Indices were under pressure, thanks to weaker than expected jobless claims & European issues.
S&P 500 closed @ 1403.28.
Internals were :
Down volume led by 1.42 to 1 in NYSE & 1.53 to 1 in Nasdaq
Declining stocks led by 1.56 to 1 in NYSE & 1.38 to 1 in Nasdaq
New 52 wk highs were in the lead, 36 in NYSE & 58 in Nasdaq
VIX UP .06% @ 15.48
Oil closed @ $102.78
Gold closed @ $1652.20
Stocks which were UP 2% or more included RVBD,
SLW,VMW,APKT,CLF,ZNGA....
AH ER :
RIMM AH was down 30 cents or 2.18% in AH volume of 7,384,340. Many analysts were surprised @ RIMM Q report when it also increased its cash by $610 Million in the Q, Cash on hand now equals $2.1 Billion. Based on everything i heard in conference call, RIMM by not giving exact guidance, but guiding down revenue & margin. My EPS estimate is $2.25 for year ending Feb 2013. PE stands @ 6.10.
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP.
About market, Jimmy the Cramer predicting that market will be down on Friday, because of continued "lock up" of profit by Hedge Funds. I am saying exactly the opposite, we should be UP nicely. Correction was less than 2%, which is all we are going to get. Those who are reluctant, should take advantage of any selling to buy strong stocks. I am staying positioned in beaten down stocks, as i was expecting a pullback, which has happened. I may position with few strong stocks, once they have corrected a bit more.
BLOG does NOT give buy or sell.
Saleem
25 comments:
HELLO my friend Saleem
I am so surprised at the out come for RIMM. with all the negative talk the past 2 weeks one would have thought that RIMM was busted--not so!
You held through it all---amazing. Conviction-you bet, you got it.
PM is v strong +55..
Copper is back Fast Money say buy FCX and SCCO for a good 4 handel run up
See this article:
By Silvia Antonioli
LONDON, March 30 (Reuters) - Copper firmed slightly on Friday and was on track for an 11 percent gain in the first quarter of the year, supported by a weaker dollar and falling metal inventories in Asia, although fears persisted of weak demand in top consumer China.
Gold up $13.90 helps my case for FCX.
MS and is still down from my $20.20 buy
V Best to ya
Hi C,
I do not take cue from others, i do my own due diligence.
Good luck with FCX.
Saleem
Hey Saleem,
Bought CF, DOW, FCX, STLD, WPRT, ZNGA and PMTC on the Chicago PMI dip.
I won't be looking at much else unless things drop a lot today.
Some others on the radar are the usual suspects: MS, RVBD, APKT, MET and CLF.
Stocktrader
Hey Saleem,
Here's also a post I tried earlier but kept getting an error:
"Hey c & Saleem,
I've been watching the FCX $38 level closely. It broke down 2 days ago after bouncing many times there in the last month. If it regains that level again after just a brief breakdown, I'd view that as a positive as a lot of "traders" will then be positioned incorrectly (either sold longs or initiated shorts).
Overall, I see a lot of window-dressing effects which makes me nervous to step in prior to next Wednesday. I may set up some weekend trades today, but won't look to go more fully and permanently in until later in April and beyond.
Stocktrader"
Hi Stocktrader,
I am happy that you are in the market.
We all roll the dice & hope it works overall.
Good luck in your group of seven.
Saleem
Saleem
I think market is due for a correction. Last day of quarter and mark up had ended.
For RIMM, ceo give what investors what they really wanted. Open up the possibilities will only help stock. The big picture I am starting to wondering is Apple is eating into RIMM's strong turf. Human nature telling me that when enterprise changed to another device, it is very hard for them to turn back to what they have.
Hey Saleem,
Bought some APKT, RVBD, CLF. Just looking back at the stocks I've purchased today, they aren't extended at all like some of the others in the market. Maybe they have room to run now?
Stocktrader
Saleem
and Stocktrader
do not understand why FCX and SCCO are not behaving with some enthusiasm---hmmm
Shipping rates are up --expect some pop there!
