Indices were under pressure from open due to US economic data, although European Bond auction went well.
After struggling initially indices crawled back UP by close.
Again, close was more than impressive.
Internals were :
UP volume led by 1.51 to 1 in NYSE & 1.95 to 1 in Nasdaq
Advancing stocks led by 1.58 to 1 in NYSE & 1.61 to 1 in Nasdaq
New 52 wk highs were in the lead again, 96 in NYSE & 61 in Nasdaq
VIX closed down 2.71% @ 20.48, we may see 19 on Friday.....
Oil closed @ $99.10, it did a U turn on EU delay on Iranian embargo by six months.
Gold closed @ $1647.70
S&P 500 closed @ 1295.50, which is the highest close since August 2011.RSI @ 64.66
Market is closed on Monday, so it is important to look @ your exposure to this strong market on Friday. Friday is weekly Option Expiry, expect some bullish firework.
Stocks which were UP 1% or more included RIMM,
AUY,CLF,FCX,GG,MPEL,LULU,QCOM,V,TSL,
CIEN,C,SCCO,OCZ,TCK,MGA,WPRT.
AH Futures Mixed
AH Asian Markets UP
AH Oil UP
AH Gold Down
BLOG does NOT give buy or sell.
Saleem
29 comments:
Saleem
Good Morning to you and all bloggers!
Good market review
We had a nice close yesterday
I am looking at a new stock AMT; telephone towers!
this may be the next biggie? thoughts guys
So far my only stinky is TOT and IVR
GNK is making a slow come back.
I gotta love your CMG it is amazingly strong....
Congratulations --I guess you get the award for
2012 for best stock pick\\Gold is down again --hmmmm.
pre market is red
C
Hi C,
Thanks for first 12 day award of 2012.....
Today is Friday the 13th.....i was born on 13th...can't be bad for me?
IF something is NOT working then "IT DOES NOT FIT" so you MUST ACQUIT as per Johny Cochrane....
Saleem
SALEEM
Happy Birthday to you
oh
as to TOT and IVR stinkers--they pay so well that I may just hold them for the 2012 year..
Any thoughts on AMT??
Have a good BD and a great weekend Monday closed so a good holiday to you too
ANy specials plans for your BD?
C
Hi C,
Today is NOT my birthday..you know i am a TAURUS.....i was born on 13th day of MAY...200 years ago?
About AMT..chart looks pretty extended..RSI @ 66.51.....but a good stock.....
There may be some room in RSI to 70 area?
Saleem
Saleem
April fool me.... :)
thought with out thinking about Taurus the bull..
SO trash my BD card __I was thinking how could be a Taurus with a January BD....Ha ha
Have a 200 YR BD any way ha ah
Wow lok at CMG us $4 smackers--Whooo Hou
C
Hi C,
Appreciated your "early birthday wish" with beautiful GRAPHICS..i have saved it in my personal file.
Thanks!!!!
Saleem
Hey Saleem,
Bought AGU 73.55. Looking to allocate into some SWC by close unless something else looks good.
Stocktrader
Hi Stocktrader,
AGU is "relatively stronger" in AG sector..good choice & good price !!!!
Saleem
Hey Saleem,
Picked up the SWC at 11.55. It's chart is not as good, but I'm really excited about the palladium metal with surging car demand around the world, and this is my way to play.
Stocktrader
Hi Stocktrader,
Can you give me your analysis of SWC.....not familiar @ all.
Saleem
SALEEM
here is a quick over view of SWC:
Stillwater Mining Company is engaged in the development, extraction, processing, refining and marketing of palladium, platinum and associated metals (platinum group metals (PGMs)) from a geological formation in south central Montana known as the J-M Reef and from the recycling of spent catalytic converters.
Hi C & Stocktrader,
Thanks for your take on SWC....my question for stocktrader is..how does it compare to PAL in terms of your read....
Saleem
Hey Saleem,
SWC is the only US PGM (Platinum Group Metal) miner with operations in Montana. Palladium and platinum are the primary mined products with a cash cost around $450. With palladium at around $630, you can see how the leverage to the metal prices is so high. It reported better production numbers than anticipated last quarter. It made a recent acquisition of a small company in South America that will take significant resources to develop the mines, but is copper rich and represents both a huge long-term value at these copper prices and a diversification to that metal in the long run.
I hope this is helpful :).
Stocktrader
Hi Stocktrader,
Excellent recap of SWC business model.
I have SWC now in my Top 18 watch list.
Saleem
Hey Saleem,
PAL's management has gone down the route of further exploration in lieu of current production. They have the better PGM deposits by far, but are further off from developing those resources. I almost think they are trying to "shop" the company by showing off their reserves through exploration, but it could be just trying to determine where exactly to mine in the future for the best capture.
I have owned both stocks but left PAL mostly because the story will take longer to play out, and it doesn't follow the general market trend as closely, making it more difficult to trade, but the long term value is definitely there.
Stocktrader
Hi Stocktrader,
Thanks for PAL summary.
Saleem
Hey Saleem,
I almost forgot, PAL is a Canadian company with mines in Canada, so it is exposed to currency fluctuations.
Stocktrader
Hey Saleem,
I decided on GHDX that I won't have enough patience for it. I'll look again in the summer when small caps tend to be sluggish and it'll be closer to the trial results.
Stocktrader
Hi Stocktrader,
Biotech is tough for me.
Saleem
SALEEM
IBD has CMG as the most Mutual Funds buying volume up
Wow a good sign for more upside
C
Hi C,
CMG is @ all time high today.
Saleem
Hey Saleem,
I sold CLF at 69.86 this afternoon on the back of the PCX warning--it seems like this could be a challenging quarter despite PCX not being exactly best-of-breed. I'm looking to add to some of my other holdings or re-initiate a position in RVBD.
Stocktrader
Hi Stocktrader,
Sell based on rationale is a sound strategy.
Good luck with your replacement of CLF.....
Saleem
Hey Saleem,
I ended up adding to SWC at 11.35, GLNG at 41.83, and MET at 35.00.
Stocktrader
Hey Saleem,
I guess I should have added a little more AGU--wow! It was already up some and I thought I could get some better bargains elsewhere...
Stocktrader
SALEEM
IS it time to sell LVS
Nice move today
C
Hey c,
I don't think you sell strength today given the weakness in the overall markets (albeit well off lows also). Anything strong today is likely worth keeping as it exemplifies the underlying demand for the stock well.
Stocktrader
Hi Stocktrader,
Good luck with your add on.
Well.... we all have faced i should have, could have & would have....
Saleem
Hi C,
PATIENCE my friend....this is a very strong BULL MARKET....go with the flow on LVS....
Saleem
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