Greece stand for a referendum vote "as soon as possible" took a toll on world markets, damage was as high as 6.92% in Greece, Italy 6.7%...
There is a widespread support in Greece for this action, contrary to media reports.
Meeting between German, French & Greek leaders on Wednesday will not produce any change, maybe a smoothing of opposite points of view.
This sounds like a long drawn out politics "Greek Style"..in the end vote will show a split decision..Yes for EU & No for bailout...take this to the bank...so will be back to drawing board again in New Year...Greece holding centre stage again......
Markets in US were down 2.48% to 2.89%.
S&P 500 closed @ 1218.28
RSI @ 50.54
Internals of the market were negative as follows :
Down volume led by 14.56 to 1 in NYSE & 13.51 to 1 in Nasdaq
Declining Stocks led by 5.77 to 1 in NYSE & 5.59 to 1 in Nasdaq
52 wk lows were in the lead again , 31 in NYSE & 52 in Nasdaq
Oil closed @ $92.19
Gold closed @ $1711.80
AH ER were greeted as follows :
ATML Down 4.76%
JDSU UP 4.53%
AH Futures UP
AH Asian Markets Down
AH Gold & Silver UP
AH Oil Down
BLOG does NOT give buy or sell.
Saleem
13 comments:
Hey Saleem,
I'm trying to play some catchup this morning--QCOM looks like an interesting play for AH report? I'm looking into it further.
Stocktrader
Hey Saleem,
Swapped out of my FAS for CTSH this morning--looks like an excellent candidate for reversal day :).
Stocktrader
Hi Stocktrader,
I am following my thesis for "dog trades"...
Bought CSIQ..dog sector & dog stock?
Good luck with CTSH...great IT company from India...
QCOM is very "inconsistent with its ER"
Saleem
Hey Saleem,
You made some great money last time on CSIQ. You seem to "know" that stock which usually translates into $$! :)
Stocktrader
Hi Stocktrader,
CSIQ has lagged even in Solar sector...it should fly...
Paid $3.18......
Saleem
Hey Saleem,
Just got rid of GNK and FRO. Underperformance on big up days is scary. Also, the reaction to GNK's earnings last night is totally uninspiring despite the beat. DRYS is my last remaining shipper and I will evaluate for a sell today also.
In general, this is the countertrend rally I mentioned briefly yesterday morning--I'm lightening up here.
Stocktrader
Hi Stocktrader,
Having a "sell startegy" is a good idea.
I am hoping that Fed statement may be supportive of this market.
Saleem
Hey Saleem,
I think part of the boost we are seeing today is buying/short-covering ahead of expectations of a supportive Fed statement. That makes me nervous...
As you can tell, I am a bit less constructive on the market here, but going to 50% long is still a positive outlook. I think having cash for opportunistic situations (like CTSH this morning) is more important than having 100% long overnight exposure because I see less chances of big gaps up now.
I still love individual stories, but generic exposure to economic rebound like my PAL, ACI, CLF will be some of the parebacks I think.
Looking to get more flexible :)
Stocktrader
Hi Stocktrader,
I concur with your general thesis.
Easy money has been made from S&P 500 @ 1074 level...now it will be a grind.....
YES..opportunistic trades like CTSH is a good idea.
Saleem
Hey Saleem,
Got a little crazy and sold a good amount of my stocks throughout the day today--FAS, GNK, FRO, CLF, ACI, DRYS, RVBD, PAL, BAC. Kept some individual stories--WWWW, ULTA, ERTS, CTSH. Heavy in cash for great opportunities and feeling much more comfortable now as I've been a little uneasy since Friday (although didn't act then!).
Now it's a waiting game...
Stocktrader
Saleem,
RIMM got new low today. It seems that RIMM is no longer one of your "dog trades"? RIMM is still having good potential as long as its managements get a good strategy going forward.
Michael
Hi Stocktrader,
Good to book profit & be more comfortable.....
Saleem
Hi Michael,
RIMM management needs to DELIVER which they have FAILED in last TWO years...all TALK NO PRODUCT to show for...
Saleem
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