Wednesday, February 29, 2012

Indices closed down .41% to .67% in reaction to Fed statement.....

Indices went to new multi-year high @ open, then Fed statement threw a cold water to some expectations of monetary accommodation.

US GDP revision came in @ 3% for Q4, higher than  previous estimate of 2.8%.

US PMI was also ahead of expectations.

Internals were :

Down volume led by 2.43 to 1 in NYSE & 3.71 to 1 in Nasdaq

Declining stocks led by 1.93 to 1 in NYSE & 3.03 to 1 in Nasdaq

New 52 wk highs were in the lead, 160 in NYSE & 59 in Nasdaq

VIX UP 2.62% @ 18.43

Oil closed @ $107.07

Gold closed @ $1711.30

Chinese official PMI came in better than expected @ 51.0, expectations were 50.7

HSBC survey came in @ 4 month HIGH of 49.7.

AH Futures barely down

AH Asian Markets Mixed

AH Oil & Gold UP

About market, those who are expecting a correction are going to be disappointed @ this stage.

Despite CNBC weekly appearance by Doug Kass to highlight non-existent issues, to support his two week old short positions.

Market has tremendous strength.

Today's TAPE was reflective of month-end maneuvering. Volume was high as many participant decided to lock their big gains, based on wrong interpretation of what Fed chief was "really saying".

Tomorrow will get more clarification from Fed chief in his second testimony.

BLOG does NOT give buy or sell.

Saleem

Indices down .24% max on Fed remark.......

Fed remark pulled indices into negative territory, after being green.

Internals are negative.

Oil Down 65 cents

Gold Down $62.20

Canadian $ UP 81 tick @ 101.30..five month high against US$.

VIX Down .61% @ 17.85

In my portfolio :

Bought MS @ $18.55

Portfolio is AMZN,CNQ,LEN,MS,RIMM,RVBD

Exposure 124%

Most stocks are down

@ 1.40 following are UP :

LEN,RVBD,WYNN,LVS,GOOG,AAPL,SNDK,
FIO,M,C,CRUS,NVDA,BZH.....

BLOG does NOT give buy or sell.

Saleem

Tuesday, February 28, 2012

All indices closed @ new multi-year highs in high volume......NICE !!!!

Indices faced many economic data, which were weak, but indices ignored all that & closed in new multi-year highs & near high of the day. How we close, determines strength of any market.

S&P 500 closed @ 1372.18

Internals were :

UP volume led by 1.20 to 1 in NYSE & 1.76 to 1 in Nasdaq

Advancing stocks led by 1.05 to 1 in NYSE & .93 to 1 in Nasdaq

New 52 wk highs were in the lead, 164 in NYSE & 76 in Nasdaq

VIX closed down 1.26% @ 17.96

Stocks which closed $ or more included AMZN,
CMG,PCLN,AAPL,GG,SLW,NTES,LVS,BIDU,
GOOG,BWLD,MA,V......

AH ER :

FSLR Down 7.99%

PANL Down 6.52%

AH Futures UP

AH Asian Markets UP

AH Oil UP

AH Gold Down

About market, in order to understand the changing profile of this market, we need to look @ RSI first, which is 67.11 in Dow, 72.63 in S&P 500 & 74.43 in Nasdaq. In recent past, small correction of 1% happened when RSI exceeded 80. Looking @ current RSI, there is more room to run. Also IF we look @ RSI of leading stocks like AAPL RSI @ 84.13, PCLN RSI @ 84.28, MA RSI @ 82.44. Indices & leading stocks mirror each other in RSI trend. Currently, stocks RSI are leading indicator.

BLOG does NOT give buy or sell.

Saleem

Indices UP & in record level since 2008 & beyond.......NICE !!!!

Indices are all UP, despite poor manufacturing data.

S&P 500 went to 1373.04, highest level since 2008.

Internals are positive.

Oil Down 36 cents

Gold UP $14.60

Canadian $ UP 31 tick @ 100.42

VIX Down 1.04% @ 18.00

In my portfolio :

Bought LEN @ $22.59

Portfolio is AMZN,CNQ,LEN,RIMM,RVBD...

Exposure 113%

Most stocks are UP

@ 1.25 following are down :

LEN,CLF,COH,FIO,OTEX,VMW,FFIV,
QCOM,CRM,APKT,FNSR,WPRT,NVDA...

BLOG does NOT give buy or sell.

Saleem

Monday, February 27, 2012

S&P @ highest close since 2008 again........NICE !!!!

Indices ignored G20 stalemate. By close S&P 500 & Nasdaq were green & Dow lost a single point. Many non-participant were sure that today was the day for indices to plunge on G20 news????

Internals were :

UP volume led by 1.21 to 1 in NYSE & 1.28 to 1 in Nasdaq

Advancing stocks led by 1.27 to 1 in NYSE & .87 to 1 in Nasdaq

New 52 wk highs were in the lead, 127 in NYSE & 87 in Nasdaq

VIX closed UP 5.08% @ 18.19

Oil closed @ $108.56

Gold closed @ $174.90

Stocks which were UP 1% or more included COH,LULU,LEN,
MA,TSL,MS,FNSR,ARUN,TJX......

AH ER :

SINA Down 3.92%

PCLN UP 6.57%

AH Futures UP

AH Asian Markets Mixed

AH Oil & Gold Down

About market, it is important to follow the TAPE in a strong bull market. Many so-called Gurus are treating this market as IF it was 2008 all over again. When negative news do not take this elevated market down, then it means only ONE thing...we are going HIGHER.

BLOG does NOT give buy or sell.

Saleem

Indices UP .15% to .21% even with G20 inaction......NICE !!!

G20 meeting concluded with no additional funding for Europe debt containment. G20 saying first Europe has to dole out additional funding then we shall follow, Germany is the biggest hurdle in this expectation.

S&P 500 went down to 1354.92 which was a drop of .79% & then came back roaring like a lion.Currently S&P 500 @ 1368.61, near high of the day.

