Thursday, July 12, 2012

Indices closed down .25% to .75%.......

Indices were under pressure again, but pared its losses by close.

S&P 500 closed above 50 DMA @ 1334.76, 50 DMA is 1334.55

RSI @ 47.61

Internals were :

Down volume led by 2.53 to 1 in NYSE & 2.67 to 1 in Nasdaq

Declining stocks led by 1.69 to 1 in NYSE & 1.48 to 1 in Nasdaq

New 52 wk highs were leading by 38 in NYSE & new 52 wk lows were leading by 16 in Nasdaq

VIX closed UP 2.12% @ 18.33

Oil closed @ $86.08

Gold closed @ $1565.30

Stocks which closed green included CIEN,ZNGA,AUY,CMG,LEN,
LNKD,MA,V......

AH Futures UP

AH Asian Markets UP

AH Asian Markets UP

AH Oil Down

AH Gold UP

About market, Chinese GDP came in @ 7.6% as expected. June Q came close to official GDP target of 7.5%. I expect GDP in Q3 to show acceleration. As market has sold off for six days in a row, which is a RARITY, i expect a major bounce from here. CMF actually rose in all indices today, which means that Black boxes were buying.

BLOG does NOT give buy or sell.

Saleem
at

12 comments:

  1. stocktrader_1996July 12, 2012 at 8:11 PM

    Hey Saleem,

    This market is pretty strange. In four of the last five days, the S&P closed almost exactly where it opened (using SPY to get a valid opening print), but had large volatility intraday. My A/D characteristics look good (similar to your CMF), but the MACD had its first negative crossover since early May (subsequent to which we had the quick move lower). Also, despite six straight down days, the RSI is still 47.61. Confusing market indeed...

    Additionally, I fear my tech spending cliff thesis won't play out for a month or so still (CSCO's CC in Aug?), if ever. I'm not sure how I'll adjust in the portfolio, but I guess I'm standing pat for now, but do have some buying power if I see an interesting buy to help increase my long side.

    Overall, I guess I'm rather flat and smaller exposed to the market, which is the case with many people. The market will tell us soon which way it wants to go being this close to the 50 DMA--it can't stay here! :)

    Stocktrader

    ReplyDelete
  2. cJuly 13, 2012 at 6:09 AM

    SALEEM

    PM is GREEN for a change

    BIDU is up! I need copper to go a lot higher

    C

    ReplyDelete
  3. Stocks100July 13, 2012 at 6:22 AM

    Hi Stocktrader,

    I monitor 50 DMA, CMF & RSI..that is enough for me to get a picture....

    Technicals can be contradictory, but it is our job to interpret.

    Saleem

    ReplyDelete
  4. Stocks100July 13, 2012 at 6:23 AM

    Hi C,

    It is a "$ accumulation day"

    Saleem

    ReplyDelete
  5. stocktrader_1996July 13, 2012 at 7:15 AM

    Hey Saleem,

    Bought a bit more SQQQ at 49.24. I am very skeptical still although the hedge might work against the portfolio for a while. Hopefully, the stock positions will do well enough to keep the overall return at least flat--I'll take that for now.

    Stocktrader

    ReplyDelete
  6. cJuly 13, 2012 at 8:16 AM

    SALEEM

    MCD took off on my up yesterday 2 bucks and again up today.

    GLTA
    C

    ReplyDelete
  7. Stocks100July 13, 2012 at 8:23 AM

    Hi Stocktrader,

    Good luck with your strategy.

    Saleem

    ReplyDelete
  8. Stocks100July 13, 2012 at 8:23 AM

    Hi C,

    Great pick MCD.....

    Saleem

    ReplyDelete
  9. cJuly 13, 2012 at 8:36 AM

    SALEEM

    MCD got away form me
    So sorry for that

    SFL I snagged Maybe sell at $15.45

    but I thank you for the well wishes on MCD

    I was looking at JNJ any thoughts
    C

    ReplyDelete
  10. Stocks100July 13, 2012 at 8:53 AM

    Hi C,

    Never followed JNJ......

    Saleem

    ReplyDelete
  11. cJuly 13, 2012 at 9:37 AM

    SALEEM

    I got some COP

    Looking at TWO and FFC for diversification

    LVS make you smile?

    C

    ReplyDelete
  12. Stocks100July 13, 2012 at 9:50 AM

    Hi C,

    My stocks have acted poorly for a while...not much strength today either.....but i will take whatever comes to me.

    Saleem

    ReplyDelete