Indices closed mixed, with Nasdaq barely green.
Fed decision to continue with Twist, was met with selling.
S&P 500 closed @ 1355.69
RSI 59.01
Internals were mixed.
New 52 wk highs were leading, 86 in NYSE & 77 in Nasdaq
VIX tumbled again, down 6.20% @ 17.24
Oil @ $81.90
Gold @ $1615.80
In my portfolio :
Bought NTES @ $62.60
Portfolio is COH,LVS,LEN,NTES,JCP.....
Stocks which were UP 1% or more included JCP,
KORS,CLF,V,LRCX,VECO,JDSU,FNSR,C....
AH ER :
MU Down 1.47%
RHT Down 9.47%
AH Futures Mixed
AH Asian Markets Mixed
AH Oil & Gold Down
About market, based on how VIX is falling apart daily & especially today when indices were flat, it is telling me that market wants to go higher. Even when Fed did not cause a rally, market did not go into a tailspin. Jimmy the Cramer call for selling Technology stocks, is the-most absurd call he has ever made. After Q2 ER tech companies give stronger guidance for Q3, based on back to school business.
BLOG does NOT give buy or sell.
Hey Saleem,
ReplyDeleteAnother leg down in the Chinese PMI has me more worried about global growth (and a weak Philly Fed number coming today?) especially with how slow the growth will likely be in Europe for a while still even with some new growth initiatives. Do you think that is all priced in? or could this be a reason to retrace some recent S&P gains? It's been a very nice run this month so far...
I hate to keep doing this flip-flop, but I'm thinking about selling some things like CMI, ETN, GGC, MET, MOS, LEN. What do you think?
Stocktrader
Hi Stocktrader,
ReplyDeleteChinese, India,Europe & US slow growth is known for almost 6 months.
The only thing you have to re-evaluate IF you are in "performing sector or not"
Market has digested most of these issues including Chinese PMI....proof..look @ futures..they are NOT tanking.....
Pay close attention to TAPE than news......
Good luck with your decision.
Saleem
Hey Saleem,
ReplyDeleteI like to get ahead of the TAPE--which sometimes works and sometimes doesn't..."thinking" isn't always the best way to play this market :).
As usual, I would sell off the underperformers, which I should routinely do anyways.
I am also more interested in hedging my portfolio this time. ERY (3x short energy) catches my attention as a good hedge given the oil prices.
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with your strategy.
Saleem
SALEEM
ReplyDeleteNTES will be seemly your best performer
despite what J Cramer says about tech stocks
He claims APPLE is the only buy
I can't remember why
GOt some TWO, AGNC NLY MTGE IVR income --
oh my! smile
IT is 90% in DC/MD and going to 100%.
VBTA
SALEEM
ReplyDeleteI like the NTES chart
http://finviz.com/screener.ashx?v=211&t=MCD,NTES,SFL
I am looking closely at MCD
THoughts--it seems like a good buy
Hey Saleem,
ReplyDeleteI did end up selling MET, GGC, APKT, MOS, CMI, and LEN. I bought a little ERY as a hedge. I got the MOS/CMI/ERY done pre-data but the rest after.
Stocktrader
Hi C,
ReplyDeleteGood luck with MCD..it is 90 degrees here too....
Saleem
Hi Stocktrader,
ReplyDeleteGood luck with your current hedged portfolio.....
Saleem
SALEEM
ReplyDeletethe market is awful now
what a switch a roou
What happened down $170
Hmmmm
Hi C,
ReplyDeleteGreat buying opportunity....
Saleem
Hey Saleem,
ReplyDeleteGiven today's downdraft, I'm already thinking about the standard bottoming process: big down THU, flattish FRI, big down MON, bottom TUES.
I don't know if this will play out, but whenever I see a 150+ down Thursday, I start to think about setups.
Stocktrader
Hi Stocktrader,
ReplyDeleteI am stock focus.....
They may be at low prices TODAY...
Saleem
Hey Saleem,
ReplyDeleteAbsolutely! In that setup, different stocks bottom at different times. Often the best of the best bottom THU day or FRI morning.
Stocktrader