Internals are mostly positive.

Oil Down 74 cents

Gold UP 80 cents

Canadian $ UP 11 tick @ 100.16

VIX UP 2.95% @ 17.82

Portfolio is AMZN,CNQ,RIMM,RVBD......

Most stocks are UP

@ 1.35 following are red :

AMZN,CNQ,RIMM,OTEX,WYNN,CLF,FCX,
TCK,SU,FIO,VMW,CRM,JCP,VECO,SCCO,
NVDA,OCZ,X,AEM,V,IBN.....

BLOG does NOT give buy or sell.

Saleem

Saturday, February 25, 2012

What is "big picture" telling us?

Everybody on Wall Street is trying to time this market. This is a favourite pastime among traders to predict next correction.Many have taken a defensive position to WAIT for that "bargain prices".

Since 2008, predicting correction & shorting market actually worked for many. There were all kind of issues to deal with, sub-prime, recession & European debt to name a few.These issues took the entire world market down in a hurry from Jan 3rd price of 1456.80  to 666.79 in March 6,2009 in S&P 500. It took about 15 months for markets to find bottom & support. This crisis saw a plunge of 790.01 points or a plunge of 54.23%.......

Since then, world politicians, monetary authorities, have tried to deal with all of the economic issues.To the surprise of many eternal bears like Roubini, Prechter & Rosenberg, things are actually looking much better on all economic issues.

Markets looks ahead & tries to put some numbers, as we make progress in critical areas.

Based on the real progress in European debt & recession, market is trying to give a clear cue to many that things are better than popular conclusions.

So we have gained in all indices, S&P 500 is UP from 19th Dec 2011 low of 1202.37 to Friday's high of 1368.92. This is a gain of 166.55 points or 13.85%.

BUT we were @ 1260.87 on Dec 8th 2011, so the gain is only of 108.05 points or a gain of 8.57% in this great rally.

For those who have forgotten, on May 2nd, 2011 or 10 months ago, we were @ 1370.58 on an intraday basis.......so, all this hoopla on real economic progress, has taken us lower than 10 months ago still?

Remember..when we were talking about QE in US, in 8 months from Aug 27th 2010 to May 2nd 2011..S&P 500 went from 1039.70 to 1370.58..this was a gain of 330.88 points or a gain of 31.82%......

SO..do not under estimate the power of this rally, we have barely scratched the surface for a "real upturn" in economic activity worldwide & especially in #1 economy USA.....

By the way, S&P 500 high is 1552.87 which was on March 24th, 2000.......

Based on Friday's high, we still have another 187.13 points or further gain of 13.70%...just to breakeven after 12 years?

Some food for thought on this weekend !!!!

BLOG does NOT give buy or sell.

Saleem

Friday, February 24, 2012

All indices made new multi year high.....NICE !!!!

Indices were facing mixed economic report in US, still all indices made a multi year high today.

S&P 500 closed @ 1365.74, new high point today was 1368.92

Internals were mostly positive.

New 52 wk highs were in the lead, 157 new highs in NYSE & 101 in Nasdaq.

Oil closed @ $109.77

Gold closed @ $1776.40

VIX closed @ 17.31

Portfolio is AMZN,CNQ,RIMM,RVBD....

Stocks which were UP $ or more included WYNN,COH,AAPL,WPRT,
CLF,GOOG,PCLN,CRM,
NTES,BIDU,MA,V....

Next post by 2 PM Sunday.

BLOG does NOT give buy or sell.

Saleem

Thursday, February 23, 2012

Indices closed UP .36% to .81%.........NICE !!!!

Indices fought early selling & closed near high of the day.

Internals were :

UP volume led by 2.35 to 1 in NYSE & 2.88 to 1 in Nasdaq

Advancing stocks led by 2.55 to 1 in NYSE & 2.52 to 1 in Nasdaq

New 52 wk highs were in the lead, 138 in NYSE & 90 in Nasdaq

VIX crashed 6.98% @ 16.92

Oil closed @ $107.83

Gold closed @ $1786.30

Stocks which closed UP 1% or more included RVBD,
LEN,MS,TJX,APKT,LULU,SU,SNDK,FIO,AUY,
SLW,NTES,VMW,FFIV,QCOM,CRM,MS,VECO,
JDSU,CIEN,FNSR,C,CRUS, ARUN....

AH ER :

DECK Down 10.63%

MRVL UP 1.34%

MGA UP 4.53%

CRM UP 9.70%

AH Futures UP

AH Asian Markets UP

AH Oil UP

AH Gold Down

About market, S&P 500 closed today @ 1363.46 which is the-highest close in this rally. RSI @ 69.28.

IF we look @ recent pullback it was only 1.08% on a closing basis on Feb 10th low of 1337.35. Highest close then was 1351.95 on Feb 9th.We had a low today of 1352.28 which is higher than last closing high before one day pullback. SO...@ low today we pulled back 1.13%. Each pullback was of only 15 points roughly in S&P 500.

Today's TAPE was extremely healthy when you factor internals & VIX. Based on today's close it will be easy to go over previous intraday high of 1367.76 & march onwards to 1400 area.

My sympathy to non-guru Doug Kass who had his highest short position as of two trading days ago????

BLOG does NOT give buy or sell.

Saleem

Indices UP .23% to .48%......NICE !!!!

Unemployment claims remained @ lowest level, which gave boost to investors sentiment.

Internals are positive by almost 2 to 1.

Oil UP $1.11

Gold UP $15.10

Canadian $ UP 11 tick @ 100.11

VIX Down 4.01% @ 17.46

Portfolio is AMZN,CNQ,RIMM,RVBD

Most stocks are UP

@ 2.25 following are down :

AMZN,WPRT,WYNN,LVS,FCX,GOOG,COH,
BIDU,MA,V,TSL,FIO,M,MU,BRCM,OCZ,
IBN,AGU.....

