Indices closed near high of the day, on optimism about Spain Banking resolution.
S&P 500 high was 1325.81, closed @ 1325.66....
RSI 49.49
Internals were :
UP volume led by 2.56 to 1 in NYSE & 3.86 to 1 in Nasdaq
Advancing stocks led by 2.31 to 1 in NYSE & 1.94 to 1 in Nasdaq
New 52 wk highs were leading, 64 in NYSE & 34 in Nasdaq
VIX closed Down 2.26% @ 21.23
Oil @ $84.10
Gold @ $1591.40
Canadian $ @ 97.41
Stocks which were UP 1% or more included COH,LEN,LNKD,JCP,
KORS,M,LULU,PCLN,
AAPL,FB,AUY,NAV,
MU,VECO,JDSU,
CIEN,C.....
Portfolio is COH,LVS,LEN,LNKD,JCP
Here is my weighting as of tonight :
COH 35.96%
LNKD 28.85%
LEN 17.90%
JCP 10.37%
LVS 6.92%
Exposure 100%
Next post by 2 PM on Sunday.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hey Saleem,
Quite a wild two weeks we've had...the worst of the year followed by the best of the year. Wow!
My portfolio is as follows:
WWWW - 10.2%
APKT - 9.0%
LEN - 8.3%
CTXS - 8.1%
MET - 8.0%
NUAN - 7.8%
GGC - 7.6%
QCOM - 7.5%
PMTC - 7.1%
GWAY - 6.9%
PFPT - 6.3%
STLD - 5.9%
CMI - 5.2%
APWC - 2.0%
(cash) - 0.1%
Thanks to some hesistant market action Monday and early Tuesday, I was able to invest all my available cash at great prices picking up MET, NUAN, STLD, and QCOM, all which closed Friday well higher than the purchase prices. I did a late Friday swap of ZNGA for CMI to try and continue to pick up names that could perform well in upcoming weeks/earnings.
I am interested in some more CMI, as well as MOS and FDX, and I'll need to evaluate this weekend whether I can find the room in the portfolio. GGC continues to strangely lag despite what I think is a fantastic story, but as long as it holds the 200 DMA I'll keep holding.
Technology stocks have been off the radar somewhat this week as people have focused their attention on the commodity/energy/financial stocks given the China cuts and Spanish bank rescue rumors. Despite this, tech performed quite well (possibly best?), and I think they still represent the best values in the market. Maybe this becomes more evident with the AAPL developers' conference next week?
I think the macro risks are mostly noise at this point as Spain will get resolved somehow/sometime and it seems emerging countries are in the process of taking action to support their economies. This makes it possible to buy great companies and let them perform.
Looking forward to next week. Enjoy the weekend! :)
Stocktrader
Hi Stocktrader,
After 5 straight wk of losses..i had my first weekly gain.....that alone gives me "huge confidence" for coming weeks.
Picking winners is a huge challenge these days..as Oil,Gold, AG, Base metals are not getting any love......
Anyway, news flow will be huge by the time i write my BLOG on Sunday.
Good luck with your well thought out strategy....
Saleem
Hey Saleem,
One last thing...great action on LEN today. It got downgraded to sell, yet I think it was one of the first stocks to go positive on the day. Wow--what a monster! :)
Stocktrader
Hi Stocktrader,
YES....LEN TAPE was very constructive......
Was not aware of Sell rating???
Saleem
Hey Saleem,
Here's the note short summary:
June 8, 2012 05:55 EDT LEN
Lennar downgraded to Sell from Neutral at Citigroup
Citigroup downgraded Lennar to Sell and lowered its price target for shares to $22 from $26 after assuming coverage of the Homebuilders space. The firm finds the valuation as stretched at current levels
:theflyonthewall.com
I had no intentions to sell anyways, but love the fact that others jumped on the chance to get it cheaply. It traded down almost $1 in pre-market on the weak open and the downgrade note, but as I mentioned, it was one of the first to go positive! :)
Stocktrader
Hi Stocktrader,
Thanks for your note re downgrade.
LEN is growing earnings 64.2% for next year....& it deserves a sell....
Saleem
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