Indices followed a "familiar pattern" by opening higher & closing near lows of the day.
S&P 500 low today was 1202.37, closing @ 1205.35...RSI 44.28
Internals were :
Down volume led by 9.96 to 1 in NYSE & 5.73 to 1 in Nasdaq
Declining stocks led by 3.67 to 1 in NYSE & 3.28 to 1 in Nasdaq
New 52 wk lows were in the lead, 117 in NYSE & 157 in Nasdaq
All of the above in extremely low volume ?
VIX closed UP 2.59% @ 24.92
Oil closed @ $93.38
Gold closed @ $1596.70
AH RHT Down 8.36%, S UP 6.48%
As to the market analysis, we are due for a technical rebound, after being sold from 1267.06 to 1202.37. We went down 64.69 points or 5.11% in 8 trading day's.......
In this technical bounce, i am expecting us to go through 50 DMA which is 1229.77, then to 1256 area...this will be a gain of 4.49%...it will be PRUDENT to reduce exposure in that area...I am CERTAINLY planning to do just that....i am expecting a very difficult & grinding many months, until end of Sep 2012.
I also try to do comparative analysis, especially on my "most speculative" position which is RIMM, & see IF it can be kept until "profit objective is achieved"
Here is how RIMM is stacking up as of tonight, from Yahoo Finance latest consensus numbers :
AAPL EPS $34.76, Price $382.21 PE 11.00
NOK EPS 33 Cents, Price $4.51 PE 13.67
RIMM EPS $3.32, Price $12.89 PE 3.88
I am hoping that, with time & few good news, RIMM PE will expand towards competitors.
AH Futures UP
AH Asian Markets UP
AH Oil & Gold UP
BLOG does NOT give buy or sell.
Saleem
Hey Saleem,
ReplyDeleteI am really tempted to pick up some RHT here but would have to sell something like FCX, RVBD, or EA. Separately, I'm also considering APKT due to telecom capex resurgence now? What do you think of both ideas and swap candidates? Thanks!
The market looks great this morning, and WWWW initiated Overweight at JPM with $18 PT! :)
Stocktrader
Hi Stocktrader,
ReplyDeleteRHT will be a great swap....
APKT is beaten down big time.....
I may get into one of them @ open.
Saleem
Hi Stocktrader,
ReplyDeleteI am going with AUY @ open....
Saleem
Hey Saleem,
ReplyDeleteI swapped out of FCX at 36.92 and got APKT at 31.39915. I wish I'd gotten a 30.xx price on APKT, but if I have to pull a switch move, I can't act immediately upon open.
Good luck with AUY--it is highly beaten up too!
Stocktrader
Hi Stocktrader,
ReplyDeleteAPKT is flying today.....
Saleem
Hi Stocktrader,
ReplyDeleteBought APKT @ $31.20......skipped on AUY....
Saleem
Good MOrning to all
ReplyDeleteI got some AUY
Gold is good!!!!!!!!!!
FCX ands SCCO are a rocking today
APKT is a Great choice here! Dunno if I like it better than AUY though?
My oil plays are hot today
KMP, EVEP TOT MWE
APKT is at $31.38 as I speak
regards....
Hi C,
ReplyDeleteI see MORE of an upside in APKT than AUY...that is why i cancelled my buy on AUY & went for APKT....
Saleem
SALEEM
ReplyDeleteYOu made a good pick
AUY was so under priced00I had to get me some
Yum
Got in at $14.50
Best to you, as always
C
SALEEMm
ReplyDeleteLooks like are two picks are off to the races
AUY is not up .23 cents for me
betting on $15
Your APKT is over taking my AUY --hmmm
C
Hi C,
ReplyDeleteAUY & APKT are UP nicely.....
Saleem
Saleem,
ReplyDeleteIt seems that when our sentiment was down and when market was at bottom, then there always was a good news for market to rally. Is it coincidence? Anyway, I am so happy with today's rally. Hopefully, it will continue until the end of this week :).
I just added in more RIMM at 12.5. I don't know what should be the good strategy for RIMM?
Michael
Hey Saleem,
ReplyDeleteThere are so many great companies on sale that I don't know how to participate in all of them! I am trying to buy some GLNG, but I can't find anything to sell...
Stocktrader
Hi Michael,
ReplyDeleteWell..we were due for a technical bounce.
RIMM has to be viewed as long term speculation.
RIMM probably will be my last 4 going into 2012.
Good luck with your add-on.
Saleem
Hi stocktrader,
ReplyDeleteHINT..trim some of your "overweight" & buy good one on sale.....
Saleem
Saleem
ReplyDeleteI hated this market, I would like to see index going up little by little, not bounce from oversold to overbought in one day. Now i just hope we have enough juice to push us till the end of year
Hey Saleem,
ReplyDeleteMy only overweights are WWWW, SWC, and OCZ. WWWW I am never selling, haha. SWC is my only direct commodity exposure at the moment. I would be ok selling some OCZ, but I'd like to see it rebound a bit more first after yesterday's washout.
I guess the analysis was good to tell me that I'm mostly happy with my current positions, so I'll just have some "radar" stocks for now.
Thank you for the challenge to look carefully at my current portfolio composition--I'll be on the lookout for swap possibilities! :)
Stocktrader
Michael
ReplyDeleteBlackberry is a household name, just like APPL was when they are in trouble before JOB been hired back to run the company. So I think RIMM is a keeper, I will buy more if price go down a little more
Hi Up,
ReplyDeleteThis is an "extremely volatile market"...which benefits traders who are "in"......
I do not believe that this trend will change anytime soon......
This will be a "news driven" market everyday ?
Saleem
SALEEM
ReplyDeleteGood after to all
WOW did I ever miss the home builders today
Finally some love from BIDU. PFE is ho0t again --gotta love the drugs for now!
RIMM is a stock that I do not know well enough to buy at this point-I will follow it however...-APPLE was a huge bet for me and the option spoiled that one for me--no more apple
Nice action today on LVS and LULU.
APKT backed off from it high-----hmmm
Best to all
Hi C,
ReplyDeleteThere are 19,000 stocks listed in US Exchange......nobody can or should buy every stock.....even Warren Buffett has few stocks.....
Thus we all are bound to miss many good stocks on a daily basis....could have, should have or would have is everbodys story????
Saleem