Thursday, June 28, 2012

Indices closed near highs of the day, in higher volume ...NICE !!!!!!

Indices turnaround from steep losses & closed near best level of the day. Volume was higher.

Indices lost .20% to .90%

S&P 500 closed @ 1329.04

RSI 49.79

Internals were mixed :

UP volume led by 1.13 to 1 in NYSE & .37 to 1 in Nasdaq

Advancing stocks led by 1.31 to 1 in NYSE & .62 to 1 in Nasdaq

New 52 wk highs were leading by 48 in NYSE & new 52 wk lows were leading by 21 in Nasdaq

VIX UP 1.34% @ 19.71

Oil @ $77.69

Gold @ $1550.40

AH ER :

NKE Down 12.43%

RIMM Down 14.02%

AH Futures Down

AH Asian Markets Mixed

AH Oil & Gold UP

About market, TAPE was extremely impressive going into close. CMF is rising & green in all indices. CNBC pundits are "crying uncle" , a sure contrary signal of a turning market. i am expecting Friday to be a green close. YES...this market is difficult & stocks are going below support, but a gradual improvement in stock prices cannot be far off. When in doubt, alway's remember some wise investor, whose name is Peter Lynch......he wants to ask you "why did you buy any stock in the first place"..IF your reason for buying has not changed, then "stick with it".

BLOG does NOT give buy or sell.

Saleem


12 comments:

stocktrader_1996 said...

Hey Saleem,

I'm looking for a nice day tomorrow based on the vicious rally at today's close leaving many traders underexposed to stocks, European leaders actually making good decisions?, and last day of the quarter window dressing. We may have seen the end to the high growth multiple contraction? (although NKE was not good...)

I may find my chance to get PFPT back tomorrow--that should round out my holdings for earnings. Some considerations for sells include CLF, LEN, PAY, and WWWW.

Stocktrader

Stocks100 said...

Hi Stocktrader,

If you want some stock in your portfolio...go for it..or just do it..

End of the week, End of the month & End of Quarter..all sound bullish to me.....

Good luck with your switch.....

Saleem

stocktrader_1996 said...

Hey Saleem,

I guess change European leader part from a "?" to a "!" :)

Looking great this morning!

Stocktrader

Stocks100 said...

Hi Stocktrader,

Too many "talkers in US media with no insight"

It IS a favourite pastime to KNOCK others & glorify themselves.....

I guess pundits forgot Europeans have "brains which works 100% of the time..despite conflicting ideology in EU"

EU showed that biggest hurdles can be overcome with focus......

Saleem

c said...

HEY SALEEM

NICE day for today--IN DEED

WOW what a PM up $194 impressive

COPPER is rocking up SCCO up 3.5%--finally!
My MS is up .70 cents

Happy forth of July to all, we are celebrating here tomorrow-lots of food and parties.....

Looks like the market is celebrating today
C

Stocks100 said...

Hi C,

Indeed when Cramer cries market takes off...what a reliable contrary indicator....

Saleem

stocktrader_1996 said...

Hey Saleem,

Sold CLF at 48.07--iron ore prices remain under pressure with sluggish worldwide growth and new capacity arriving. I'm not positive this was the perfect move, but I thought it was the best candidate for sale in order to get back PFPT. At the very least, I didn't think CLF had a whole lot of upside even if the downside was limited, although maybe I just got faked out by the morning weakness?

Stocktrader

Stocks100 said...

Hi,

CLF sale was the right move.

Saleem

stocktrader_1996 said...

Hey Saleem,

Got back into PFPT on this dip. Now I think I've finally rounded out my positions for the upcoming earnings season.

Stocktrader

Stocks100 said...

Hi Stocktrader,

Congratulations on getting PFPT....

I bought BIDU @ $111.25...so far so good.

Saleem

stocktrader_1996 said...

Hey Saleem,

Great entry on BIDU--it's already well into the money! :)

Stocktrader

Stocks100 said...

Hi Stocktrader,

Thanks !!!!

BIDU is finally reversing......it was a very long & sharp downtrend.

Saleem