Indices were strong from open & closed near high of the day. Volume was higher.
Here is the technical picture of indices :
Dow above 50 & 200 DMA
S&P 500 above 50 DMA, but below 200 DMA
Nasdaq below 50 & 200 DMA
Next resistance for S&P 500 is 200 DMA which is @ 1259.97, closed @ 1241.30
Tonight IBD is saying " markets in confirmed UPTREND"......last time when S&P 500 went from 1158.66 to 1267.06, an UP move of 108.48 points or +9.36%, IBD insisted "markets in correction"........
Internals of the markets were :
UP volume led by 36.91 to 1 in NYSE & 13.75 to 1 in Nasdaq
Advancing stocks led by 7.0 to 1 in NYSE & 4.77 to 1 in Nasdaq
VIX closed down 6.82% @ 23.22
Oil closed @ $97.22
Gold closed @ $1617.60
AH ER :
ORCL Down 9.02%
OPEN Down 2.86%
PAYX Down 1.62%
NKE UP 2.96%
Stocks which were UP 3% or more included APKT,CNQ,LVS,LULU,M,RVBD,SNDK,
AUY,BIDU,CLF,COH,PCLN,FCX,MOS,
AAPL,CMG,NTES,FFIV,SLW,MA,JKS,
TCK,MS,CIEN,FNSR,JDSU,CRUS,ARUN.......
AH RIMM was UP $1.28 or 10.22% with heavy AH volume of 2,651,154. Reuters reported that several outfit approached RIMM for takeover which was rebuffed by RIMM management.
AMZN was mentioned as one of the suitor this summer.
As you can all recall that media, analysts have degraded RIMM to PALM level in their thesis & boasted as to why anybody will takeover RIMM as they implied, that there is NO VALUE.
I am sure those analysts were heavily short RIMM, & were covering like crazy in AH.....FACTS always speaks louder than words.......
AH Futures Mixed
AH Asian Markets UP
AH Oil & Gold UP
BLOG does NOT give buy or sell.
Saleem
14 comments:
Morning to you SALEEM
RIMM is up pre market!
Very good analysis of RIMM situation!
Are you buying more
Oh, Are you a subscriber to IBD?
C
Good Morning Saleem
What is your take on RIMM, upper trendline is at 16? Thanks
Hi C,
I listen to IBD video every night..its free...important part of my daily sentiment research.
Saleem
Hi Up,
I am staying with RIMM long term...$20 is my minimum target....
Saleem
Saleem
I believed RIMM is a long hold stock, but today's price raising is all because shorts are afraid of headline, when they see weakness, they will jump back in. Technical, it is due for a bounce. Normally stock is hard to break their earning day high which stand at 13.74
Hi Up,
RIMM was considered for takeover by Microsoft / Nokia alongwith AMZN.......that has scared lot of shorts.
RIMM should move UP as sentiments & Facts have changed.
Saleem
SALEEM
I jumped the gun
Sold AUY---I did not like the tape!
Got some more PFE---drugs are still very hot, IMHO;
PFE has a high RSI with target of $33.
Is it possible for me to hear IBD too?? is it on PC or TV?
thanks
C
Hey Saleem,
Ugh, this tech action is disappointing. I upped my tech exposure to the highest in months as of yesterday--great timing there! I think this IT spend push into next year is either temporary or just related to ORCL, but we'll find out soon enough--maybe some other companies will want to preannounce (good or bad) after they are getting hit hard in the wake of ORCL.
Stocktrader
Stocktrader
Looks at the action in my BIDU
Ugh--too......
Not a nice day at all
Hi C,
Here is how you watch the video of IBD TV "market wrap"...
It is on internet...
Go to investors.com.......click continue on top right....
Go to bottom left of page after 730PM......there is IBD TV "Market wrap"....
You can go there now for yesterday's wrap.....
Saleem
Hi Stocktrader,
This morning when market opened, i felt selling is not intense.
Looked @ many potential buys & decided to add APKT as it was "less down"......right after buying APKT....it is down as much as any other stock.......
YES... i am overexposed big time in markets.......
But life goes on in wall & broad....
Saleem
Hey Saleem,
I'm not worried ultimately about stocks like RVBD and APKT. Their products are too specialized and necessary to not do well, but we may have to endure a wait-and-see approach now after ORCL.
$VIX is getting hammered again despite the big selloff--very interesting for potential close scenarios.
Stocktrader
Hey Saleem,
Yesterday, I watched the EA COO on CNBC around 3:30 I think? Anyways, he was very upbeat and told a highly compelling story. I'm interested in trying to get that back to a full position.
Also, the AAPL comments today from Piper Jaffray were pretty interesting. They were named a top pick with a $607 PT. Their biggest argument was that they didn't have many hardware redesigns in 2011, so 2012 should bring new redesigns in the iPad3, iPhone5, and then the rollout of the iTV. AAPL always moves so slowly, but it outperforms on a lot of days and that's how it is consistently good. I'm looking at it again :).
Stocktrader
Hi Stocktrader,
AAPL has been a consistent performer & holds up better than other stocks.
Saleem
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