Indices were under pressure again on European "news" ala IMF plus Fed minutes, which confirms slow growth of US economy.Yes US economy is growing as per Fed.......
After close Fed gave markets another surprise of "stress test of six US banks"...just what we needed @ this technical level.
IF all of the above was "not enough", few minutes ago Chinese Nov PMI came in @ 32 month low of 48.In Oct it was @ 51, in Sep it was 49.9......
So Futures have been down in anticipation of bad PMI or "leaked info"......
Question is ......how much can this market take in terms of daily bad news ?
In my opinion Wednesday close will define this market......
As we know that we are closed on Thursday for Thanksgiving & Friday we close @ 1 PM......
S&P 500 went to 1181.65 as low of the day, closing @ 1188.04
RSI @ 41.25
Oil closed @ $98.01
Gold closed @ $1702.40
VIX closed @ 32.00 down 2.77%..even VIX is confused ?
AH Futures are Down as follows :
Dow down 134.72...this is an improvement from down 152
S&P 500 down 16.44
Nasdaq down 23.83
AH Asian Markets down, but above lows?
AH Gold UP $5.10....was UP $8..is gold confused too?
AH Oil down $1.26
BLOG does NOT give buy or sell.
Saleem
19 comments:
Hey Saleem,
Is there any bad news left to throw at the market with now this Chinese data too? It just feels like it can't get any worse, although I'm not sure how many people want to be long into a long weekend these days...maybe another low volume lower move?
On the other hand, even though I think jobless claims could look good again tomorrow, the pain of the market and Europe in the last two weeks could mean this is the last of the good US data points before the trend moves against us?
We are in a sticky spot I think until Europe does something to truly deal with its crisis--too late to sell but more pain to come? Ugh...
Stocktrader
Hi Stocktrader,
This European mess is becoming an ongoing issue, with no end in sight.
Fed & China joining in the fray also......
IF all this does not create a bottom, i dont know what will?
We all need to keep singing Bee Gees song "staying alive"....new mantra.....
Saleem
SALEEM
Happy pre Thanksgiving day
Best to all
Market looks week today
I expect low volume and I see little to cheer about
C
Hi C,
Happy Thanksgiving to you also.
IF its LOW VOLUME..then it is a victory for bulls.....
High Volume is scary....
Saleem
Saleem
I did not expect this sell off
Yuk
Hi C,
Based on all the "surprising negative news"...it is not as bad as it could have been......
Saleem
Hey Saleem,
I sold BAC today because even though I think the downside is limited, I think possibly the upside is limited also until the stress tests?
I am looking at GLNG or GTLS for an LNG play. Which looks better from a chart/earnings picture in your opinion?
I think GLNG looks more attractive for upside potential, even though GTLS looks safer and slower?
Thanks in advance!
Stocktrader
Stocktrader
Did ya unload FRO??
How about GNK
I got a feeling nothing is safe for a while
Just thought
Hi Stocktrader,
CMF is stronger in GTLS....
GLNG looks good also.....
Toss UP or 50% & 50% ?
Good luck !!!!
Saleem
Hey c,
I did not unload FRO. I think the selloff is overdone given the improving fundamental backdrop (a long way to go obviously) and I think potential dilution will not be as harsh as the market currently fears given the positive signals from certain creditors (thereby potentially having access to non-stock offering options).
I considered GNK today and the chart looks pretty ripe for a short-term rebound, but broken for medium term now, and I wanted to go with a stronger long-term theme and a company projected to be profitable next year.
Stocktrader
Hey Saleem,
I did notice the better CMF in GTLS (I use Accum/Dist to show money flow but it generated the same conclusion). I think this is more to do with the relative safety of the name.
I did end up going with GLNG--I better liked the earnings profile and growth projections. I got in at $38.81.
Stocktrader
Hi Stocktrader,
Good luck with GLNG.....lower price & better bang for the buck !!!!
Saleem
Hey c/Saleem,
I actually really want to get back into KOG, but I think it needs a long digestion period after that massive secondary. I had completely left my energy positions in recent weeks and it had been gnawing at me given it is one of my major themes, hence the additions of ACI and GLNG in the last two days. (And food being another that I like but been underweight caused the addition to my AGU position yesterday also.)
Stocktrader
Hey Saleem,
Despite selling the BAC, I still have financial exposure through MET, which has the same short-term problems as the other financials, but has a stronger forward earnings model in my opinion.
Stocktrader
Hi Stocktrader,
We are @ lows of the year, thus any serious analytical theme will pay off big time as we go along.
The question will always be the same...does our choice participate the way we have hoped ?
I am @ my heaviest weighting as i write......
Saleem
Hey Saleem,
I agree. There are so many things wrong right now that I suspect we are near a bottom even if we have to endure some tough days before the real bounce/bull starts.
Constant stock analysis is definitely the key. I like repositioning on big up or down days as the market moves in a single direction in the morning, and then often stocks move individually by the afternoon.
Stocktrader
Hey c/Saleem,
I almost bought AAPL too--but that low beta always deters me. AAPL is better when the market is more in a middle area and it can move individually. At a bottom, a higher beta stock usually works better.
Other stocks I considered were VMW, APKT, COH, TOL, and JKS (in addition to the AAPL, GNK, GTLS/GLNG).
Stocktrader
Hello Stocktrader and S
Energy belong on all plates--way over sold energy is...
Look at EVEP, TOT, Chevron. If ya got the powder KMP is on sale here at $74. COP is a buy at $67.
Shippers are screwed on the FRO news; so they are all on sale I have GNK was looking at NAT, but I got CLF instead....
I love the AG story and Corn is in short supply so ag should get hot soon!
Have a good en
Hey guys,
Copper is at the highs of the day despite the euro being near the lows. Interesting divergence...
Stocktrader
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