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
21 comments:
Saleem
Good MOrning to you
Good market wrap
J Cramer still loves apple--says it was due a sell off
it will drop no lower than $460?
He loves tankers now -had COO of NAT on --good presentation on future of shipping rates,,,,,
My DRYS is going down so --glad I did not buy a lot.
thanks for your continued support
Hi C,
Thanks for your feedback.
AAPL needs to make another base wherever that support is.
See how we close today !!!!
Saleem
Saleem
Plz keep a sharp eye on Amazon I did not like its drop yesterday.
:)
C
Hi C,
AMZN downgraded & price target reduced by MS.
That is the reason it dropped yesterday & this AM.....
See how it closes.
Saleem
Hey Saleem,
The economic data continues to be great! It is a difficult decision to decide when to rebuy...I will likely do it today, the question is whether early or late in the day?
Stocktrader
Hi Stocktrader,
Early to buy is a better idea, as indices will work its way higher.
Good luck with your new buys.
Saleem
Hey Saleem,
I think I'm going to wait until later to rebuy the hot stocks, but I will step into CLF first thing. I think $66.50 or less is a great price.
Stocktrader
Hi Stocktrader,
YES CLF looks very good around here after its ER.
Saleem
Hey Saleem,
Got $65.97 on CLF. I am quite pleased.
Stocktrader
SALEEM
Looks like amazon and Apple are moving in tandem
not good. hmmmm
SCCO and FCX are still week sisters for me,,,, Your RIMM is gotta make you smile
C
Hi C,
I am down 1.2% overall so far....not bad considering AMZN??
Saleem
Hey Saleem,
So far I have additionally bought MU @ 8.368, LEN @ 23.65, and MS @ 18.65. I am looking to buy a final position in APKT I believe (will have to trim a little in CF/GLNG to make it a full position).
Stocktrader
Hey Saleem,
Bought APKT at $35.79651. I might have to sell a little CF/GLNG later and add a little more to APKT to fill out the position, but I won't post that when I do as I'm mostly full now.
Stocktrader
Hi Stocktrader,
Nice to see your favourite performing stocks are back in fold.
Good luck.
Saleem
Hey Saleem,
Although I'm momentarily staying away from most tech stocks due to their huge run this year, I think the more economically-sensitive stocks like materials, housing, and financial stocks still have tremendous value given the great economic data we continue to see despite lingering European worries.
Stocktrader
Hey Saleem,
The commentary in the CLF CC is very encouraging based on some of the headlines I am seeing :).
Stocktrader
Hi Stocktrader,
A mix of tech, financial, housing,base metal will be good.
CLF is expected to have better 2nd half, based on what i am reading.
Good luck with CLF & other good picks!!!!
Saleem
Saleem
My SCCO is up the chart is better too,
I am looking at ERF do you know it at all..
C
Hi C,
NO..first time i heard.
Maybe stocktrader knows?
Saleem
Hey c,
I have never heard of ERF, but apparently it is a Canadian-based company. Anyways, it looks fine based on the limited info I could find.
Stocktrader
Hello to all
thanks for comments on ERF
the information I got on it was positive
I will watch it
C
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