs to avoided @ all cost.
Try to position in good growth story @ this stage.
Saleem
Hey Saleem,
From that BHP/CANPOTEX article, tt seems like BHP won't have production of ferts until 2015?
Hey Up,
Finance will bounce one of these days, I'm just not sure which day :). I think the fertilizer stocks look more like charts that have/are near to bottoms rather than those that will experience further weakness.
Stocktrader
Hey Up,
I still hold BAC for the domestic recovery story but I continue to question its true earnings power.
Stocktrader
Stochtrader
My sister in law own BAC and i told here it is going to be dead money and big big resistance is at 10, which i don't think it is going to reach for a long time. For finance, i always look at GS as an indicator, if it bounce, everything will follow
Hi Stocktrader,
That mine of BHP will be among the-biggest potash mine in the world.
Based on my memory, that mine was to come sooner than 2015 more like 2013..i deleted that article which was part of my alert.....
Anyway, an interesting development for potash prices in future.
Saleem
Saleem
With fall of fertilizer stocks, i am a little worry about my X holding. I am debating if i should sell it now
HI ALL
Don't forget today is monthly option exp. week
HELLO to all
UP
I thought next week was option expiring
AGU is up nice today as is my POT
I am having trouble with my copper plays - Yeks
the market is so shacked
goo dluck
Hi C,
Monthly Option expiry is 3rd friday of each month...
Saleem
Thanks
Saleem for straightening me out on OE.
C
Hey Saleem,
I feel the hopelessness of owning good companies but having no European solution. I have been making subtle adjustments to my portfolio to position for the best stories in the future, but that process is pretty much complete. It has now become a mentally- and emotionally-draining waiting game...
Stocktrader
Hi Stocktrader,
YES..it is extremely challenging to figure out TAPE action in any stock......
I am staying put with my four positions which is being hammered..PCLN has $44 per share gain...i thought for once i will wait for new all time highs.....but now i am down $6 per share.......
BIDU is under attack also......but i will wait it out.....
Challenge & head spinning it IS.....
Saleem
S
Maybe a very green close..
Looking good
Sorry about PLCN being so stubborn
I trade you my APLLE 355 call........?
Ha
best to all
Hi C,
NO trade..we both need to make money in AAPL & PCLN.....
First time, i did not lock profit & suffered because of it.....lesson learned AGAIN....
Saleem
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