BLOG does NOT give buy or sell.

Saleem

Wednesday, February 22, 2012

Indices closed down .21% to .52%.....

Indices faced many negative economic data from China,US & Germany. Greece downgrade was there as an icing also.

Internals were :

Down volume led by 1.94 to 1 in NYSE & 2.75 to 1 in Nasdaq

Declining stocks led by 1.54 to 1 in NYSE & 2.08 to 1 in Nasdaq

New 52 wk highs were in the lead, 86 in NYSE & 53 in Nasdaq

VIX was unchanged @ 18.19

Oil closed @ $106.28

Gold closed @ $1771.30

S&P 500 closed @ 1357.66

CMF @ 0.306

RSI @ 67.02

AH ER :

HPQ Down 1.31%

AH Futures Mixed

AH Asian Markets Mixed

AH Gold UP

AH Oil Down

About market, Indices closed down maximum .52%......a very impressive close after being UP for almost eight straight weeks.

CNBC is trying to give air time to same people with their agenda for bringing the market lower. Doug Kass who has been wrong many times since 2009, was given centre stage.

Based on how we closed today, despite Quadruple negative news, there is a good chance that any serious pullback is NOT imminent. There is also a good chance that we may be going towards 1400.

BUT...try to book gains when you see it & rotate into next best ideas.

BLOG does NOT give buy or sell.

Saleem

Indices down .06% to .26%......

Indices are on hold for better economic news.

Internals are negative, close to 2 to 1 on the downside.

Oil Down 41 cents

Gold UP $12.70

Canadian $ Down 24 tick @ 100.04

VIX Down 1.1% @ 17.99

Portfolio is AMZN,CNQ,RIMM,RVBD

Most stocks are down :

@ 2.10 following are green :

CNQ,OTEX,LVS,CMG,FCX,TCK,LULU,
COH,SU,CF,MOS,GG,AUY,SLW,NTES,
VMW,FFIV,BIDU,MA,V,JCP,M,SCCO,
AEM,NYX,KOG,AGU.....

BLOG does NOT give buy or sell.

Saleem

Tuesday, February 21, 2012

Mixed close today.......

Indices traded positive, then ended mixed, after dipping lower.

Internals were mostly negative.

New 52 wk highs were in the lead, 150 in NYSE & 88 in Nasdaq.

Oil closed @ $105.84 March contract , & $106.25 in April contract.

Gold closed @ $1758.50

VIX closed @ 18.19, UP 2.31%

Stocks which were UP 1% or more included CNQ,
FCX,TCK,MOS,CF,AAPL,GG,AUY,SLW,TSL,
M,C,SWC,WYNN,GOOG,WPRT......

AH ER / News :

YGE Down 8.52%

CSIQ UP 8.37%

HLF UP 3.95%

BRCD UP 6.00%

INTU UP 3.44%

AH Futures Down

AH Asian Markets Down

AH Oil & Gold Down

About market, Indices are all in strong bull mode, BUT Risk / Reward ratio needs to be monitored @ these level. It is important to have HIGH comfort level irrespective of exposure. It is NOT important to focus on being right, BUT on preserving gains.

BLOG does NOT give buy or sell.

Saleem

Indices <.02%> to +.28% on second Greece bailout agreement.....

Indices are mixed on second Greece bailout deal.

S&P 500 high of the day is 1367.76

Internals are mixed

Oil UP $1.97

Gold UP $30.50

Canadian $ Down 11 tick @ 100.49

VIX UP 1.24% @ 18.00

Portfolio is AMZN,CNQ,RIMM,RVBD.....

Most stocks are UP

@ 1.45 following are down :

AMZN,RVBD,APKT,LULU,COH,MU,
LEN,GES,BWLD,FIO,VMW,BIDU,
CRM,JCP,V,VECO,JDSU,FNSR,
CIEN,ARUN....

BLOG does NOT give buy or sell.

Saleem

Sunday, February 19, 2012

Nasdaq UP 13.3% in 2012 so far, what next ?

In first 48 days Nasdaq is UP 13.3%, while average return for a good year is 8%.

Expectations for this market has been very low & uncertain @ start of the year.

Greece has held centre stage for this market for last 2 years.

Monday is another day & another Greek drama, no matter what is agreed, there is always another monkey wrench.......

BUT.....market is marching on its own drum, defying skeptics & scared.

This is one TAPE where everyone is uncomfortable & looking @ headlines day & night.

Maybe it is the uncertainty which is working in markets favour.

I along with many are under-invested, waiting for that bargain, which seems elusive.

It is always important to be "extremely comfortable with your exposure"......there are 60,000 stocks which trades around the world, no need to chase IF you are not ready.

I have talked about RSI for many years as a "reliable indicator", but in a runaway bull market, it does NOT work....it is actually the reverse these days.

TAPE is telling us to be in "high growth"" high multiple stocks".....they are making series of 52 wk highs......

It is "critical" to examine your own beliefs & indicators...IF they are NOT working.

This market is different, bargain is trading in few $ range, while growth stocks are flying......

SO..Nasdaq is UP 13.3% so far, I am UP 34% which includes 17% gain from Canadian $ exposure, 17%  gain is from stocks.......I have removed 55% equity from markets by mid January 2012........so i am looking @ my YTD results with mixed emotions. My current portfolio, all 4 of them, have not performed @ all. I am under water in all, a rarity?

Just my way of evaluating real return, with my analytical approach.

S&P 500 has to clear 1370.58 to proceed into higher grounds........

The question is, how high are we going in 2012?

Looks like, quite HIGH !!!!!

BLOG does NOT give buy or sell.

Saleem

Friday, February 17, 2012

Dow & S&P 500 made higher highs @ close.....NICE !!!!

Dow & S&P 500 were higher @ close & Nasdaq took a well deserved rest.

S&P 500 closed @ 1361.23, high was 1363.40.

