Thursday, May 10, 2012

Disappointing close today......

TAPE today was disappointing. There was no conviction in buying after six day's of losses.

Indices closed Mixed.

S&P 500 closed @ 1357.99

Internals were :

UP volume led by 1.59 to 1 in NYSE & .76 to 1 in Nasdaq

Advancing stocks led by 1.71 to 1 in NYSE & 1.40 to 1 in Nasdaq

New 52 wk highs were leading, 74 in NYSE & 61 in Nasdaq

Oil closed @ $97.08

Gold closed @ $1595.50

VIX closed @ 18.83

Stocks which closed UP 1% or more included OTEX,CMG,CNQ,
AMZN....

Chinese inflation came hotter than expected, actual 3.4%, consensus 3.3%.Producer prices dropped .7%, expectations were .5%.

AH Futures Down

AH Asian Markets Down

AH Oil & Gold Down

About market, with JPM announcement of $1 billion shortfall from their guidance in this Q, financials will take it on the chin. Market do not look healthy, may go below previous support. This may create a final buying opportunity.

BLOG does NOT give buy or sell.

Saleem
at

18 comments:

  1. cMay 11, 2012 at 4:39 AM

    Saleem

    here we go again
    Banks are pooping on America
    Another bail out coming--to big to fail? the whale that failed---Hmmmmmm

    GOLD copper silver are all down in the PM Dow -$70 at 7:30AM, Gosh when will we see some strength in hte market
    GLTA

    ReplyDelete
  2. Stocks100May 11, 2012 at 5:37 AM

    Hi C,

    today could be the day...that we have a "Real V bottom"

    Saleem

    ReplyDelete
  3. UpMay 11, 2012 at 5:56 AM

    Saleem

    This is just the reverse of last few months, wake up in the morning and see red all the time. If this hold, than I don't think we have see the low yet

    ReplyDelete
  4. Stocks100May 11, 2012 at 6:04 AM

    Hi Up,

    Let us hope for the best today.

    Saleem

    ReplyDelete
  5. stocktrader_1996May 11, 2012 at 6:13 AM

    Hey Saleem,

    The contagion I was worried about into Europe didn't really happen. I see this as a positive. Also with the poor Chinese economic data (industrial output, retail sales) having futures only down 8 pts seems like a victory already!

    I'm not as concerned even if we trade lower from here today...:)

    Stocktrader

    ReplyDelete
  6. Stocks100May 11, 2012 at 6:28 AM

    Hi Stocktrader,

    Europe will be there for years to give reality check every so often.

    BUT..today its all about Handsome know it all JPM CEO....

    So far so good.

    Saleem

    ReplyDelete
  7. UpMay 11, 2012 at 7:27 AM

    Saleem


    I missed the chance to buy the open, all because I am sick and have to go back to bed.

    What is wrong with LVS, seems like they can't go no where. I am still holding since they are still very oversold. But if this goes up for few more days, I am afraid it will go much lower

    ReplyDelete
  8. Stocks100May 11, 2012 at 7:51 AM

    Hi Up,

    Hope you recover from your health issue quickly.

    LVS has been brought down in a hurry by HF.....hopefully they are done with LVS & gone to other ideas.

    Low today was 1348.89...above recent support in S&P 500....higher low is a good thing$$$$$

    Saleem

    ReplyDelete
  9. cMay 11, 2012 at 8:04 AM

    Up

    Hope you feel better--get well quick

    I still own my MS -- what a poor sense of timing I got

    best regards
    C

    ReplyDelete
  10. Stocks100May 11, 2012 at 8:10 AM

    Hi C,

    Dont beat yourself unnecessarily about MS..we all are losing big time in most of our position....

    Saleem

    ReplyDelete
  11. cMay 11, 2012 at 9:06 AM

    SALEEM

    thank you for the kind words
    the market has humbled us all!
    It is hard to believer that we got a whammy with the banks again!

    I like LEN and home builders here
    But I am way sacred to commit new funds
    but for those who have spare cash, builders are hot

    VBTA
    C

    ReplyDelete
  12. stocktrader_1996May 11, 2012 at 12:32 PM

    Hey Saleem,

    So...where does the pain on CLF end?

    Stocktrader

    ReplyDelete
  13. Stocks100May 11, 2012 at 12:48 PM

    Hi Stocktrader,

    There is "multiple contraction" going on in all sector.....

    CLF has support @ $55.10 area...

    TOUGH TOUGH market for everyone.

    Saleem

    ReplyDelete
  14. stocktrader_1996May 11, 2012 at 12:56 PM

    Hey Saleem,

    Yes, was more of a rhetorical question, but I've been dead wrong on that trade. It definitely seems like a good price here though despite the technicals telling me it could drop another $2-$5 as distribution continues.

    Stocktrader

    ReplyDelete
  15. stocktrader_1996May 11, 2012 at 12:58 PM

    Hey Saleem,

    This is also the kind of thing I was looking for on CHK, although I'm still nervous to enter...liquidity might be becoming an issue versus just scandal/earnings power. Hopefully they do some huge secondary near $10 or something. That'd be the best for a fresh start for the company and initiation of a position for me.

    Stocktrader

    ReplyDelete
  16. Stocks100May 11, 2012 at 1:51 PM

    Hi Stocktrader,

    As i do not have CNBC..i do not KNOW about issues like CHK....

    Saleem

    ReplyDelete
  17. AnonymousMay 11, 2012 at 2:57 PM

    Saleem,

    I'm holding onto my call options through next week. I'm hoping the FB ipo creates some excitment on thursday.Have a good weekend and don't forget mother's day.

    Victor

    ReplyDelete
  18. Stocks100May 11, 2012 at 4:14 PM

    Hi Victor,

    Thanks for your hope for next week.

    We all "deserve a break"

    Saleem

    ReplyDelete