Indices were under pressure even before open as Spanish & Italian bond yields were approaching 7% & 6%......
830 AM brought the bad news of below expectations jobs report, so down we went.
S&P 500 closed @ 1354.68
Internals were :
Down volume led by 4.28 to 1 in NYSE & 2.55 to 1 in Nasdaq
Declining stocks led by 2.07 to 1 in NYSE & 2.55 to 1 in Nasdaq
New 52 wk highs were leading, 149 in NYSE & 53 in Nasdaq
VIX closed Down 2.29% @ 17.10
Oil closed @ $84.45
Gold closed @ $1578.90
Canadian $ Down 39 tick @ 98.17
Portfolio is BIDU,COH,LVS,NTES,JCP,TCK
Here is my weighting as of tonight :
NTES 27.25%
COH 22.38%
LVS 17.03%
BIDU 15.02%
JCP 12.62%
TCK 5.70%
Exposure 145%
Stocks which ended green included LNKD,FB,CMG,LEN,
BKW,SNDK,GMCR,IBN,RIMM.....
Next post by 2 PM on Sunday.
BLOG does NOT give buy or sell.
Hey Saleem,
ReplyDeleteIt was a vicious end to the week as some of my stocks got crushed hard: APKT (-14.5%), CTXS (-7.6%), and FIO (-5.3%). Even some gains from GWAY, GGC, YUM, and ADNC couldn't stop an overall 2.5% decline.
The portfolio is currently as follows:
TNA - 8.2%
CTXS - 8.1%
GWAY - 7.5%
NOW - 6.7%
GGC - 6.7%
SPLK - 6.6%
FIO - 6.6%
YUM - 6.5%
PAY - 6.5%
M - 6.4%
MSTR - 6.0%
CMI - 5.7%
PFPT - 5.7%
ADNC - 5.6%
APKT - 4.9%
APWC - 2.2%
(cash) - 0.02%
The TNA directional play did not work as planned and I'll sell that as soon as I feel I can get a good price. I'll save the cash for a post-earnings or special situation. I am very surprised how hard CTXS got hit today, but maybe that's also a function of really good recent performance. For now, I think I'll have to wait until earnings to see the true story. I am pleased by the performance of many stocks in the portfolio and look forward to seeing more earnings as many of them are newer public companies. APKT warned again!, but I think the worst is in the stock now so I feel fine holding.
As for the broader economic picture, I think weakness in June numbers was easily predicted given the worst of the European crisis hit during that time (not counting that we might be hitting it again?). I will be more interested to see how much "catchup" in orders and employment happens in July, especially with low energy and gas prices helping consumers and businesses.
I thought the worst of the earnings surprises were behind us, so this day blindsided me somewhat. It definitely put me in a more cautious stance, but the overall market acted well today. There is quite a disparity between the doom and gloom of the worldwide economic data and a relatively benign stock market. It will be interesting to see which way the next move goes.
I'm looking forward to a finally cooler weekend. I hope yours is refreshing as well! :)
Stocktrader
Hi Stocktrader,
ReplyDeleteFor me week was a 1.01% loss.....
It is brutally hot again in Toronto today...worst day so far....establishing new record on a daily basis.....
looking forward to next week.
Enjoy your time with family & friends..no trade for two days....
Saleem
Hey Saleem,
ReplyDeleteThe 2.5% loss was just today. The week was only a loss of 1.40% thanks to some better days including nearly a 1% gain yesterday during a flat/down market session. Today's debacles really killed the weekly performance though.
Our cooler weather starts tomorrow (upper Midwest). Finally we can spend some outside time safely! :)
Stocktrader
ASaleem
ReplyDeleteOT
it is boiling here
105%
this should be an interesting week
the electric companies are minting money
C
Hi C,
ReplyDeleteIt is 75 degrees where i am...which IS a change of almost 25 degrees from two days ago.....
Yes...electricity is expensive when temps are in 100+++++
Saleem