RSI @ 70.49

Internals were mostly positive.

New 52 wk highs were in lead again, 174 in NYSE & 123 in Nasdaq

VIX took another tumble of 7.49% @ 17.78

Oil closed @ $104.06

Gold closed @ $1725.20

Portfolio remained the same, AMZN,CNQ,RIMM,RVBD

Stocks which ended green included AMZN,CNQ,
CMG,COH,CF,GES,PCLN,MOS,M,FIO,BWLD,
MA,V,TSL,JCP,VECO,JDSU,FNSR,C,CRUS....

About market, another impressive close with higher highs despite
Monthly / weekly Option Expiry, No Greece resolution & long
weekend for US & Canada.

Next post by 2 PM Sunday.

BLOG does NOT give buy or sell.

Saleem

Thursday, February 16, 2012

Higher highs in all indices......NICE !!!!

All indices are on higher grounds, which is also multi-year highs.

@ close indices were UP .96% to 1.51%

S&P 500 closed @ 1358.04

RSI in S&P 500 @ 69.43

Internals were:

UP volume led by 6.03 to 1 in NYSE & 5.86 to 1 in Nasdaq

Advancing stocks led by 3.08 to 1 in NYSE & 3.22 to 1 in Nasdaq

New 52 wk highs were in the lead, 121 in NYSE & 109 in Nasdaq

VIX tumbled 9.08% @ 19.22

Oil closed @ $102.31

Gold closed @ $1728.40

AH ER :

BIDU UP 1.04%

AMAT UP 5.37%

SPWR UP 11.90%

Stocks which were UP 2% or more included RIMM,CNQ,RVBD,
AUY,FCX,GG,AEM,LVS,BIDU,SLW,TCK,BRCM,VECO,C,
JDSU,CIEN,ARUN,NU,WPRT....

AH Futures Mixed

AH Asian Markets UP

AH Oil & Gold UP

About market, it is important to pay attention to RSI, book profit in high RSI & switch to lower RSI, this way your risk / reward ratio is more favourable.This market is stronger than anyone could have predicted. It is important to have reasonable exposure, even when you are not that comfortable @ these elevated level.

BLOG does NOT give buy or sell.

Saleem

Higher highs for S&P 500......NICE !!!!

Indices are displaying "TAPE of strong bull market"......

Sharp pullback yesterday & back to bull charge right @ open.

Jobless claims keeps getting lower & lower, US economy coming back hard, great for bull market.

S&P 500 sitting @ high of the day @ 1358.25, RSI 69.39

Internals are positive by minimum 2 to 1..

Oil UP 61 cents

Gold Down $2.80

Canadian $ UP 45 tick @ 100.41

VIX Down 7.52% @ 19.55

Portfolio is AMZN,CNQ,RIMM,RVBD

Most stocks are UP

@ 1.50 following are down :

AMZN,OTEX,CLF,CF,COH,LEN,
NTES,FIO,MA,V,JCP,ARUN....

BIDU reports AH, as usual expecting a beat & guide UP.

BLOG does NOT give buy or sell.

Saleem

Wednesday, February 15, 2012

Indices closed down .54% to .76% on Greece & Fed minutes.....

Indices were strong @ open on Chinese decision to assist in European debt crisis. But all that fizzled away after Greece agreement became a non-starter. When Fed minutes were released QE 3 became an issue. Market took a hasty tumble in a stunning reversal.Overbought condition also played a role.

Volume was mixed.

Internals were :

Down volume led by 1.83 to 1 in NYSE & 1.53 to 1 in Nasdaq

Declining stocks led by 1.36 to 1 in NYSE & 1.70 to 1 in Nasdaq

52 wk highs were in the lead, 152 in NYSE & 100 in Nasdaq

VIX shot up 8.19% @ 21.14

Oil @ $101.80

Gold @ $1728.10

AH ER :

CLF Down 3.44%

CF Down 2.47%

NVDA Down 5.13%

AH Futures sharply down on  international banks downgrade

AH Asian markets Down

AH Oil & Gold Down

About market, first support in S&P 500 is 1337.35, then 1325, then 1300 & strong support lies @ 1288.....these are all on a closing basis not intraday. I do not believe that this is a start of something big. Exposure to market needs to be monitored & gains to be booked, when times are good. Today's reversal must not be a surprise @ such an elevated level. One other way to look @, that it has happened already.

BLOG does NOT give buy or sell.

Saleem

Indices reversed, down .20% to .66%.......

S&P 500 made higher highs & then quickly reversed. Currently all indices in red from .10% to .66%.

Internals are negative.

S&P 500 high today 1355.87, low 1343.70, currently around 1344.96

Oil UP $1.05

Gold UP $12.50

Canadian $ down 4 tick @ 100.06

VIX jumped 9.37% @ 21.37

In my portfolio :

Added 30% RIMM @ $14.87

Portfolio is AMZN,CNQ,RIMM,RVBD

Portfolio weighting is :

AMZN 28.15%

RIMM 28.11%

RVBD 24.27%

CNQ 19.47%

Exposure 104%

Most stocks are down..

@ 2.40 following are green :

CNQ,RIMM,RVBD,WYNN,LVS,APKT,
MU,CF,SNDK,AUY,FIO,NTES,SU,VMW,
FFIV,V,BRCM,VECO,JDSU,EGO,AEM,
KOG,SNE,IBN,GS....

BLOG does NOT give buy or sell.

Saleem

Tuesday, February 14, 2012

Constructive close today....NICE !!!!

Indices made a remarkable comeback today & closed near high of the day. Volume was strong on Nasdaq & higher than average in NYSE. Today's close is impressive as weak retail sales & Greece hangover was there.

