Indices were following worldwide slump by hitting lows right after open, but by close all indices closed near best level of the day.
S&P 500 closed @ 1350.52
RSI @ 50.35
Internals were :
Down volume led by 2.77 to 1 in NYSE & 4.64 to 1 in Nasdaq
Declining stocks led by 3.23 to 1 in NYSE & 4.09 to 1 in Nasdaq
New 52 wk lows were leading by 4 in NYSE & 95 in Nasdaq
VIX closed UP 14.44% @ 18.62%
Oil closed @ $88.14
Gold closed @ $1577.49
AH ER :
TXN Down .63%
VMW Down 3.68%
BIDU UP 5.42%
BIDU earnings report was "contrary" to stories about China having hard landing.
BIDU Sales expected $853.4 million, Actual $858.8 million
BIDU EPS expected $1.11, Actual $1.24
Q3 expectations Sales $992.7 million, Guidance Mid Point $$996 Million
BIDU expectations were set 3 months ago, BEFORE any hint of so-called "hard landing"
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold Down
About market, US market TAPE is articulating better things to come. Even when world markets are tanking, US markets finds a way of erasing majority of its losses. Today's selling was on low volume. When indices do not close @ lows of the day, traders should pay attention, it is giving signal of next move UP.
BLOG does NOT give buy or sell.
Saleem
13 comments:
SALEEMm,
Hurrah on BIDU
Now what is out next move
Have a great day
BLTA
C
Hi C,
BIDU should move higher from here.
Saleem
Hey Saleem,
Bought SPLK at 28.1299. I was hoping to get it a little lower after that massive secondary (non-dilutive), but it seems I'll have to settle for this.
Looking to swap some SQQQ for TZA at some point. Being long SQQQ is like being short AAPL, and I don't want that as my hedge...
Stocktrader
Hi Stocktrader,
Good luck with SPLK.
Your hedge has worked for 3 days..when trend has been down.
Saleem
Hey Saleem,
I got a bonus boost from European problems, but slowly some US companies are talking about cautiousness from US spenders due to 2H uncertainty and some specify the fiscal cliff.
I definitely plan to keep the hedges. Despite the good earnings coming through for Q2, many CEOs are now talking down the second half. As this filters through to estimates, and possibly accelerating, I believe we could see more downside.
The fact that traders are so negative bothers me a lot. Short squeezes will likely be vicious. I see hedging as a way to own good companies but protecting against market risk for now.
Stocktrader
Hey Saleem,
And congrats again on BIDU! It's nice to be up on a down day, and then be able to analyze from a position of strength.
Stocktrader
Hey Saleem,
Sold the SQQQ at 48.44 just now. I'll look to add to the TZA.
Stocktrader
Hi Stocktrader,
You have a well defined strategy based on what you have summarized from CEO's.
Based on your objective of balancing long with short, your portfolio is positioned accordingly.
Saleem
Hey Saleem,
Ok, got the TZA at 19.7799. I kept about a 2/3rds position of cash for a speculative buy if I see one, but now I feel happy with my companies, yet protected from market risk.
Time to let the dust settle a little...
Stocktrader
Hi Stocktrader,
Good luck with balanced view of bull & bear....
TZA to balance long position.....
Saleem
SALEEM
shoud we sell BIDU
or do we keep it
It jumped to $120 now it is $118.42
My T took in on the chin --down3% earning drop--who knew?
thanks in advance
C
Hi C,
IF you want to sell..go ahead.
I am staying with BIDU for longterm.
saleem
SALEEM
Thanks perfect advice
I can wait also -- looking for $130
C
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