Indices closed near high of the day .
CMF in all indices are green after a gap of six weeks.
S&P 500 closed @ 1342.84
RSI @ 55.58
Internals were positive by 2 to 1
New 52 wk highs are leading.
VIX closed Down 2.63% @ 21.11
In my portfolio :
Added 50% LVS @ $44.97
Portfolio is COH,LVS,LEN,LNKD,JCP
Here is my portfolio weighting as of tonight :
COH 31.62%
LNKD 28.10%
LEN 16.06%
LVS 14.78%
JCP 9.44%
Exposure 110%
Stocks which were UP 1% or more included
COH, LEN,LNKD,JCP,
COH, LEN,LNKD,JCP,
KORS,LULU,BIDU,CLF,FCX,
TCK,CMG,PCLN,AMZN,
TCK,CMG,PCLN,AMZN,
FB,NAV,SU,NTES,MA,V,
ZNGA,LRCX,MU,BRCM,
ZNGA,LRCX,MU,BRCM,
VECO,JDSU,CIEN,SNDK......
Next post by 2 PM Sunday
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
And so ends another volatile week! The Greek election looms along with many other events next week including the Fed, so I'm sure more volatility will continue.
I sold off a lot of stocks today and so the portfolio is now composed as follows:
CTXS - 8.6%
MET - 8.2%
NUAN - 8.2%
GGC - 7.3%
GWAY - 7.1%
FDX - 5.8%
APWC - 2.1%
(cash) - 52.6%
Today I sold WWWW, APKT, LEN, QCOM, PFPT, PMTC and CMI, with a STLD for FDX swap yesterday. I tried to get rid of stocks that weren't acting well in the recent runup and/or had more general economic characteristics as opposed to unique stories. Despite the general poor fills on the sales today, I nearly performed inline with the S&P thanks to large gains from CTXS and NUAN (4.4% and 5.7% respectively).
In my opinion, the highly oversold and negative sentiment conditions have abated to a nearly balanced state. This leaves us at an inflection point and I'd rather be in more cash as the market tells us the next direction. I think Greece is merely a sideshow for continuing problems in Spain and Italy, so I wonder if we'll see another Monday down day on what should be good news. This was part of my reason for selling today into the good 2-day rally. As I wrote in a post earlier today, I feel like the 1295 level could be touched in coming weeks, but I'm definitely ready to chase buy if that scenario doesn't play out.
My favorite new idea is still MOS (which I missed a great rally on today!), and I'd be willing to buy back anything I sold today except probably PMTC, which admittedly I don't know well enough still. ACI and ZNGA looked great to me this morning, but I wasn't in buying mode today, and now they've already reached a more fairer value, although I'm still watching, especially ACI.
That's about it for this week. Have a great weekend! :) I'll be intently watching coverage Sunday night.
Stocktrader
Hi Stocktrader,
Monday should be "very interesting"
Huge news flow anticipated.
Enjoy your weekend !!!!
Saleem
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