S&P 500 low today was 1340.83, & closed @ 1350.50

RSI @ 69.64

CMF sloping higher @ 0.482

Internals were :

Down volume led by 1.78 to 1 in NYSE & 1.31 to 1 in Nasdaq

Declining stocks led by 1.74 to 1 in NYSE & 1.65 to 1 in Nasdaq

New 52 wk highs were in the lead, 89 in NYSE & 74 in Nasdaq

VIX closed @ 19.54 UP 2.63%, lost majority of its gains by close, great for bullish picture.

Oil closed @ $100.74

Gold closed @ $1717.70

As you can see, that this market basically went sideways for seven trading days & did not lose too much ground. High was 1354.32 eight trading days ago, low was in 1337.35. We dropped  16.97 S&P points or 1.25% only. In a strong bull market, market may base for week & half in this case & then move UP again. TAPE is ready to take out 1354.32 highs @ open.

On another note, in Canada RIMM tablet Sales have jumped 300% & AAPL share has gone down 20.93% to 68% from 86%. RIMM share went from about 5% to 15%.....I know it is a David & Goliath match up, but nice to see that David is actually not crawling but running. Also there is rumour now that AAPL is coming UP with 7 inch tablet to check RIMM resurgence in that segment. I am not sure how Steve Jobs will take this development, he called 7 inch tablet "dead on arrival". Many hedge funds are "lovi'n RIMM now, putting their millions in RIMM. We may be living in interesting times NOW?

AH Futures UP

AH Asian Markets UP

AH Oil & Gold UP

BLOG does NOT give buy or sell.

Saleem

Indices down .42% to .55%.....

Indices are down, as there is no positive catalyst today.

Internals are negative by minimum 2 to 1.

Oil down 7 cents

Gold down $3.30

Canadian $ Down 1 tick @ 99.93

VIX UP 7.2% @ 20.41

Portfolio is AMZN,CNQ,RIMM,RVBD

Most stocks are down

@ 1.25 following are green :

RVBD,MU,AAPL,WYNN,LVS,COH,WPRT,
SNDK,PCLN,FIO,NTES,FFIV,BIDU,V,CIEN,
ARUN,GSVC,KOG......

BLOG does NOT give buy or sell.

Saleem

Monday, February 13, 2012

Indices closed UP .57% to .95%....NICE !!!!!

Indices closed UP in celebration of Greece approval of belt tightening.

S&P 500 closed @ 1351.77

Internals were :

UP volume led by 3.34 to 1 in NYSE & 2.56 to 1 in Nasdaq

Advancing stocks led by 3.40 to 1 in NYSE & 2.87 to 1 in Nasdaq

New 52 wk highs were in the lead, 155 in NYSE & 89 in Nasdaq

VIX tumbled 8.42% @ 19.04

AH ER :

LLNW UP 3.75%

RAX UP 6.76%

Stocks which were UP 1% or more included CNQ,AMZN,
AAPL,WPRT,PCLN,CRM,OTEX,APKT,GOOG,MOS,
LEN,VMW,BIDU,TSL,CRUS.......

AH Futures Down

AH Asian markets Down

AH Gold & Oil Down

About market, just about all the CNBC pundits are negative on  market, except for Jimmy the Cramer & Roubini who see no problem with the TAPE.

BLOG does NOT give buy or sell.

Saleem

Indices UP .56% to .81% on Greek vote......NICE !!!!

Indices are UP on Greece parliament voting for austerity package.Demonstration & resignation had created doubt about its passage, thus a rally.

S&P 500 high so far is 1352.63, still lower than recent high of 1354.32.

RSI 69.99

Internals are positive by minimum 2 to 1.

Oil UP $1.68

Gold UP 40 cents

Canadian $ UP 29 tick @ 100.12

VIX Down 7.74% @ 19.18

Portfolio is AMZN,CNQ,RIMM,RVBD

Most stocks are UP

@ 1.45 following are red :

RIMM,WYNN,LVS,FCX,TCK,CLF,X,MU,
AUY,GG,FIO,BWLD,V,JCP,BRCM,VECO,
SCCO,ABX,KGC....

BLOG does NOT give buy or sell.

Saleem

Sunday, February 12, 2012

After a runup of 12.64%, time for a pause ?

From 3rd week of December 2011 to first week of Feb 2012, we had a straight line run from 1202.37 to 1354.32, this was again of 151.95 points or 12.64%.

This move is extremely rare & is healthy to pause & correct little bit. IF we don't pause soon, a sharper fall may follow.

The normal line of support is always 50 DMA, in S&P 500 it is @ 1281.98.

Greece was an excuse after huge up move.

Even IF Greece comes on side, any celebration may be short lived.

Correction in markets are normal in any bull run, sometimes it is extremely sharp & swift or it is slow & gradual.

IF we find support @ 1281.98, then it is a correction of 5.34%, this will be a giveback of 42.2% of  up move.

In a euphoric market which we have seen, many traders do not want to think or be ready for a downside possibility.

Any downside TAPE will be considered healthy for future of this bull market.

I feel too much optimism has been built-in, even Roubini has decided to be bullish around 1354 area & is predicting next six months to be UP.

I will encourage booking of profit @ the least & switching to laggards with good business model.Ideally, i recommend reducing exposure by 50% to preserve gains & be ready for future bargains.

YES, this is a bull market, but it needs a healthy pullback.

My exposure is around 97%, which is a neutral mode.

RSI in indices have come down as listed :

Dow 61.92

S&P 500 67.42

Nasdaq 72.77

A print in 50's will be a good entry point.

There has been tremendous moves in many stocks like AAPL,LULU,LVS,BWLD,CMG,AGU,WPRT,COH to name a few. Those who were lucky to be in these names have benefited the most from this bull run.A giveback is more than overdue in most of these names.

It is important to recognize strong stocks, for a better entry point. In major bull market strong stocks gets stronger after each pause.

While we wait for correction to come, it is important to do our research in good growth story. For some of us, this move came very fast & may not have benefited as much.But there is always a second chance IF we are ready.

Good luck with your OWN view of market & stocks.

BLOG does NOT give buy or sell.

