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
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21 comments:

  1. cFebruary 16, 2012 at 5:13 AM

    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

    ReplyDelete
  2. Stocks100February 16, 2012 at 5:38 AM

    Hi C,

    Thanks for your feedback.

    AAPL needs to make another base wherever that support is.

    See how we close today !!!!

    Saleem

    ReplyDelete
  3. cFebruary 16, 2012 at 5:44 AM

    Saleem

    Plz keep a sharp eye on Amazon I did not like its drop yesterday.

    :)
    C

    ReplyDelete
  4. Stocks100February 16, 2012 at 5:49 AM

    Hi C,

    AMZN downgraded & price target reduced by MS.

    That is the reason it dropped yesterday & this AM.....

    See how it closes.

    Saleem

    ReplyDelete
  5. stocktrader_1996February 16, 2012 at 6:06 AM

    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

    ReplyDelete
  6. Stocks100February 16, 2012 at 6:18 AM

    Hi Stocktrader,

    Early to buy is a better idea, as indices will work its way higher.

    Good luck with your new buys.

    Saleem

    ReplyDelete
  7. stocktrader_1996February 16, 2012 at 6:24 AM

    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

    ReplyDelete
  8. Stocks100February 16, 2012 at 6:27 AM

    Hi Stocktrader,

    YES CLF looks very good around here after its ER.

    Saleem

    ReplyDelete
  9. stocktrader_1996February 16, 2012 at 6:30 AM

    Hey Saleem,

    Got $65.97 on CLF. I am quite pleased.

    Stocktrader

    ReplyDelete
  10. cFebruary 16, 2012 at 6:49 AM

    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

    ReplyDelete
  11. Stocks100February 16, 2012 at 6:56 AM

    Hi C,

    I am down 1.2% overall so far....not bad considering AMZN??

    Saleem

    ReplyDelete
  12. stocktrader_1996February 16, 2012 at 7:41 AM

    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

    ReplyDelete
  13. stocktrader_1996February 16, 2012 at 7:53 AM

    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

    ReplyDelete
  14. Stocks100February 16, 2012 at 8:06 AM

    Hi Stocktrader,

    Nice to see your favourite performing stocks are back in fold.

    Good luck.

    Saleem

    ReplyDelete
  15. stocktrader_1996February 16, 2012 at 8:13 AM

    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

    ReplyDelete
  16. stocktrader_1996February 16, 2012 at 8:48 AM

    Hey Saleem,

    The commentary in the CLF CC is very encouraging based on some of the headlines I am seeing :).

    Stocktrader

    ReplyDelete
  17. Stocks100February 16, 2012 at 8:52 AM

    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

    ReplyDelete
  18. cFebruary 16, 2012 at 9:48 AM

    Saleem

    My SCCO is up the chart is better too,

    I am looking at ERF do you know it at all..

    C

    ReplyDelete
  19. Stocks100February 16, 2012 at 9:50 AM

    Hi C,

    NO..first time i heard.

    Maybe stocktrader knows?

    Saleem

    ReplyDelete
  20. stocktrader_1996February 16, 2012 at 10:05 AM

    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

    ReplyDelete
  21. cFebruary 16, 2012 at 10:20 AM

    Hello to all

    thanks for comments on ERF

    the information I got on it was positive

    I will watch it
    C

    ReplyDelete