Monday, March 26, 2012

S&P 500 & Nasdaq @ new 2012 closing high.......NICE !!!!

Month end & quarter end produced the expected firework. Indices ended UP higher by 1.23% to 1.78%.

S&P 500 closed @ 1416.51

RSI @ 69.42

Ben Bernanke was given much of the credit for this rally, which is misplaced. BB has said the same things for months "ready for more IF needed"...heard it over & over???

Internals were :

UP volume led by 5.73 to 1 in NYSE & 5.58 to 1 in Nasdaq

Advancing stocks led by 3.12 to 1 in NYSE & 3.29 to 1 in Nasdaq

New 52 wk highs expanded, 171 in NYSE & 213 in Nasdaq

VIX closed Down 3.78% @ 14.26

Oil closed @ $107.03

Gold closed @ $1685.60

Stocks which were UP 2% or more included AMZN,LEN,MS,OTEX,RIMM,RVBD,
CMG,BWLD,COH,PCLN,TCK,GG,
AUY,LVS,FFIV,QCOM,BIDU,
CRM,MA,JDSU,FNSR,SNDK.......

AH Futures UP

AH Asian Markets UP

AH Oil & Gold UP

About market, Indices are following a typical window dressing TAPE. Hopefully this TAPE will gather steam in next two day's. Hopefully by Wednesday, i should be able to book profit in most
of my portfolio. RSI stalled around 75 area last time in S&P 500, I am closely monitoring this important indicator. Sometimes you have to follow your OWN instinct, i intend to do that. By the way, what happened to Adami's 1340 target & Doug Kass perfect bearish call made a month ago ? I am sure they still think, they can move the market, with their make believe non-reasons?

BLOG does NOT give buy or sell.

Saleem

24 comments:

c said...

Saleem

Good day sir

Any news on LEN

G Adami is way off on his analysis-- I Like yours


C

Stocks100 said...

Hi C,

LEN beat estimate & every metrics.

In pre-market its UP 92 cents & is on a breakout already...breakout @ $27.04 with a target of $29.22.

So much for CNBC guru of housing????

Saleem

c said...

Fantastic
you the man

c said...

SALEEMm
APPLE is in break out mode

HouRah

C

Stocks100 said...

Hi C,

I told you, stay with AAPL long term.

Saleem

Up said...

Good morning Saleem

Look like you might be right about market. Market players are closing their eyes and buy with no fear. That is when i am getting worry. I am long only since end of December and now I started to feel a little uncomfortable.

Stocks100 said...

Hi Up,

It is better to worry than not worry.

I am still on track to sell on Wednesday.....

There is too much momentum to die in 1 day or 2 day max 5 days....

Saleem

c said...

SALEEM

the APPLE run is awesome

thanks much for support

Copper is making some of a come
back
LEN is busting up wards---cool

Stocks100 said...

Hi C,

Listening to LEN conference call, started @ 11.00 AM....

Saleem

Up said...

Saleem

I got some LEN in low 27, I always like this pick of yours, had been in and out. Also my AIG and LNKD are love by wall street at this moment

Up said...

Saleem

On deck is our laggard of the year (RIMM), they will report on the 29th, what do you think of them

Stocks100 said...

Hi Up,

I am glad, you are in LEN..heading towards $29...

Saleem

Stocks100 said...

Hi Up,

YES...RIMM reports on Thuesday AH...

I am expecting RIMM to meet their low end of guidance.....

Peter Misek of Jeffries looks like a fool, when he said 3 wks ago that RIMM will warn...

RIMM ER will be ok...guidance will be in 60 cents EPS range.....& that will be the LOW point in RIMM story.......

2012 EPS is around $2.77 & RIMM trades below $14 PE of 5.05..do not know of any stock which trades @ that PE @ the lowest point in their TURNAROUND story...

I am extremely confident, that RIMM will be on an UPTREND with June Q...when BB10 will be released.

Saleem

c said...

HEELO all

Are you watching the run in Amazon??

The shippers are making a very quite uptick
BDI rates are up!

best to all
C

Up said...

C

Amazon had this incredible run, up 14 dollar with 2 days of trading make me feel like selling my remaining holding

c said...

Up and all

Copper is getting hot again

SCCO: consider buying some:

Southern Copper Raised To Overweight From Equalweight By Morgan Stanley >SCCOLast update: 3/27/2012 6:42:46 AM(END) Dow Jones NewswiresMarch 27, 2012 06:42 ET (10:42 GMT).

As for Amazon hold off selling it
I think more upside coming

I also love the big drugs---having a great run BMY, LLY, MRK etc--more to come too1
C

Stocks100 said...

Hi Up,

I sold AMZN,MS & LEN....

Saleem

c said...

S

congratulation's
what a run for you!!!!!!

I never have your conviction
ever
C

Up said...

C

I am starting to question myself if window dressing apply to commodity sector.

Up said...

Saleem

Thanks for telling me, I am going to sell too

Up said...

Saleem

Amazon is heading north after breakout of this triangle, I see a lot of buyers jump back in. With weekly MACD turning back up, I think this stock might outperform the market in the next month or so. Plus with 2 missing Q, I don't think they will missed the street this time around.

c said...

Up
did ya sell amazon?

Maybe time to move on unless you have a lot of conviction!

have you looked at copper FCX and SCCO?

I know that you will make the right decisions

C

Up said...

C

I am going to sell AMZN today. I think stock will trade higher before close and I will take that chance.

I think commodity stock lagged behind so much because if China and Europe slow down, demand will not be great. With this reason, I am not going to buy any of those.

Stocks100 said...

Hi Up,

Alway's follow your OWN conviction.

I sold AMZN @ $ 209.50.....felt the need to lock all gains.....

Saleem