ECB cut their rate by .25%, but is not willing to go far in its bond purchasing program.
Some players had speculated in ECB collaboration with IMF to deal with EU debt situation.
Markets certainly see all this as "negative"......
I do expect progress made @ EU meeting this Friday, which should negate some of today's cross-currents.....
Internals of the market are:
Down volume leading by 22.05 to 1 in NYSE & 5.06 to 1 in Nasdaq
Declining stocks leading by 6.61 to 1 in NYSE & 5.11 to 1 in Nasdaq
S&P 500 low so far is 1237.47.....RSI @ 52.78
Oil Down $2.01
Gold Down $32.01
Canadian $ Down 1.20 cent @ 97.89, building permits fell sharply & risk off taking a toll.
VIX UP 6.49% @ 30.53
Portfolio is BIDU,LVS,LULU,M,PCLN,RIMM,RVBD,SNDK
Most stocks are Down
@ 2.15 following are green :
LULU,AAPL,CIEN,LDK,SOL....
BLOG does NOT give buy or sell.
Saleem
10 comments:
Hey Saleem,
I sold my portfolio down to only 30% stock exposure. I don't have confidence in the technical picture nor definitive action from the EU summit.
I am likely marking the short-term bottom--so buy away!
Stocktrader
Hi Stocktrader,
As they say....you can always "regroup" & start over...whenever your comfort level is higher.
Nothing wrong in making a decision based on your OWN take of technicals & politicians.
Good luck with your strategy.
Saleem
Stocktrader
WOW
YOU do think that it is that bad
you have what stocks left ??
good luck
I for one , do not think things are bad yet
C
Hey c,
The only ones I kept were SWC, COH, LLEN, and APWC. The first two I couldn't sell today without violating my 3-day rule else I would have sold those also. The second two are small-cap and a lower percentage of my portfolio, although I may still try and exit LLEN.
I see lots of problems that bother me and the technicals are confirming this (although I do realize things can change extremely quickly). Particular new problems of note are the farmer-MF Global issue as well as this fracking contamination in Wyoming. Otherwise, the Chinese stock market is perilously close to new lows for the year and I fear for that economy, and Germany/France's stance on EU treaty changes is a very long story to play out and without the ECB buying bonds I don't know if the market will give the EU that time. Ultimately, I think the ECB has to step in, but we seem further away from that than action this weekend.
Like Saleem said, I sold to get more comfortable--things just didn't seem ok to me, but to be fair, my radar has not been spot on recently.
Stocktrader
Stocktrader
The close is awful
Looking bad for now
I am holding
Or as they say in the Navy Hold Fast
Good luck to all
C
Hey c,
I was able to sell the 3800 SWC shares I held prior to Tuesday's purchase so I skinnied down to ~20% stock exposure.
I am extremely uncomfortable here, but isn't that when stocks usually turn? I find it likely that I'll be on the sidelines when the up move comes and have to be a chaser again...
Stocktrader
S
J the Cramer is screaming buy LVS
Maybe that will push the price higher
Hi C,
LVS is a good company to own & trade..i keep doing that for a very long time.
Saleem
Saleem
Believed it or not, I was hoping a day like today so I could added to my long. We only have 15 more days of trading and it is a do it or die for fund so I expected a big upside before year end.
Hi Up,
I have been heavily exposed for a rally..so far its paying off.
Good luck to you !!!!
Saleem
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