Saleem

Friday, February 10, 2012

Indices closed down .69% to .80%......

Greece took the cake away from bull today.

There is all kind of economic drama going on with Greece, internal & external forces are trying to determine the fate of this nation.

S&P 500 went down to 1337.35, but closed @ 1342.64.

RSI @ 67.42

Internals were :

Down volume led by 4.12 to 1 in NYSE & 3.62 to 1 in Nasdaq

Declining stocks led by 3.08 to 1 in NYSE & 2.94 to 1 in Nasdaq

52 wk highs still held the lead, 73 in NYSE & 37 in Nasdaq

Oil closed @ $98.67

Gold closed @ $1725.30

VIX Jumped 11.59% @ 20.79

Portfolio is AMZN,RVBD,RIMM,CNQ

Here is my weighting as of tonight :

AMZN 30.58%

RVBD 25.86%

RIMM 22.87%

CNQ 20.69%

Stocks which closed green today included AMZN,
COH,AAPL,WPRT,CRM,PCLN,FIO,BWLD,V,
JDSU.....

Next post by 2 PM Sunday.

BLOG does NOT give buy or sell.

Saleem

Thursday, February 9, 2012

Indices closed UP .05% to .39%.......NICE !!!!

Indices are shooting higher & higher on a daily basis.

This is making many technicians bearish, Carter Worth saying "this is it"

Internals of the market :

UP volume lead by 1.16 to 1 in NYSE & 1.11 to 1 in Nasdaq

Advancing stocks led by 1.03 to 1 in NYSE & .80 to 1 in Nasdaq

New 52 wk highs were in the lead, 163 in NYSE & 99 in Nasdaq

VIX closed UP @ 18.63

Oil closed @ $99.84

Gold closed @ $1741.20

Stocks which were UP 1% or more included COH,OTEX,LEN,FIO,AAPL,
LULU,VMW,BIDU,BWLD,
CRM,V,TSL,JCP,VECO,
CRUS,ARUN,WPRT....

AH ER :

NUAN Down 13.33%

LNKD Down 9.01%

AH Futures Down

AH Asian Markets Mixed

Oil & Gold Down

About Market, there is some crack in the internal of this market, Nasdaq decliners were in the lead when it was stronger than other indices.RSI is in deeply overbought territory. Nasdaq RSI @ 80.81 could spell pain for bulls. VIX was UP today again. My recommendation, book profit & reduce exposure. No need to be smarter than market.

BLOG does NOT give buy or sell.

PS...on Friday, there is only one closing post around 6 PM. I am available for comments during trading hours.

Saleem

Indices making higher highs......NICE !!!!

Indices were under selling pressure on "sell the news" about Greece agreement.

I wish life was that simple, as advocated by Jimmy the Cramer last night, who said sell the news?

All indices are making higher highs, sign of a very strong bull market.

Rotation & buy the weakness is the game.

S&P 500 @ 1354.13

Internals are mixed.

Oil UP 91 cents

Gold UP $7.50

Canadian $ UP 16 tick @ 100.53

VIX UP 1.21% @ 18.38

Portfolio is AMZN,CNQ,RIMM,RVBD.....

Most stocks are UP

@ 2.10 following are down :

AMZN,RIMM,RVBD,CLF,SU,TCK,MOS,GG,
FFIV,APKT,SLW,MS,C,WYNN,Mu,
SCCO,OCZ,NYX,NDAQ,BJRI,KOG...

BLOG does NOT give buy or sell.

Saleem

Wednesday, February 8, 2012

All indices closed green......NICE !!!!

Strength of this market was evident again, indices went from being red to closing green.Nasdaq was the strongest of all.

Internals were :

UP volume led by 1.43 to 1 in NYSE & 1.73 to 1 in Nasdaq

Advancing stocks led by 1.38 to 1 in NYSE & 1.31 to 1 in Nasdaq

New 52 wk highs were in the lead, 154 in NYSE & 99 in Nasdaq

VIX closed UP 3% @ 18.18

Oil closed @ $98.71

Gold closed @ $1731.30

AH ER :

CSCO Down .20%

WFM Down 1.21%

TQNT Down 8.92%

V UP 3.09%

AKAM UP 12.80%

AH Futures Mixed

AH Asian Markets Mixed

AH Oil & Gold UP

Chinese inflation data came in hotter than expected, CPI expectations 4.1%, actual 4.5%.PPI expectations .6%, actual .7%......US Jobless claims are more significant than Chinese data.

S&P 500 closed @ 1349.96

RSI ranging from Dow 69.67, S&P 500 74.79 & Nasdaq 79.80.

About market, we are entering a blow off stage which should propel into 1380 area or higher in S&P 500.

BLOG does NOT give buy or sell.

Saleem

Indices coming back after morning selling.......

Indices are mixed now, after being down.

Nasdaq showing renewed strength.

S&P 500 went down to 1341.95, high was 1351.00

Internals are mixed

Oil UP 5 cents

Gold Down $18.10

Canadian $ Down 15 tick @ 100.40

VIX UP 3.23% @ 18.22

Portfolio is AMZN,CNQ,RIMM,RVBD

Most stocks are down

@ 1.54 following are UP

AMZN,AAPL,WYNN,GOOG,CLF,COH,
FCX,AGU,LVS,GSVC,WPRT,SNDK,
PCLN,FIO,MPEL,BIDU,BWLD,MA,V,
TSL,JCP,MU,NVDA,NYX,NDAQ,KOG,
BRCM,C......

BLOG does NOT give buy or sell.

Saleem

Tuesday, February 7, 2012

Another impressive close, higher highs in the process....NICE !!!!

Indices are making higher highs & closing near high of the day & in decent volume.

@ close indices were UP .07% to .26%, this with Greece overhang & Ben Bernanke warning about US deficits to become troublesome in 15 yrs.

