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
22 comments:
Saleem
thank you for being here with your blog--no need to apologize as YOU are the man! So thanks...
I bought CNQ too I got week hands and sold amazon!
FCX to $50 in MHO.... SCCO is basing ..
Best to all and to you especially------On a personal note my BD is on the 7th so we are going to celebrate by going out to dinner,,
Hi C,
HAPPY BIRTHDAY in advance, it is a good time to reflect & be thankful for everything we have.....Family,friends, health & happiness....
I know you had challenges in health area but you have fought it with determination & focus.
I am sure you will enjoy your "formal birthday dinner" with chosen few.
Life is good !!!!
Saleem
Hey Saleem,
Got out of APKT at 29.33. Not bad considering where it was last night and given the really poor outlook in my opinion. I'm in watch mode instead on APKT now.
Stocktrader
Hi Stocktrade,
Excellent move in selling APKT.
When guidance & business model is in question, it is the right thing to do.
Saleem
SALEEM
thanks so much for the well wishes
FCSX is rocking and going strong--SCCO continues to confound me up and down with 3 down grades but strong support --hmmmmm--do I sell SCCO?
the banks are strong today..
C
Hey Saleem,
Wow, this market makes you want to make rash decisions and just get more involved or else fear being left out! The economic data is clearly pointing to a strong US recovery, the question is when does the market pause? Look at the $COMPX RSI!! :)
Stocktrader
Hi C,
SCCO should be kept..nothing wrong just basing.
Saleem
Hi Stocktrader,
Nasdaq RSI is ONLY 79.24????
I think we are in a blowoff stage.
APKT is green.....
Who said market is rational?
Saleem
Hey Saleem,
Bought more WWWW at 13.4525 avg and looking to allocate the rest of my free cash by the end of the day. Looking at LEN strongly, and then something else, possibly SWC.
Stocktrader
Hi Stocktrader,
This market will serve you better IF you are exposed to many stocks / sectors.....
LEN is a good diversification....
I bought RIMM @ 16.87 this morning after downgrade....
Saleem
Hey Saleem,
Great buy on RIMM!
I ended up getting the LEN at 23.02 and SWC at 13.90. On Monday, I can sell the TZA and have some more cash, and I always have the AAPL available to sell if something better comes along.
Stocktrader
HELLO Saleem
this market is way stronger than I had thought
Bought more FCX at $45.96
C
Hey Saleem,
I am considering swapping some stock for CLF. AAPL is one of my few slower options available. What would you think of this move?
Stocktrader
Hi Stocktrader,
CLF is my top pick for next buy...so a resounding YES !!!!
Saleem
Hi C,
Good luck with FCX.
Saleem
Saleem -
Nice to see everyone making good $$$$.
Was in-out of the market for a while. Sold all holdings on Tue. on the thought the market can correct anytime.
Wondering if APKT can be shorted at this price. There was no reasons for it to go up so much. Looks to me an option Expiry rally.
What are your thoughts.
Param
Hi Param,
Nice to see your message.
This is a very strong market, shorting is not a good idea, especially @ this stage.
We are in a blowoff stage..can last a while as most traders are under-invested.
Wall Street is NOT a logical place..warch direction of TAPE...that is the only REALITY.
Answer is NO to APKT based on the above.
Saleem
Hey Saleem,
APKT is a humbling experience today. I should have done what I said last night and followed the price action better. I think it is officially in buy-the-dip mode now?
Stocktrader
Hi Stocktrader,
Market is too strong & APKT benefitted from "new buying the dip crowd"...
NO..you are not humbled, it was a calculated "smart move" on your part to sell.....based on known facts.
Saleem
Hey Saleem,
Despite the APKT and TZA loss, my portfolio is still up 1.8% today--I'm quite pleased with that performance. OCZ is helping most of course, but all my intraday buys today are working well too.
Stocktrader
Hi Stocktrader,
You are a very good investor & trader....
You have done very well in this run.....
Saleem
Hey Saleem,
Thanks for your kind words. Finally the story stocks are working well! :)
Stocktrader
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