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

8 comments:

stocktrader_1996 said...

Hey Saleem,

I am always highly uncomfortable when I have high amounts of cash. Especially now, when I can't think of a good reason to actually be out, I am ever more anxious.

Today should be a telling day either way.

Stocktrader

Stocks100 said...

Hi Stocktrader,

Every market is different as to how TAPE performs....this one has & will surprised many.

It is not about one day, it is about a trend which is well defined.

Time to be in the market & not out..imho

Saleem

c said...

SALEEM

wow what a blast this AM
GLD is up as is AUY and FCX

J Cramer sais buy FCX and APPLE even if only a couple of shares yea ow --he has one heck of an agenda

Banks are good here!

C

Stocks100 said...

Hi C,

Again, we had less than 15 points correction....third time in a row..interesting market for sure !!!

Good luck with AUY & FCX.

Saleem

stocktrader_1996 said...

Hey Saleem,

Great leadership by the financials today. Those JPM comments this week really sparked a rally!

I am completely dying by being in cash here, but things still don't seem quite right, although maybe I'll have to change my mind after today! :)

Stocktrader

Stocks100 said...

Hi Stocktrader,

Biggest speculator of all time, Jesse Livermore changed his mind repeatedly...based on his own analysis.....

No matter what you decide, you must be comfortable with your exposure......

Money is not everything?

Saleem

c said...

SALEEM

Looks lie you be in the $$$$$$$$$ on MS

My play in COP yeks up 2% today

RIG and DRYS are sitting this rally out!!

c said...

SALEEM

Looks lie you be in the $$$$$$$$$ on MS

My play in COP yeks up 2% today

RIG and DRYS are sitting this rally out!!