Wednesday, June 13, 2012

Indices closed down .62% to .86%......

Indices closed down in low volume, as Italy is taking centre stage for Thursday.

S&P 500 closed @ 1314.88, low was 1310.51.

RSI 46.48

Internals were :

Down volume led by 2.81 to 1 in NYSE & 2.69 to 1 in Nasdaq

Declining stocks led by 2.15 to 1 in NYSE & 2.29 to 1 in Nasdaq

New 52 wk low led by 5 in NYSE & 29 in Nasdaq

VIX UP 9.87% @ 24.27

Oil @ $82.62

Gold @ $1619.40

Stocks which ended green included LNKD,
TCK,GG,AUY,ZNGA,CIEN,C,SNDK...

AH Futures UP

AH Asian Markets Down

AH Oil & Gold Down

About market, i am expecting Italian auction to go well, thus a strong close. I believe that Monday & Wednesday's slump was Option expiry related. Volume is drying up, which means black boxes are deciding direction of  this market. Yes..it is extremely tough, but pursue a game plan which suits your comfort level.

BLOG does NOT give buy or sell.

Saleem
at

12 comments:

  1. stocktrader_1996June 14, 2012 at 6:17 AM

    Hey Saleem,

    I'll probably sell STLD at some point this morning. Despite the longer term lower cost structure STLD is putting in place, I'm just not comfortable in steel right now. I'll keep it on the watch list for now--maybe after the economy sees real uptick, I can participate again.

    Stocktrader

    ReplyDelete
  2. Stocks100June 14, 2012 at 6:21 AM

    Hi Stocktrader,

    YES..STLD has been lagging..you will probably be even on this sell......

    Good luck with swap.

    Saleem

    ReplyDelete
  3. stocktrader_1996June 14, 2012 at 6:43 AM

    Hey Saleem,

    So far I see limited selling pressure in STLD as compared to the rest of the market. I might stick with it for a while today and see what happens.

    Looking for a general reversal after this morning's whoosh down.

    Stocktrader

    ReplyDelete
  4. Stocks100June 14, 2012 at 7:08 AM

    Hi Stocktrader,

    STLD is in a very narrow range...just checked 2 seconds ago....

    Saleem

    ReplyDelete
  5. stocktrader_1996June 14, 2012 at 7:14 AM

    Hey Saleem,

    Ended up selling the STLD @ 10.48.

    That gives me some room for another idea now :).

    Stocktrader

    ReplyDelete
  6. stocktrader_1996June 14, 2012 at 7:47 AM

    Hey Saleem,

    I'm looking at FDX, MOS, and GTLS right now. Any preferences?

    Stocktrader

    ReplyDelete
  7. Stocks100June 14, 2012 at 7:51 AM

    Hi Stocktrader,

    MOS is my preference.

    Good luck

    Saleem

    ReplyDelete
  8. stocktrader_1996June 14, 2012 at 8:09 AM

    Hey Saleem,

    I was about to buy MOS when I realized FDX reports on Monday. I want exposure to that event since I think their business is going well with volumes up and future costs down. Still though, I'm looking for a way to add MOS as I think that's the best of the fert group right now.

    Stocktrader

    ReplyDelete
  9. Stocks100June 14, 2012 at 8:11 AM

    Hi Stocktrader,

    Your rationale based decision IS the right approach.

    Good luck with FDX.....

    Saleem

    ReplyDelete
  10. stocktrader_1996June 14, 2012 at 8:16 AM

    Hey Saleem,

    To be fair, I should have just kept STLD!...but I just am not as comfortable in steel as I need to be to understand their profit potential in different economic situations.

    Stocktrader

    ReplyDelete
  11. stocktrader_1996June 14, 2012 at 9:21 AM

    Hey Saleem,

    LNKD chart looks great--in the process of breakout! :)

    I'm getting hurt badly today by QCOM (NOK warning) and APKT. I'm down about 0.22% overall on the day...

    Stocktrader

    ReplyDelete
  12. Stocks100June 14, 2012 at 9:30 AM

    Hi Stocktrader,

    LNKD has built a nice base & gradually moving UP.

    I will evaluate APKT only...QCOM should come back.

    Saleem

    ReplyDelete