Indices were down in triple digits, thanks to RETHINK of why we went UP yesterday.
Europe seems to hold key on a daily basis & sometimes on an hourly basis.
I can assure you, this is NOT how market trades ever. This is a major departure of trading thesis. Europe seems to have taken over every traders mind & exhibits instant fear of total disaster.
Maybe, there are enough brave souls out there, who are trying to be "un-nerved" by REVERSAL of same news day after day.
By close of the day, even Nasdaq recovered in a big way, while Dow & S&P 500 closed GREEN. Yes we closed green on hysteria created by ORCL, saying that next 6 months Tech expenditures are in jeopardy.......
In this selling mayhem, VIX tumbled 7.92% & is siting @ lows of many months @ 21.38...
Oil closed @ $98.67
Gold closed @ $1613.60
S&P 500 closed @ 1243.72, after dipping to 1229.51, next resistance is 1259.59 which is 200 DMA. RSI is @ healthy 54.06.....i will be careful around 60 area, given all the gyrations.
Back to RIMM, which had the highest volume of 75.43 million shares today, on Friday after ER it had volume of 66.61 million shares, average volume is 22.18 million shares. Logical question IS, why so many buyers are lining UP when most analysts were 100% sure that RIMM is an $8 stock. One analysts with $8 target, even today told all faithful to sell immediately on this slight UPTICK as there is no chance of a takeover.....today RIMM was UP 10.06% when most techs were down 7% to 9%......
RIMM had a rare POSITIVE note today from Think Equity analyst, who upgraded RIMM to BUY from HOLD.He believes any takeover will be around $25. For the record Microsoft / Nokia & Amazon had shown interest in takeover of RIMM......
Here is my $ weighting as of tonight :
LULU 19.20%
LVS 14.64%
RIMM 13.41%
CNQ 12.19%
M 11.85%
APKT 10.17%
SNDK 9.37%
RVBD 9.17%
As you can clearly see, that i am well diversified in many "beaten down stocks"..which is the only way to be in "uncertain markets"
AH Futures Down
AH Asian Markets Down
AH Oil & Gold UP
BLOG does NOT give buy or sell.
Saleem
21 comments:
Well her we are
All ready for positive day
Yahoo
APKT is showing GREEN today!! Good for you Saleem
I like your story on RIMM--best of luck on it
I will continue with the Drugs-PFE
Copper FCX and SCCO
Happy holidays to all
It is a wonderful day
Hi C,
Thanks for your feedback.
European exchange are UP 1%++++
It should be a very good close.
Saleem
Saleem
This is the rally we are looking for all this month, and hope it is powerful enough to regroup lost during last decline.
Hey Saleem,
Got out of VMW at $79.1029--it made a decent move today and now I'll wait and see a little bit.
Stocktrader
C
I hated to say, when people fled to drugs stocks, that only mean we are in deep trouble
Hi Up,
Sentiment seems to be improving in Europe...which is a good thing.
Saleem
Hi Stocktrader,
You can utilize your fund from VMW much better in other strong stocks.
Good luck.
Saleem
Stocktrader
One thing I learned all this year is grass does not really greener on the other side of the field. sometime stay put is the best.
Hey Saleem,
Haha--the "strong" stock I bought was BAC--trying this again...
Stocktrader
Hey Up,
I was thinking yesterday about how much flipping around I am doing. Often it is only the marginal stocks at the bottom of my portfolio I am moving around, but I'll have to think more about it this weekend.
Stocktrader
Saleem
What do you think of MS, i recently bought some. I think it behaved better than other finance stocks
Hi Up,
MS is certainly stronger...with RSI @ 50.95.....swinging in a range of $14 to $17.50.....
Saleem
Stocktrade
X is alot stronger than a lot of names which include clf. Weekly cmf turn green recently, which are a big plus. Only concern is steel company in Europe just warn 3 days ago. Can we say higher price from here?
UP
\
hello at you
I do not like the steels here! IMHO I would wait a little
there are so many good buys oiut hter you do not have to get X
Look at SINA and BIDU for a run up here.
Try GE up again for me I am minting $$$ in that one
target is $24.
As for the drugs JNJ LLY PFE and MRK I have liked them a lot and IMHO not over priced -here--with lots of up side
Look at TOT--I think it has some upside left in it, Beaten down French oil....
J the Cramer says banks are not the place to be--Canadian banks are OK --he says I like GS -however..
C
Hey Saleem/Up,
I re-bought EA at $20.07 just now with funds from a NM sell. The more I read about EA's new MMO game, the more I like. I realize EA is a bit of a falling knife currently, but I'll be patient on this one--I think the thesis is solid and the stock is pretty beaten up.
Stocktrader
Hi Stocktrader,
EA RSI is 39.29 & seems to be stabilizing...volume has tapered off also..another good sign...looks better NOW $$$$$
Saleem
Hey Saleem,
Great analysis--makes me feel even better! EA was more a fundamental buy for me than technicals, but those technicals seem to support the purchase as well as an oversold bounce candidate.
I like this quiet, stable morning--melt up into afternoon? :)
Stocktrader
Stocktrader
You sure do buy and sell a lot
But if it make $$$$ --go for it
best to you
C
Hey c,
Given that I keep roughly 10 stocks, I always have a "worst" that I am looking to swap out of and into a "good idea". My top stocks have stayed the same for a while.
Stocktrader
Stocktrader
I guess I misunderstood your stock talk--sorry
I try to see what we all have to say and learn as I to am looking for the next buy
thanks for sharing
C
C
If you want good idea to buy, look at Russell 2000, they tend to do good till second week of January
Post a Comment