Ben Bernanke & member of his Fed policy makers minute were NOT in tune with market expectations.
Fed minute noted improvement in US economy, thus underwhelming consensus on QE3.
S&P 500 went down to 1404.62, but closed @ 1413.38.
Indices closed down .20% to .49%, a mild reaction for sure.
Internals were :
Down volume led by 2.46 to 1 in NYSE & 2.15 to 1 in Nasdaq
Declining stocks led by 1.84 to 1 in NYSE & 2.24 to 1 in Nasdaq
New 52 wk highs were leading nicely again, 128 in NYSE & 101 in Nasdaq
VIX UP .13% @ 15.66
Oil Closed @ $104.01
Gold closed @ $1672.00
AH :
SNDK Down 6.19%
HOV Down 7.66%
AH Futures Down
AH Asian Markets Down
AH Oil & Gold Down
About market, Indices erased majority of their losses. There was an exit from commodity space. Many leaders held or expanded their gains by close, which is confidence building in this environment. I am still a believer in the short term & will keep an eye on how we close. Profit needs to be booked, go for Singles instead of Home runs.
About RIMM, TAPE was a "major breakdown". Next support is below 52wk low of $12.46, IF we do NOT hold $12.30, stockconsultant.com is predicting a breakdown with a target of $8.69. Their accuracy rate is 50-50.
RIMM fundamental, based on 51 analysts from Yahoo Finance tonight, is predicting current earning of $1.97 on Sales of $15.28 Billion. This gives a PE of 6.60 based on $13.01 close. As a comparison with another has been NOK their current EPS is 15 cents only. NOK closed @ $5.31, its PE is 35.40 ? Try to figure this one out.
BLOG does NOT give buy or sell.
Saleem
17 comments:
SALEEM
Good Morning
I guess that I am fighting the tape on copper, down some again...... Ags look poor too! BDI rates are down $3 bucks....
So I bought some safety with MO.... Sold BMY for a 3% gain,
The very best of luck with RIMM --I think that it is out of favor so it get beaten up big time
Apple is down Pre Market
ZNGA LOOKS AWESOME up 2.36% pre market!!!!A
way top go!!!!!!!!!!!!!!!!!!!!!!!!!!
ny thought as to why amazon is down today?
C
Hi C,
AMZN is down with the market, i expect AMZN to turn GREEN FIRST...
RIMM needs to find support....
ZNGA is a small position, a speculative bet.
MO is good stable stock.
Saleem
Saleem
Is this the first wave of correction we are going to get? If the answer is yes, I think it is better to sell than hold. RIMM is breaking down big time and I got stop out yesterday at 13.40. Still a lost trade for me.
HELLO again
SALEEM
Did you still consider buying COH????? UP 1%
I sure missed that one and I looked close at it....
MO is green what a surprise
the market may start turning positive by afternoon
C
Hi Up,
It is better to get stopped out than stay IF you are not comfortable.
I liked RIMM conference call, thus my conviction is higher than before.
RIMM can be exploited by analysts & media for their own gains....Hedge Funds are pretty savvy in getting cheap shares.....TAPE can be PAINTED easily in good old USA....SEC sleeps every night?
I do not believe that we are looking @ correction @ all ...just a healthy pullback......imho
Good luck with your strategy.
Saleem
Hi C,
COH is ready to move UP.....
I am all IN for now & have to WAIT till i sell something.
Saleem
Saleem
I pick up some LEN here as it is building a nice base. AMZN is still a trading stock. One day up and the next down. So I think it is a buy today and a sell tomorrow
Hi Up,
LEN is in support zone, good pick.
AMZN is weak compared to other high fliers??
Saleem
Good morning.
According to S&P's Arbeter, we pull back to 1,389 - 1,375 and then we have final up leg to 1,450 - 1,500 in the second half of second quarter. GLTA
Hey Saleem,
COH still looking interesting, but I too would have to sell something first.
On AMZN, Morgan Stanley came out with a note talking about challenged margins throughout 2012 still.
On the market, this has got to be one of the tamest 170 point declines I can remember. I don't know if that's good or bad? Complacency or confidence?
Stocktrader
Stocktrader
It is not easy to kill the market in 1 day, there is too much support out there. It is good thing for the market to stay calm since people still looking for some upside
Hi Victor,
We pulled back to 1394.33...that is close enough for pullback for now.
Saleem
Hi Stocktrader,
Close is what matters.
Hopefully we may feel lot better @ close.
Saleem
Hey Saleem,
It is a shame about RVBD. It was on the verge of a great breakout yesterday until Chambers made those government spending comments intraday. Now it's fallen right back into the doldrums.
Stocktrader
Hi Stocktrader,
I think RVBD will beat expectations ...as it has been reset low.
YES....it was behaving well..BUT its becoming a ver long wait to make money.....reports on April 19th......
Saleem
Hey Saleem,
Apparently I should have stuck with this comment from Friday pre-market: "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."
The question is what to do now?
I think the Chinese market opens tonight for the first time this week. I am interested to see their reaction to the data and news since the weekend.
Stocktrader
Hi Stocktrader,
As traders, we are looking @ different angles...some aspect is always positive & some are negative..it is the balancing act which we need to perform......
Most of the time it works BUT sometimes TIMING is awful.......
BUT..we regroup & survive.
Saleem
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