S&P 500 closed @ 1341.45
RSI @ 50.04
Internals were mixed
New 52 wk highs were leading, 112 in NYSE & 55 in Nasdaq
VIX Down 4.11% @ 17.95
Oil closed @ $85.11
Gold closed @ $1575.70
Canadian $ closed UP 26 tick @ 98.05
Portfolio is BIDU, LVS,NTES,JCP,TCK
Stocks which closed green included TCK,
CLF,LNKD,CMG,BKW,MU,SU....
AH Futures Down
AH Asian Markets Down
AH Oil & Gold Down
About market, close was extremely positive as VIX went down & S&P 500 & Nasdaq closed above 50 DMA. CMF is green in all indices. Market is adjusting to worldwide weak economy, thus extreme choppiness. It is important to lock gains & have a game plan with high comfort level. It is NOT about being right on a daily basis but importantly, to have an investment / trading theme.
BLOG does NOT give buy or sell.
Hey Saleem,
ReplyDeleteSold TNA at open at 51.48. I may sell some more positions still. I am pretty negative right now :(.
Stocktrader
Hi Stocktrader,
ReplyDeleteYou were holding TNA while loading up on SQQQQ.......
You should follow one thesis @ a time..you have the right thesis of being negative....
Saleem
Hey Saleem,
ReplyDeleteI was locked into holding TNA until today due to the 3-day restriction. It was an unfortunate circumstance, yes. I would have preferred to sell it yesterday...
Stocktrader
Hi Stocktrader,
ReplyDeleteI keep forgetting 3 days hold for you.....
Saleem
Hey Saleem,
ReplyDeleteYes, it gets tricky sometimes, especially when I have a really short term trade, or try to change directions quickly. I can alleviate the problem by holding cash in the portfolio at all times because then it becomes seasoned and I can sell immediately after I buy, but most often I sell a stock and buy another right away, and that's what locks me in for the 3 days. I do have the option to violate the 3 day rule, but that puts the account on restrictions for 3-6 months such that I couldn't do the sell/rebuy immediately move and would have to wait for the cash to settle before making any new buys. I prefer the instant availability, so I don't violate the rule.
(I know that was a long explanation, but I wanted to make it clear the different options, and how sometimes I can sell before 3 days if I've held cash in the portfolio for a few days prior.)
Also, I tried to sell my CTXS at 77.50 on the morning spike (due to SAP's positive preannounce), but I missed it and don't wish to sell now...
Surviving the day...
Stocktrader
HELLO Saleem
ReplyDeleteWelcome back to the topsy turves market
SOLD my APPLE for profit--no where near the highs!
Got GE and more T.....Got Cash is waiting for buy signal..........
BIDU has got the blues the past two days
VBTA
C
Hi Stocktrader,
ReplyDeleteThanks for detailed explanation. That explains your trading mode.
Good luck today.
Saleem
Saleem
ReplyDeleteMarket has turned up some
I am Glad that I sold AAPLE
BIDU is still going down Hmmm
C
Hey Saleem,
ReplyDeleteSomething is going to crack bigtime today with the $VIX so relatively low. Either the market will charge higher and regain the 50 DMA once again, or people will start buying protection and the $VIX will spike taking the market lower.
The market actually feels really good right now despite the decline--lots of stocks poking their heads into the green. I'm still bearish and think this is a fakeout, but I can't ignore the market action once it decides a direction.
Stocktrader
Hi C,
ReplyDeleteYES...DOW down 44 points....
BIDU should move NOW.....
Profit is a profit...AAPL or any stock....
Saleem
Hi Stocktrader,
ReplyDeleteCertain sectors are extremely weak & some are fighting back hard......
I say..we close green in DOW.....
Saleem