S&P 500 closed @ 1347.05

Internals were :

UP volume led by 1.12 to 1 in NYSE & 1.26 to 1 in Nasdaq

Advancing stocks led by 1.30 to 1 in NYSE & .87 to 1 in Nasdaq

New 52 wk highs were in the lead, 145 in NYSE & 85 in Nasdaq

VIX closed Down .51% @ 17.67

Oil closed @ $98.41

Gold closed @ $1748.40

Stocks which closed UP included AMZN,RVBD,RIMM,
OTEX,CMG,CLF,LULU,AAPL,WPRT,VMW,FFIV,QCOM,
BWLD,APKT,MA,JCP,JDSU,CRUS,ARUN,OCZ......


AH ER :

DIS Down 1.42%

NTGR Down 1.97%

PNRA Down 2.82%

Open UP 5.01%

BWLD UP 16.75%

AH Futures UP

AH Asian Markets UP

AH Oil & Gold UP

About market, it is making higher highs which is extremely bullish, RSI ranges from 69.45 in Dow to 78.72 in Nasdaq, while S&P 500 @ 73.94......80+++ is a very high probability.

BLOG does NOT give buy or sell.

Saleem

Indices are green after opening lower....NICE !!!!

Indices are displaying renewed strength, despite overhang from Greece.

Ben Bernanke gave assurance of support for US economy, IF Europe poses a problem....

Indices are all green...

S&P 500 @ 1347.33 so far...

Internals are mostly positive....

Oil UP $1.79

Gold UP $23.10

Canadian $ UP 5 tick @ 100.42

VIX Down .96% @ 17.59

In my portfolio :

Added 20% RIMM

Portfolio is AMZN,CNQ,RIMM,RVBD

Most stocks are UP

@ 1.52 following are down :

CNQ,X,GOOG,SU,TCK,FCX,AGU,MOS,
LVS,GSVC,SNDK,PCLN,FIO,MPEL,BIDU,
CRM,V,MS,SCCO,GS,IBN.....

BLOG does NOT give buy or sell.

Saleem

Monday, February 6, 2012

Another constructive close, down .04% to .13%....

Despite overbought conditions & no agreement in Greece, indices came close to break even.

Internals were negative as listed :

Down volume led by 1.14 to 1 in NYSE & 1.40 to 1 in Nasdaq

Declining stocks led by 1.44 to 1 in NYSE & 1.42 to 1 in Nasdaq

New 52 wk highs were in the lead, 104 in NYSE & 93 in Nasdaq

VIX UP & closed @ 17.76

Oil Down & closed @ $96.91

Gold closed Down @ $1724.90

AH ER :

YUM UP 2.15%

CSTR UP 16.73%

PMCS Down 6.08%

AH Futures Mixed

AH Asian Markets Mixed

AH Oil & Gold UP

About market, S&P 500 closed @ 1344.33, CMF rising @ 0.437, RSI 73.16. I have a strong opinion, that we may see 80+++......based on inflow of funds & momentum, we are headed higher to challenge previous highs of 1380 area......

BLOG does NOT give buy or sell.

Saleem

Mild pullback on "overbought condition" & "Greece"......

Indices are down slightly, despite overbought condition. Greece has not agreed to resolve their impending issues.

Indices are down .15% to .31%

Internals are negative.

Oil Down 69 cents

Gold Down $14.80

Canadian $ Down 18 tick @ 100.46 US$

VIX UP 4.62% @ 17.89

Portfolio is AMZN,CNQ,RIMM,RVBD...

Most stocks are down

@ 1.36 following are UP :

RVBD,AAPL,CMG,GOOG,LULU,FIO,
GG,JCP,V,APKT,JDSU,CIEN,FNSR,
SBUX,AEM,NYX,NDAQ,KOG....

BLOG does NOT give buy or sell.

Saleem

Sunday, February 5, 2012

Nasdaq & Small cap @ new breakout......NICE

Nasdaq has taken the lead in breaking out above recent highs.

Small caps are also @ new breakout .

Technicals of this market has spoken, it is decidedly bullish & going higher.

RSI are sitting @ :

Dow 69.57

S&P 500 73.59

Nasdaq 79.68

As you can clearly see that S&P 500 & Dow has to play catching up to Nasdaq strength.

S&P 500 is staring @ 1385, which is May peak.Closing weekly number is 1370.58, these two numbers are important to know IF there is a "real breakout".

We had flow of many positive news, Jobs number was the bigger news which gave breakout to many stocks.

As i am a fan of RSI for direction, i can only suggest that your portfolio RSI should be in much higher focus now.

Markets have been going in a "rotational correction" for a while, thus having low & high RSI stocks is a good strategy.

YES there MAY be a "pause" sometimes this week in indices, some stocks may pullback more than others.

In a starting bull market, there is surprises on the UP moves not in down moves.

Dow @ highest point since May 2011...

Nasdaq @ 11 yr high....

These are powerful statistics.

IF you are underexposed to this market, it is important to have a balance of  laggard & strong stocks.

Laggards needs to be evaluated for its growth potential going forward.

This market has been very good for those who stayed in high growth stocks.

Market has moved much faster & in a straight line, which is highly unusual.

Nobody was able to predict this strong move.

It is important to "go with the flow of this market"

Correction or pullbacks should not deter a strong bullish exposure.

I intend to increase my exposure as we go along.

TAPE is telling us to believe in "major bull moves ahead"

New 52 wk highs are telling us more than what we need to know...

Good luck in your OWN analysis & view of the market.

BLOG does NOT give buy or sell.

Saleem

Friday, February 3, 2012

Strong close on key economic data......NICE !!!!

Market were all set to go after strong Jobs data.