For the record I think China and India need commodities which is good for shippers and copper and AG's. Just a thought
I think the market will close a strong green by end of day
v best to all
C
Hey Saleem,
Bought the blog favorite MS :).
I have one more stock to allocate if I choose.
Stocktrader
C
All this years of trading, i learned when market goes up for awhile and my stock doesn't move at all. It only mean weakness and will drop when general market drop.
Cooper is China. When Chinese say they have too much, then it is wise not to invest on the thing they have too much
Hi Up,
I have strong conviction in RIMM. CEO is bright & hungry.
RIMM could engineer the biggest turnaround story in recent memory.
Joe Terranova predicting $10 for RIMM & 90% of analysts are @ $12 target for RIMM.....my target is $20 by end of Dec 2012.....
Saleem
Hi Stocktrader,
Yes most stocks are NOT over-extended @ all.
Idea is to hide in beaten down & hopefully make money...while big guns stalls or correct.
Saleem
Hi C,
I think FCX is ready to move NORTH...
I have put FCX back in my top 20 watch list as of today.
Saleem
Hi Up,
Sometimes being oversold is a very big factor in positive action....
Also,when everyone knows the reason, a turnaround may be @ hand....FCX may fall into that category.
Saleem
Hey Saleem,
Made my last add MET.
Stocktrader
Hi Stocktrader,
Welcome to "all in" format of trading.
Good selection !!!!
Saleem
Stocktrader
The market is turing v positive!! I just knew it would....
I like SLF better then MET:
see chart:http://finance.yahoo.com/q/bc?t=1y&s=MET&l=on&z=l&q=l&c=slf
But is you do not want a DIVI then MET should do OK
V best to You
C
Hey guys,
Now that RIMM is up nicely I feel better saying this...I don't know why you guys insist on chasing a company that is losing market share quarter after quarter. I don't see a situation where can they meaningfully gain some, especially as top talent leaves and likely new talent won't be willing to join.
They obviously have lots of cash and current customers, but the future is still bleaker than the present. I don't know how that makes it an investable idea--more like a short/short-squeeze stock, i.e. a trade where you get out when it pops.
These are only my opinions of course, but there's so many other good companies in the market in which to invest--I just don't see why the need to allocate capital here...
Stocktrader
Hey Saleem,
You know me--I love being "all in" when I know there's great stocks out there.
Hey c,
I like MET due to the specific catalyst of divesting the rest of its banking business this quarter which will allow it to return capital to shareholders despite the Fed's objections.
Stocktrader
Hi Stocktrader,
There is one purpose of buying any stock....to make money.....
RIMM is an easy way to make money & IS 50% cheaper than AAPL on a PE basis.....
I have NO emotion for nay stock including RIMM...but RIMM is an EASY 30% appreciation by end of the year......that is a very logical trading thesis.
It is all about making money NOT analyzing how business is going.....
Saleem
HEY all
Looks at this chart for news on COPPER:
ALos Moly is in play for FCX as they are going to reopen the Colorado mine -since China has cut export of Moly...
ALSO price target for FCX is now at $73.00.
Plus FCX increased there Dividend (Freeport McMoran (FCX) declared its quarterly dividend of 31.25 cents per share, an increase of 25% over its prior dividend. Based on the current stock price, investors can expect a yield of about 3.4% going forward)
http://www.kitconet.com/charts/metals/ba...
http://www.moneycontrol.com/news/brokera...
SALEEM
Good after noon kind sir
TO all look at this on SCCO:
Someone just bought 50 million shares of SCCO a couple minutes ago. WOW. What does this mean? Go look at the volume if you dont believe me!!!
Southern Copper (SCCO) - why 50 million shares?
I this copper to the Moon Alice???
C
Hi C,
SCCO volume so far is only 25% of daily average......
I dont know where Alice is going?
Saleem
SALEEM
thanks my friend I got a good laugh
I am in High cotton as a
Southern friend always says!!:):):)
C
TO all
the market is far from over bought
we are loads higher
RIMM is rocking--maybe short squeeze?
Commodities are coming back up !!! yes
C
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