Indices were under pressure from Chinese data, then Spain joined the fray, resulting in close which was extremely disappointing.
S&P 500 closed @ 1370.26, well below 50 DMA of 1375.71
Internals were :
Down volume led by 6.39 to 1 in NYSE & 6.44 to 1 in Nasdaq
Declining stocks led by 3.28 to 1 in NYSE & 3.51 to 1 in Nasdaq
52 wk highs were in the lead, 46 in NYSE & 60 in Nasdaq
VIX jumped 13.66% @ 19.55
Oil closed @ $103.32
Gold closed @ $1659.10
Canadian $ closed @ 100.16
In my Portfolio :
Added 70% COH @ $75.07
Portfolio is CNQ,COH,MS,RIMM,RVBD,ZNGA
Here is my $ wighting @ close :
RIMM 29.03%
CNQ 21.62%
COH 20.90%
RVBD 19.54%
MS 5.84%
ZNGA 3.07%
Exposure 128%
Most stocks were down
Stocks which closed green included VMW,LULU,LNKD,BIDU,
CMG,CRM,MA,V,NTES,VECO.....
Next post by 2 PM Sunday.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hey Saleem,
It was definitely a disappointing close, although the last hour on a Friday is not always the best indicator (wishful thinking?).
The portfolio is as follows:
APKT - 13.3%
DOW - 12.4%
CF - 8.9%
CLF - 8.5%
FCX - 8.5%
MET - 8.3%
WPRT - 7.9%
STLD - 7.9%
ZNGA - 7.7%
MS - 7.6%
PMTC - 6.4%
APWC - 2.3%
(cash) - 0.1%
Given that China may have bottomed in Q1, I like the commodities stocks for good relative value. I have also really tried to add stocks with cheap natural gas in mind. You can see that in DOW, CF, WPRT, and some STLD. My other adds are mostly due to specific catalysts/stories that I currently like.
Spain seems like it will be an ongoing issue, so being extremely selective in stocks is important. Which stocks can show increased earnings power even in choppy times?
I'm not sure China will specifically lower rates or RRRs anytime soon--they seem to be using more individual targetting of banks or industries to provide stimulus. Hopefully the market isn't holding its breath?!
Have a great weekend! :)
Stocktrader
Hi Stocktrader,
We need strong earnings to kickstart this rally...NOT GOOG miss on Rev & lower click revenue.
Hopefully we get that soon.....
Closing below 50 DMA again is bearish......
Saleem
Hey Saleem,
I actually don't think GOOG reflects much on the overall economy. The JPM/WFC earnings were much more important. They looked fine, but the Q1 runup left them vulnerable to profit taking.
Overall, I'm still encouraged by the ability of companies to balance cost-cutting and sales growth/investments to maximize profits.
Stocktrader
Hi Stocktrader,
When investors / traders are jittery, quality of earnings improves confidence.....
GOOG has not done anything for 2012& it is a widely followed company for tech trends......
TAPE for JPM / WFC was poor.
Saleem
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