Indices took it on the chin today & by close, it was down up to 1.46%.
Selling was attributed to Fed minutes, but in my opinion, it was simply a case of booking profit while some catalyst like ER are awaiting.
S&P 500 closed @ 1398.96
RSI @ 54.25
Internals were :
Down volume led by 5.87 to 1 in NYSE & 8.89 to 1 in Nasdaq
Declining stocks led by 4.13 to 1 in NYSE & 4.54 to 1 in Nasdaq
New 52 wk lows were in the lead, 49 in NYSE & 55 in Nasdaq
Oil closed @ $101.47
Gold closed @ $1614.10
VIX UP 4.98% @ 16.44
AH Futures Down
AH Asian Markets Down
AH Oil & Gold UP
About market, my favourite contrarian Doug Kass, showed up on CNBC claiming that we are overvalued by 5% to 8%, which means he is predicting S&P 500 to go to 1287. I am personally of the opinion, that we have a very good chance of closing green for Thursday. Like many other pullbacks, we had exactly
1.99% pullback from S&P high of 1422.38 to today's low of 1394.09. IF you can believe it, we actually had higher low compared to previous pullback.
Sector focus will remain the same in this market, Tech, Housing, Retail are the bright spot.
BLOG does NOT give buy or sell.
Saleem
11 comments:
GOOD MORNING TO ALL
Have a great holiday weekend
Saleem:
I sure hope that you are correct on the market direction-goin f up that is.......
as I will have to sell AMAZON by the close today , as I do not want to hold over the holiday weekend
PM futures are negative 45., copper up .02 cents
My nat gas holding are all sucking eggs!
ZNGA up PM as is COH at 7:30 AM
V Best to all
Hi C,
I am expecting a green close, BUT it may not mean that everything we own will be green......
I am hoping for an improvement in my portfolio.
Pre-market action generally is a tell-tale of how it will do by close.
Good recap & analysis.
Saleem
SALEEM
we may get a holiday run yet
I got lots of green showing
even scco and fcx and my love, COH are green
AMZN was up to $195.49, darn it should have sold it
Wow
It is 70% in MD/DC
so sunny and beautiful
v best to all
Hi C,
DC weather is warmer than Toronto it is 32 degrees..high is expected to be 44 degrees....
COH is doing much better than AMZN....fcx,clf,are all UP....
Saleem
C
For an up day, chance of all green is much better than red. I expected AMZN will turn up when naz turn green.
Hi C,
AMZN is green...i will settle for 4 out of 6 green by close....that is my final offer....
Saleem
Saleem
Look like market is getting very tired. If we see a bounce on index today, I will used it to light up my positions.
UP
do not think that the MARKET is tired
I thinks Europe is hurting USA again.
We gotta get past that negative then we sail up.
May be big upside today??
C
Hi Up,
Market is fine, as per my last night recap......
BUT..it is all about your OWN comfort level.
Saleem
Saleem
Just sold my COH
way to soon?
AMAZON is up and down was trying for a sale at 197
no takers yet
PS
My iPad does NOT disappoint at all --very cool
Map quest is very good as is gaming and SKYPE
Hi C,
Have you tried interactive navigation instead of GPS.....
I am glad you are enjoying your ipad...not to take away anything from ipad...but i have never enjoyed any gadget as much as my Blackberry Playbook.....still cant figure it out why its Sale is lagging?
I have about 800 songs & 800 photos plus my excel worksheet..still have 48 GB free....
COH is history for you....never look back.....Profit is earned..end of story.
Saleem
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