Indices were under selling pressure again.
S&P 500 closed @ 1295.22, low was 1291.98
RSI @ 23.22
Internals were negative by minimum 2.5 to 1
New 52 lows expanded their lead, 157 in NYSE & 221 in Nasdaq
Oil @ $91.31
Gold @ $1295.22
Canadian $ @ 97.92
VIX @ 25.10
In my portfolio :
Sold LSI
Sold 50% RIMM
Portfolio is COH, LVS,RIMM
Here is my weighting :
COH 57.22%
RIMM 31.98%
LVS 10.80%
Exposure 54%
About market, S&P 500 next support is @ 200 DMA which is 1278.22, IF we do not hold that, then we are in NEVERLAND. Market TAPE has been awful & defies normal trading pattern. It has been downhill since start of April, we are now down 130.40 points or 9.17%.
Canadian market is closed for holiday on Monday.
Next post on Monday around 2 PM, no post this Sunday.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hey Saleem,
Relatives were in town this weekend and we had a great time--hope yours was great as well! :)
The portfolio currently sits as follows:
WWWW - 9.5%
APKT - 9.1%
PFPT - 8.9%
CF - 8.9%
GGC - 8.6%
LEN - 8.6%
FCX - 8.2%
OCZ - 7.7%
PMTC - 7.2%
CLF - 7.0%
ZNGA - 6.2%
GWAY - 3.9%
SWC - 3.6%
APWC - 2.4%
(cash) - 0.2%
This week I made some moves to sell stocks with poor quarters/guidance for those with better. To that end, I sold DOW & FXCM and picked up WWWW & 1/2 GWAY. I also picked up 1/2 SWC as a play for major oversold conditions, a QE3 possibility, and/or further China easing.
No stocks were safe this week as many of my stocks incurred heavy losses. In hindsight, it would have been clearly better to sell when I was getting nervous about toppy action in the indices, but it is always difficult to gauge the depth and length of the pullback such that strong stocks may still rise throughout. This was not the case in this instance as the depth and length of the pullback has increased again taking everything with it.
I don't see a clear catalyst to drive us higher, but I want to continue to move around the portfolio to be positioned in great growth stocks for the future coupled with some stocks with high cash flows available for stock buybacks or high dividends.
Have a great Monday on holiday! :)
Stocktrader
SALEEM
HappyI , Victoria Day falls on Monday, May 21.
Hello to all
Market in up PRE MARKET- ++$64 gold up silver down -copper up goodie!! BDI is up!
Now if the permarket holds this would be V good
Best to all
C
Hi Stocktrader,
Sorry for late reply, was out of town.
Market looking good $$$$$
Saleem
Hi C,
Its Queen Victoria day in Canada...
Victoria Falls is in Africa....we have Niagara Falls....
Bought LNKD.....
Saleem
Hey Saleem,
Trimmed 1/3rd of my PFPT to allocate towards GWAY to even out their percentage.
Great day so far--I feel like the "growth" trade can continue for a while as people start to think more about what the new French president is thinking/doing and also China's intentions for this year.
Stocktrader
Hi Stocktrader,
Good move to allocate in your area of research.....
Bought JCP......
Saleem
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