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.
12 comments:
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
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
Hey Saleem,
I guess change European leader part from a "?" to a "!" :)
Looking great this morning!
Stocktrader
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
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
Hi C,
Indeed when Cramer cries market takes off...what a reliable contrary indicator....
Saleem
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
Hi,
CLF sale was the right move.
Saleem
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
Hi Stocktrader,
Congratulations on getting PFPT....
I bought BIDU @ $111.25...so far so good.
Saleem
Hey Saleem,
Great entry on BIDU--it's already well into the money! :)
Stocktrader
Hi Stocktrader,
Thanks !!!!
BIDU is finally reversing......it was a very long & sharp downtrend.
Saleem
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