Indices are well above 50 DMA, Jobs data may bring indices down some, but it will survive above 50 DMA nicely.
50 DMA is @ 1370.05, we closed on Thursday @ 1398.08.
There is no debate that, Job picture is improving, which is what market is banking on.
Because of warmer Dec, Jan & Feb there was a lag in March. Economists follow trend lines not variables. Warm weather has created history in North America over & over many times.
I expect indices to resume its uptrend, once earning report comes streaming. In the meantime relative strength stocks will continue to outperform like AAPL,PCLN, LULU.......
While we wait for earnings, it is important to look for special situation stocks, when they are priced right.
Earnings expectations are very low, thus it will be easy to surpass.
Individual investors are @ its lowest participation, only 38% are bullish, lowest reading of bulls in 2012. This is a great contrary indicator.
As to S&P 500, by the time earnings are over, we should be looking @ 1450 to 1470 area.
Strong support lies in1370 to 1380 area......
It is important to remain overweight for maximum gains.
Here is my weighting as of Thursday close :
RIMM 26.79%
CNQ 20.31%
RVBD 19.54%
JCP 18.48%
COH 11.98%
ZNGA 2.90%
Exposure 135%
As you can see, that i am exposed to many stocks, which has not performed so far. This strategy is deliberate, as i expect them to come to life soon.
Good luck with your OWN view of market, Jobs report & strategies.
BLOG does NOT give buy or sell.
Saleem
Saleem
ReplyDeleteI say lots of buying opportunities today
APPLE may drop a lot form down grade to $630 --if so get some, that story is far form over!! IMHO
AUY is up pre market a miner is up? Hmmmm Gold up $15
Copper down .30 cents
I hope we get some green today
PM we are down --$115
C
Hi C,
ReplyDeleteExcellent BUYING opportunity @ OPEN..Europe is mostly GREEN???
Saleem
Saleem
ReplyDeleteInformation on AMZN
Price Support Pivot Point Resistance
194.39 192.18 194.66 197.14
amzn is at $192.25 support --let see if we rock.
Have a great day
Hi C,
ReplyDeleteAMZN is holding much better than what i would have guessed.
Saleem
C
ReplyDeleteAMZN will be ok, look like today is a buy, stocks just act like they don't want to go down more
Hey Saleem,
ReplyDeleteAll of the major European markets are closed today.
Stocktrader
Stocktrader
ReplyDeleteWOW Europe is closed!!!!!!!
What holiday are they celebrating??
Asia is DOWN:
Name Value Chg % Prev Close Open Day high Day low
Dow Jones I.A. 12,929.20 -130.89 -1.00 13,060.10 13,057.60 13,057.70 12,903.80
Nasdaq Composite 3,046.34 -34.16 -1.11 3,080.50 3,037.28 3,049.02 3,032.22
Nikkei 225 9,546.26 -142.19 0.00 8,953.90 9,565.31 9,618.10 9,535.33
Xetra DAX 6,775.26 -8.80 -0.13 6,775.26 6,817.85 6,831.36 6,685.80
I can see a few stocks that are green
BIDU, AUY, GLD, SINA,
C
Hi Stocktrader,
ReplyDeleteFTSE is showing open for April 8th, which was yeasterday & was UP 19 points......
Yes rest of CAC/DAX are closed.
Saleem
Hey Saleem,
ReplyDeleteFTSE has not been open since Thursday either.
It will be interesting to see them all finally trade tomorrow. I think the reluctance to firmly rally today may be due to the desire to see if Europe's problems continue.
Stocktrader
Hi Stocktrader,
ReplyDeleteThere was a piece on 60 mts last night....highlighting European debt mess.....
Saleem
SALEEM
ReplyDeleteLooks like Europe is not trading today
One would thins that the news would be clear on that
NOT.....
I am v surprised that APPLE is green and AMAZON is holding up..
The very best to all
C
Hi C,
ReplyDeleteAAPL,PCLN are doing well....again$$$
Saleem
Hey Saleem,
ReplyDeleteSold RVBD $26.65. The comments from CSCO last week still haunt me, and I remember the quarter they had last time. The long term story is clearly still alive, but I think there may be risk to this quarter.
Stocktrader
C
ReplyDeleteI am going to buy back AMZN this week, at this level, I think it is a great buy
Hi Stocktrader,
ReplyDeleteAlways react to your own hunch & analysis.
Good luck with your portfolio.
Saleem