@ close indices were UP 1.23% to 1.61%

Internals were :

UP volume led by 6.30 to 1 in NYSE & 5.28 to 1 in Nasdaq

Advancing stocks led by 3.67 to 1 in NYSE & 4.02 to 1 in Nasdaq

New 52 wk highs were in the lead, 299 in NYSE & 256 in Nasdaq

VIX closed @ 17.10

Oil UP @ $97.83

Gold Down @ $1728.70

Canadian $ UP 40 tick @ 45 tick above US$

In my portfolio :

Bought RIMM @ $16.87

Portfolio is AMZN,CNQ,RIMM,RVBD

Here is my weighting :

AMZN 31.11%

RVBD 26.81%

CNQ 21.51%

RIMM 20.57%

Exposure 94%

Stocks which were UP $ or more included AMZN,RVBD,
CMG,GOOG,CLF,COH,TCK,LULU,AAPL,AGU,GSVC,
SNDK,PCLN,VMW,FFIV,BIDU,CRM,APKT,MA,FNSR,
C,OCZ.....

Next post by 2 PM Sunday.

BLOG does NOT give buy or sell.

Saleem

Thursday, February 2, 2012

Nasdaq & S&P 500 had impressive close today....NICE !!!!

Indices fought back, after Ben Bernanke "impact comment" in his testimony.He is trying to wake up US politicians to see reality & deal with it.

Nasdaq & S&P 500 ended higher, while Dow barely down 11 points to be exact.

Internals were :

UP volume led by 1.29 to 1 in NYSE & 1.97 to 1 in Nasdaq

Advancing stocks led by 1.31 to 1 in NYSE & 1.53 to 1 in Nasdaq

New 52 wk highs were in the lead, 187 in NYSE & 156 in Nasdaq

VIX closed down @ 17.98, this is the biggest indicator of current bull move.

Oil closed down @ $96.36

Gold closed UP @ $1759.30

In my portfolio :

Covered my short on LVS

Bought CNQ @ $40.01

Portfolio is AMZN,CNQ & RVBD

Weighting are :

AMZN 39.16%

RVBD 33.76%

CNQ 27.08%

Exposure 74.3%

Stocks which were UP $ or more included AMZN,
OTEX,M,GG,QCOM,BIDU,GOOG,APKT,MA,
V,WYNN,GSVC,ZNGA.....

AH ER :

TTWO UP 1.78%

WYNN Down 3.30%

ATML Down 6.93%

APKT Down 12.59%

THQI Down 25.00%

About market, It is a strong bull market. It is a sustained UP moving market in a gradual mode. There is rotating correction going on for few days then UP move. This is the-most stable UPTREND i have seen in a long long time.

RSI is presenting an interesting picture :

Dow 63.36

S&P 500 67.55

Nasdaq 75.51

Nasdaq is only four points away from making a "golden cross" last one to do. I still recommend looking @ RSI for potential sideways to down move in stocks particularly & markets in general.

AH futures Mixed

AH Asian Markets Down

AH Oil UP

AH Gold Down

BLOG does NOT give buy or sell.

PS...went to do some chores, got back later than my afternoon posting time, a rarity in my schedule. Sincere apology for missing my posting.

Saleem

Wednesday, February 1, 2012

Indices closed UP .66% to 1.22%....NICE !!!!!

Indices were strong on manufacturing data worldwide & Greece optimism.

Internals were :

UP volume led by 5.41 to 1 in NYSE & 6.98 to 1 in Nasdaq

Advancing stocks led by 4.82 to 1 in NYSE & 3.39 to 1 in Nasdaq

New 52 wk highs were in huge lead, 285 in NYSE & 134 in Nasdaq

Oil closed @ $97.71

Gold Closed @ $1749.50

VIX closed @ 18.55

Stocks which were UP 2% or more included RVBD,
LVS,X,AGU,CIEN,FNSR,JDSU,C,ARUN,WWWW,
WYNN,OTEX,NTES,MPEL,VMW,FFIV,BWLD,
CRM,MS,BRCM,VECO.....

AH ER :

CMG Down 1.89%

LVS Down 1.55%

QCOM UP 5.02%

JDSU UP 6.09%

OTEX UP 9.27%

My portfolio weighting are :

AMZN 43.57% long

RVBD 37.55% long

LVS 18.88% short

I am getting big break from my CAD long & US$ short position, it has saved my equity in a big way. I am UP 36.45% since start of the year. This is quite good, considering that i have pulled out substantial amount of equity from market. Even today with AMZN slump, my equity ended UP 4.08% due to increase in CAD valuation. CAD closed UP 81 tick for me today. 36.45% YTD gain is due to 54% gain through equity & 46% gain through CAD. I would have done much better IF i had left all my equity in market. Also RVBD & AMZN did not help either. Bottom line, quite thankful for performance to date.

About market, today was quite impressive in terms of internal strength as listed above.S&P 500 should take out 1333.47, RSI @ 67.03 is getting close to 70 area where we pulled back from. I am going to maintain my short in LVS & may add another short position to balance my long AMZN & RVBD.

This market has been more strong than i had anticipated, thus paying a price from less exposure. BUT overbought conditions do get corrected & was a fact for previous four days.

AH Futures Mixed

AH Asian Markets UP

AH Gold UP

AH Oil Down

BLOG does NOT give buy or sell.

Saleem

Indices UP .98% to 1.33%....NICE !!!!

Indices are UP nicely showing upto 1.33% gain.

Internals are positive by minimum 3 to 1.

Oil down 42 cents

Gold UP $7.30

Canadian $ UP 46 tick @ 100.18 above US$

VIX Down 5.66% @ 18.34

In my portfolio :

Sold RIMM

Short LVS @ $49.94

Portfolio is Long AMZN, RVBD & short LVS

Exposure 67%

LVS reports AH, this is my third try @ predicting earning reaction, so far i am becoming a contrary indicator of price movement.....let us see how i do on third try.

CMG reports tonight also.

Most stocks are UP

@ 2.25 following are down :

AMZN,WPRT,JCP,OCZ,FIO,APKT,GG,TSL,
AMCC,KOG....

BLOG does NOT give buy or sell.

Saleem