World markets got a huge boost from ECB President, who said enough Euro beating already. World market celebrated this "firm talk to protect Euro".
S&P 500 closed @ 1360.02
Internals were :
UP volume led by 4.23 to 1 in NYSE & 2.92 to 1 in Nasdaq
Advancing stocks led by 2.73 to 1 in NYSE & 1.95 to 1 in Nasdaq
New 52 wk highs were leading by 101 in NYSE, New 52 wk lows were leading by 32 in Nasdaq
VIX closed down 9.36% @ 17.53
Oil closed $89.39
Gold closed $1615.10
Stocks which were UP 2% or more included BIDU,TCK,AUY,
KORS,LEN,M,COH,LULU,GG,SU,MA,V,LNG,JDSU,CIEN,
FNSR,SNDK.....
AH ER :
AMZN UP .76%..it missed on Sales ,EPS & Guidance ?
SBUX Down 10.03%
FB Down 10.60%
CSTR Down 12.93%
NTGR Down 15.23%
AH Futures Mixed
AH Asian Markets UP
AH Oil UP
AH Gold Down
About market, when everyone is down & out on stocks, somehow they turn around. It is supremely important to keep a close eye on "oversold" & "overbought" conditions, this can be traced by looking @ 14 day RSI trendlines. By the way, IBD changed their market outlook tonight to " Market in confirmed uptrend"....
BLOG does NOT give buy or sell.
Saleem
17 comments:
Hey Saleem,
Adding more to the down big AH are APKT, NTGR, and CERN from just ones I also saw. Many stocks are getting demolished after guiding to what we already knew to be a suspect Q3 in demand terms. I really feel like this is a bad sign, especially because I think spending will worsen still from these guidance levels until the fiscal cliff debate sees major progress.
I may decide to start selling off my portfolio. Most of my stocks are high growth, high PE and I fear what will happen when they guide to sluggish Q3-Q4 eventually. I don't even think a market disruptor like PANW can survive the impending IT spending slowdown.
I listened to ADNC's conference call tonight and it completely reinforced my view about what a fantastic little company it is! Their best-in-class audio chips are currently used in the Apple and Samsung high-end mobile phones, but they are currently entering additional markets like tablets, and further out: cars and TVs. The need for robust speech recognition in these devices will only grow as time passes and this company provides the leading solution in filtering background noise to provide the interface with a clear version of the user's speech. I will likely only sell this stock if it ramps too fast from here (although it may even drop tomorrow if traders are confused on the guidance).
Stocktrader
Hi Stocktrader,
Booking profit should be in focus all the time.
Your PANW TAPE is impressive.
I will play the oversold condition until it gets overbought.
Saleem
Saleem
good day to ya
Congratulations on our BIDU--whooHooo
AUY is red--yuk
SFL is rocking as is GE
I am looking at KMP--sold COP as it was v week
3% loss was enough for me
stay well
C
Hi C,
Overall things are looking good.
Saleem
SALEEM
SFL is up 4.97 percent
V Cool
C
Hi C,
You are a good trader on SFL....
Saleem
SALEEM
does BIDU have more steam left?
Please let me know if ya sell it
thanks a lot
C
Hi C,
I have a sell order in BIDU @ $123.74....it has lot of steam left ..but it can be a good trading stock for me.
Saleem
Hey Saleem,
I bought TZA and ERY with my remaining buying power. It seems like the stocks that are rising the most are the heavily shorted ones. A lot of my small caps are woefully undersupported. I'm not sure there's any depth under this market--it's just shorting and short covering, so both the rises and drops are large.
I guess the bottom line is I'm still cautious heading into the fiscal cliff. I will be very interested to see the July jobs numbers, although I really expect later months to show deeper weakness.
Stocktrader
Hi Stocktrader,
During earning season there is heavy shorting & depending on the result...huge drop or huge gain.....
But one has to stay engaged after knowing the "obvious"
Saleem
Hey Saleem,
True that a lot of the big moves is earnings related, but the continued lag of the $RUT is troubling. It tells me there is little institutional support in the market currently.
I've often had market ideas, put the trade on, then change after a week because it is not working, and then it comes to pass in a huge way after I've left my idea. I want to stay patient my current thesis even if I lose some money initially.
Stocktrader
Hi C,
I have moved UP my sell order on BIDU to $124.74....
Added 50% AUY.....@ $15.01...
Saleem
Hi Stocktrader,
We all have to read conflicting moves to rationalize our own strategy.....that is what makes a market.
I am personally very comfortable where i am positioned.
Saleem
Saleem
I thank you
BIDU sell order is in for $124
J Cramer was so down on Gold miners last night.
So I will wait to buy more AUY
Wow Amazon ius a rocket today
C
Hi C,
As i do not have CNBC..so iam not affected by "many genius on CNBC"...i do my own DD.
Saleem
SALEEm
SOLD BIDU for $124
thanks
C
Hi C,
I am glad you locked profit in BIDU...i am still in it.
Saleem
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