Once you look @ all facts, it is ironic that European markets fared much better than US ?
Last time i checked Italy is part of EU, CAC / DAX / FTSE were down max 2.21% while in US we were down as much as 3.88% ?
I think HFT & their black box took Italy as an excuse to crush most stocks as much as 9% ?
Internals of the market were as follows :
Down volume led by 64.14 to 1 in NYSE & 22.66 to 1 in Nasdaq
Declining stocks led by 9.59 to 1 in NYSE & 7.18 to 1
VIX jumped 31.59% to close @ 36.16
Down volume & VIX are giving clear signal of a "major capitulation" ?
Oil closed @ $95.74
Gold closed @ $1791.60
S&P 500 low today was 1226.64, based on charts we have "strong support" in 1200 area, not far from where we are....
CMF is positive @ +0.234
RSI @ 50.04
In my portfolio :
Sold CSIQ
Portfolio is MS,JCP,POT,PCLN,TLM....
AH ER were greeted as follows :
CSCO UP 2.61%
GMCR Down 34.33%
Jimmy the Cramer has been badgering AAPL for many days, today he is saying that AAPL is going "significantly lower from where it is today". AAPL closed just below 50 DMA. IF i have to guess support when Jimmy & his buddies are shorting, it looks like $354 area is a real test.
AH Futures Mixed
AH Asian Markets Down
AH Oil & Gold Down
BLOG does NOT give buy or sell.
Saleem
27 comments:
Hey Saleem,
I didn't catch Cramer's show today, but to predict AAPL is going "significantly lower" seems utterly ridiculous to me. I'll have to find a recap somewhere to get the rationale, but AAPL remains one of my safest stocks--it makes me love the negative sentiment :).
Despite the market being down dramatically today, I didn't sense very much disorderly action. It just seemed like a lack of buyers while the Italy situation remained in such great flux.
I told a friend today that the Italy situation is too "known" to create lasting market disruption without political action, and therefore high market exposure should be ok in the short-medium term. It is the previously "unknown" problems that can create the real market chaos.
My portfolio was only down 5.0% today in the face of a 3.7% S&P decline. Given the high beta nature of my stocks, I feel pretty good about that performance.
I'm looking for good jobless claims again tomorrow--we'll see if the market cares...
Stocktrader
Hi Stocktrader,
I do not have CNBC in my TV lineup for almost 3 years..saves 24/7 nonsense.....
I do go to cnbc.com & watch Fast / Mad money around 9 PM to see what the GENIUS are upto......
Futures are nicely UP $$$$$$$$$$$$$
Saleem
Saleem
Hello all
Stocktrader
J Cramer says that APPLE is now a stock now that S Jobs is gone
He says that the products that APPLE has are old and there is a 10% reduction in orders--Says he has gotten hate mail about his new position on APPLE!! Deservedly so--as some news sources say that there is a 10% back log in product orders????
IMHO CNBC is behind a drop in APPLE stock price
But he did scare me as you know I have a big position in APPLE.
APPLE is up this AM... DOW up 147 nice!!
Best to all
Hey c,
Today is the day for AAPL to show late strength and close well off these lows. This current action is ugly and it seems like a lot of people are giving up.
Stocktrader
Hi C
Today has the feel that the world will be ended soon, hopefully we could rally before close. APPL break it's earning day low , if it break 381, it might be head to 360. Good luck
Hi Saleem
I am still a big believer that market will rally hard to early January, Main reason is funds are under perform. What do you think?
Hi Up,
YES..seasonal strength will come into play....
Wise to position into better behaving stocks.
Saleem
Hey Saleem,
A followup on WTW...my wife says she heard on the radio today that Jenny Craig's new spokewoman is going to be Mariah Carey and that she looks great. Now that's value added research right there!
WTW off my radar despite nice chart setup for reflex rebound.
Stocktrader
Hi Saleem,
Today is the tug of war between bull and bear. If bull win this fight, it will reserve its uptrend with the strong support at 1200. Otherwise, I believe there is more down to come.
Michael
Hi Stocktrader,
YES...Mariah has lost 70 lbs is looking 10+
Saleem
Hi Michael,
Close should be the-verdict on next phase.
Saleem
Hi Saleem
Do you mind if i post what cramer say about AAPL
Hi Up,
Go ahead !!!
Saleem
Hi, Saleem
Sorry for deleted what I post, reason I did that is because it is somebody's content.
Hi Up,
No problem in posting relevant topics for our BLOG readers.
Saleem
Hello all
UP where is the posting for APPLE ??
:)
WOw I step away form computer and BANG
apple down $10
Yea I still got my shares
Did any one else sell??
Best to all
and thanks for your very kind replies
Hey guys,
Every time I hear an AAPL commercial advertising their Siri technology, I think about how cool and desirable that is now, but how transformational that will be in the future. Imagine when that comes to iPad next and you can tell it to do so many more things (and then to iTV eventually).
I guess my bottom line is that AAPL still has the highest-end products by far in terms of features and performance (thereby justifying the highest price points), and yet the stock is trading at ~10X 2012 earnings projections, and that doesn't even account for the massive cash hoard which can be deployed in many shareholder friendly ways.
I may end up being the fool that stays in this stock while it crashes on me, but I think the discrepancy between the earnings power and stock price is too great, and the negative rhetoric only creates another potential catalyst for the next up move.
Stocktrader
Hi Stocktrader
The problem is not AAPL, media treated Steve like he is god. As one say, the more people believed it, then it became the truth. So when Steve is not here, everything just fall apart. It is clear that funds are selling Apple stock the past week, plus market condition didn't help at all
Hey Up,
I've never owned an AAPL product in my life so I've drank very little Steve Job's "kool aid". I look at stocks strictly from an earnings power, valuation, and catalyst perspective and I believe AAPL has it. I'm not always right, but my spidey sense has been good recently :).
Also, I really don't see much indication of fund selling as the volume in the last two weeks (besides yesterday with the whole market) has been the lowest in months.
The chart is definitely the worst aspect of AAPL right now, but I'd give it 2 more days before I call the chart "broken". If we don't regain better tone within the next 2 days, I may exit for better working trades as the stock may have entered a "show-me" status until earnings, making it more rangebound until then.
Overall, it is difficult to recognize long-term inflection points as they are happening, but this doesn't feel like one to me.
Stocktrader
Thanks to all of you for input on APPLE
I am holding my shares for mow
I do NOT see huge sell off--Normal IMHO
We need more follow thru on selling
We had worse selling 2 yrs ago when S Jobs news of cancer hit the stock real bad!!!!!
--now that was awfulness===not there yet
Stocktr5ader if your gut felling is holdGreat we are alike--I seldom get felling of buy or hold.....
I think this is a HFT sneak attack or ????
Thanks for sharing your astute opinion...:)
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