Indices are following a predictable pattern of, one day down then up & then down again , all in triple digits.
S&P 500 closed @ 1313.72, low was 1309.27
RSI @ 44.78
Internals were :
Down volume led by 8.28 to 1 in NYSE & 7.51 to 1 in Nasdaq
Declining stocks led by 3.39 to 1 in NYSE & 3.07 to 1 in Nasdaq
New 52 wk lows were leading, 91 in NYSE & 74 in Nasdaq
VIX closed UP 12.53% @ 20.38
Oil @ $79.21
Gold @ $1588.40
AH Futures UP
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, IBD is changing their outlook tonight to "market in correction". S&P 500 is hovering around current level since May 21, 2012 & also same level on Jan 19, 2012, also same level in Feb 4, 2011. For all intense & purpose we are going nowhere fast for the last 18 months.We are stuck in a trading range as issues are not being resolved decisively only piecemeal approach. Once we deal with EU debt, then only, we are going to say goodbye to this trading range. In the meantime energy should be diverted to sticking to a game plan.....as this shall pass also. In case you are wondering, we are near bottom of this trading range.
BLOG does NOT give buy or sell.
Hey Saleem,
ReplyDeleteI took another look at FIO and it appears well-positioned both as a company and a stock at these levels. I have put it into buy consideration with my others.
It should be another wide ride tomorrow...
Stocktrader
Hi Stocktrader,
ReplyDeleteFIO is @ the lower end of its trading range...target of $30.58 has lot of room to run....
Good luck with your "new & improved buy list"
Saleem
Hey Saleem,
ReplyDeleteHeads up for tomorrow--may affect LVS? I didn't know how widely reported this might be, so thought it was worth mentioning, although it might be completely ignored also. I know how that goes...sometimes "information" is your enemy in trading stocks:
http://www.marketwatch.com/story/macau-casinos-fall-on-china-rule-change-report-2012-06-25
Stocktrader
Hi Stocktrader,
ReplyDeleteThanks for your heads up about Visa issue.
LVS is down 21 cents so far....may have to exit LVS..as it has been acting poorly along with COH.
Saleem
Hey Saleem,
ReplyDeleteSold the ERY hedge and bought CLF and rounded out the LEN (despite the gains already today).
Stocktrader
Saleem
ReplyDeleteHello
Is the IBD prediction going from a buy mode to a correction status??
I am muzzy here
C
Hi Stocktrader,
ReplyDeleteGood luck with full position in LEN...CLF is green.
LVS is green.....nice to have some buying support.
Saleem
Hi C,
ReplyDeleteIBD chickens out too quickly.....they should study Macro environment to make a decision.
Saleem
Hey Saleem,
ReplyDeleteWow on LVS--great!! Like I said, sometimes "information" is your enemy because you never know what was or wasn't priced in already.
Stocktrader
Hey Saleem,
ReplyDeleteI'm really interested in FIO here, especially with the huge short interest in the stock and it creeping higher. I'm thinking about swapping MOS for FIO. Do you think this is wise? or should I let the MOS run more?
Stocktrader
Hi Stocktrader,
ReplyDeleteMOS Profit can be booked...
Always follow your instinct.
Saleem
Hey Saleem,
ReplyDeleteThanks for the advice. I did the MOS for FIO swap.
Stocktrader
Hey Saleem,
ReplyDeleteMore info on the LVS situation:
10:45 EDT LVS, WYNN theflyonthewall.com:
Las Vegas Sands, Wynn weakness creates buying opportunity, says JPMorgan
After stocks with exposure to Macau fell following changes to Chinese visa and overseas credit card purchase rules, JPMorgan contends that the stocks' weakness creates a buying opportunity. The firm thinks that the increase in visa application time is likely to be temporary, while the card limit adjustment is not new news. JPMorgan believes that Las Vegas Sands and Wynn Resorts are attractive at current levels. :theflyonthewall.com
Stocktrader
Hi Stocktrader,
ReplyDeleteThanks for LVS analyst take
Saleem
Hey Saleem,
ReplyDeleteThe way the market is reacting, I wonder if those Merkel comments set the bottom? Certainly expectations for solutions have shifted after that, setting us up for more realistic and positive surprises.
Stocktrader
Hi Stocktrader,
ReplyDeleteMerkel has been tough & believes in disciplined approach "not a quick fix".....
Her opposition to total shared debt liability is a reflection of German approach.....
Hopefully, EU can think of other ways to deal with debt....SOON...
Saleem
Hey Saleem,
ReplyDeleteEven buying LEN up $0.60 has been nice today as it continues to ramp! GGC has got to follow--I've been waiting...:)
Stocktrader
SAleem
ReplyDeleteDislove the Euro --thats the ticket to this mess
Congratulations on LEN--Cool beans
NTES is up strong today--nice!!!!!!!!
My APPLE has soreness Like your COH-duldrums
POT sure is attractive -Yes?? SCCO is green now!
C
Hi Stocktrader,
ReplyDeleteYes LEN is rocking......for both of us....
Saleem
Hi C,
ReplyDeleteEU has to deal with its debt mess very soon......
COH..i will keep as long it takes for it to turn around......
Nice to see NTES back on track......
Saleem
SALEEM
ReplyDeletegotta look at this --while trolling the MB for SDRL
I found this news
Do they really make $168,000 yearly? WOW! see web site please:
http://www.rigzone.com/news/article.asp?...
Gotta get me a job like that. well I am to old now, anyway
C
Hi C,
ReplyDeleteWhat "age go to do" with making $160K.
Saleem
S
ReplyDeleteI am over 65
that kind of work is for the younger people
C