Its almost like a bad dream, which keeps repeating every morning. Futures down 120 then erasing all of the losses.
Europe bond mess may continue for another six months, till everything gets reset.
S&P 500 low today was1243.52, currently its @ high of the day.
US data keeps getting better & there is selling fatigue on European mess.
Internals are mixed with Nasdaq giving better internals.
Always remember, how we close defines any market.
Gold Down $9.30
Oil @ high @ $102 UP $2.63
Canadian $ UP 12 tick @ 98.07
VIX Down 1.99% @ 30.60
Portfolio is BIDU,LVS,PCLN,RVBD
Most stocks are down
@ 1.54 following are green :
LVS,APKT,SNDK,CNQ,RIMM,JCP,SU,NTES,
VMW,QCOM,M,FNSR,CRUS,ARUN,SINA,
SOHU,PWRD,KOG......
BLOG does NOT give buy or sell.
Saleem
4 comments:
Saleem,
What happened? I did not see the action of the final hour. I went to lunch and came back. All of my portfolio are in RED. Thursday and Friday will be more damage. Well, I am holding. Thanks.
Michael
Hi Michael,
IF you read my comments both in BLOG & in replies was very clear that financials are in deep trouble because of European exposure......
That is what Fitch is pointing out after my many comments.
Saleem
Saleem,
Thanks. I saw Fitch's comment. You had pointed out yesterday and moved away from MS. A wise decision that I should follow. Do you think this a a game plan that MM/HFT and Fitch tried to put together for the option week?
Michael
Hi Michael,
I put MS as my heaviest position if you look @ my BLOG ahead of PCLN, i thought that after Greece & italy fix..financials will take off in a hurry......BUT sadly TAPE was telling me the-opposite.....
I never fight the TAPE with any stock be it RIMM,MS......IF it is not working...it is wise to get out which i did.
In this crazy market one cannot second guess......i was so troubled by financial TAPE that i went against my nature to point out negatives about financials...hoping that someone will benefit from my action & take on financials...although i had 0 exposure.......
I do not think financials have any near term catalyst...trend is certainly negative.
Good luck with your decision.
Saleem
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