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
18 comments:
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
Hi C,
today could be the day...that we have a "Real V bottom"
Saleem
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
Hi Up,
Let us hope for the best today.
Saleem
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
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
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
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
Up
Hope you feel better--get well quick
I still own my MS -- what a poor sense of timing I got
best regards
C
Hi C,
Dont beat yourself unnecessarily about MS..we all are losing big time in most of our position....
Saleem
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
Hey Saleem,
So...where does the pain on CLF end?
Stocktrader
Hi Stocktrader,
There is "multiple contraction" going on in all sector.....
CLF has support @ $55.10 area...
TOUGH TOUGH market for everyone.
Saleem
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
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
Hi Stocktrader,
As i do not have CNBC..i do not KNOW about issues like CHK....
Saleem
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
Hi Victor,
Thanks for your hope for next week.
We all "deserve a break"
Saleem
Post a Comment