ECB went out of the way to lower expectations of "quick fix" crowd.
ECB, EU & IMF are all aware of European debt issues, but they are all working on an "incremental mode", as it involves approval of many many countries.
IF we are disappointed with "incremental approach" of EU / ECB, then we should look @ "no improvement" in ongoing US debt ceiling debate.....
We alway's expect more from others, quicker & faster.
EU has come a long way, with Greece & Italy dealt with, that is a major accomplishment in few weeks.....
So, we went down today, in an "over-reaction" mode.
S&P 500 low today was 1231.47, closing @ 1234.35
RSI @ 51.43
Oil closed @ $98.34
Gold closed @ $1713.40
VIX closed @ 30.59
AH news reaction :
TXN Down 5.85%
ALTR Down 6.12%
AH Futures UP
AH Asian Markets Down
AH Gold UP
AH Oil Down
PS...Chinese inflation data just released is "very bullish" for worldwide markets. CPI came in 4.2% estimate was 4.4%. PPI came in @ 2.7% estimate was 3.2%. This lower inflation will give Chinese Central Bank incentive to lower reserve requirement AGAIN, which will "stimulate" Chinese economy.
BLOG does NOT give buy or sell.
Saleem
25 comments:
Saleem
You Rock!!!!!!!! LVS and J the Cramer are a OK!! Hurray
Up in pre market
I am buying some pre market
My big 3 are green again --now for some pop
best to all I love stimulus
C
Hi C,
Thanks for the feedback.
Hopefully, we all will count some green.....
Saleem
Hey Saleem,
Looks like the world really is ok! :)
I guess I'll be looking for some stocks again...
Stocktrader
Hi Stocktrader,
Good luck with your stock picks.
BCSI was taken out today..47% premium.
Saleem
S
My MCD is popping--more breakout to come I say $100 is coming!
AMZN, BIDU and AAPL are not so hot
LVS is $44
Hi C,
Big guns are so so or weak?
Saleem
Hey Saleem,
I sold my last SWC and COH to wipe the slate (of my big caps) and start over.
I will probably wait today out because Fridays can be tricky and would like to see a nice rally at close to confirm yesterday's technical problem was an anomaly.
Incidentally, the Baltic Dry Index hit a one-month high today! (I think I am too enamored with the shippers!)
Stocktrader
Hi Stocktrader,
I think, markets should close @ high of the day.....
Hesitation @ start is due to the fact, that many HFT were short this market...they know how to cover without too much loss....?
Saleem
Hey Saleem,
The market looks *very* strong this morning--has the feeling of continued melt-up all day as you mentioned.
Stocktrader
C
Look at option of AMZN, it is telling me stock will go lower. Today is the perfect day for it to break back to 196 but seems like every spark come will selling
UP
the big boys are not playing now
Maybe Saleem understands why they behave so poorly
As for options --my AAPL #365 call stinks for now.
Are you playing the options for AMAZON??
we need a catalyst to propel the market higher.
Best to all
Hi C,
Market TAPE is the morning by TWO facts :
1-Many HFT were short & their buddy MM are helping them to get out @ minimum loss.
2-Today is weekly Option expiry, MM are keeping some stocks @ certain strike ..until their loss/gain is realized.
Saleem
C
No, i don't want to touch AMZN now since it is a big boy stock and i see big boys are not so interest on this stock near term. When stock is up and option still off 20 cents. That already tell you something , right
Hey Saleem,
Price action today is fantastic, especially for the risk assets. I'm back in.
Bought: WWWW(1.5x), SWC(1.5x), ERTS(1.25x), RVBD, ULTA, COH, JKS, BAC, NM(0.5x)
Remind me not to get faked out next time! :)
Stocktrader
Hi Stocktrader,
I have a habbit of not making suggestion, unless i am asked.
IF in doubt, please ask.
Good luck with your all-in.
Saleem
Hey Saleem,
One of the biggest reasons I went in so strongly is because I'm relatively underwhelmed by the EU resolutions but the market is really working higher forcefully. I think this shows the underweight positioning of traders and indicates the true longer-term direction of the market and the undervaluation of great companies.
You have played this market like a fiddle recently. Congrats to you!
Stocktrader
Stocktrader
Saleem Is unique and I love his blog-he keeps his finger on the pulse and keeps me out of trouble...
As for your buy and sell strategy
You alone , can only be comfortable with your strategy !!
So keep up with market direction which is UP, and believe that we are going to turn around and make new highs
I think that you are one smart trader....And very knowledgeable..
I wish we had a silver bullet ! They we could buy and sell with impunity,,, Smile
C
Hi Stocktrader,
Thanks for your feedback.
EU has accomplished a whole lot in a short span of two months...26 countries are convinced it is the way to go..not a small feat.
US traders take cue from CNBC which as usual have no clue of European mindset & resolve.
YES..we are back to underweight in markets by many.
Saleem
Hey Saleem,
I expect some positive rhetoric from the Chinese premier over the weekend also. The data overnight was highly indicative of squashed inflation--time to take the foot off the brake...and maybe a solar FIT program for 2012? :) Probably just hopeful wishing HAHA.
Stocktrader
Hi Stocktrader,
Chinese data is pointing to "series of rate cuts" which not only will stimulate Chinese economy but MAY prevent severe recession..only a mild one.
Saleem
I mean recession in Europe...
Saleem
SALEEM
Looks like the big 3 are making a come back
amazon , apple , BIDU with LULU up 2 smackers
Hurray
C
Hi C,
See, having conviction in your pick can create real$$$$$$
Saleem
Hey Saleem,
Wow, what a run on SWC! I can't make a move in anything until Wednesday now, so I can do some good analysis without the pressures of intraday moves. It is time to get the portfolio ready for next year.
Have a great weekend! :)
Stocktrader
Hi Stocktrader,
What a move in SWC 10%+++, outstanding pick.
I had to say good bye to PCLN..it is sitting near lows & not moving @ all......
Good luck with research !!!!
Saleem
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