Indices were ready to run after six day's of slump.
S&P 500 closed near high of the day @ 1356.78
RSI 55.30
Internals were :
UP volume led by 8.06 to 1 in NYSE & 3.88 to 1 in Nasdaq
Advancing stocks led by 4.99 to 1 in NYSE & 2.83 to 1 in Nasdaq
New 52 wk highs were leading, 204 in NYSE & 100 in Nasdaq
VIX tumbled 8.67% @ 16.74
Oil @ $87.10
Gold @ $1592
Canadian $ UP 56 tick @ 98.61
Portfolio is BIDU,LVS,NTES,JCP,TCK
Here is my portfolio weighting as of tonight :
NTES 35.58%
LVS 21.77%
BIDU 19.48%
JCP 15.64%
TCK 7.53%
Exposure 123%
Stocks which were UP 1% or more included BIDU,TCK,
TIF,LULU,M,CLF,FCX,GOOG,AAPL,AMZN,GG,CMG,
C,LRCX,VECO,MGA.....
Next post by 2 PM on Sunday.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
It was a frustrating day (down 0.16%) to end a roller coaster week. As you know, I am traditionally a long-only high exposure investor, so the shift in strategy to net neutral coupled with a day like today really makes me think twice about what I've done. Am I completely wrong about the NASDAQ's earnings potential? just currently uncomfortable and need to be patient? have incorrect portfolio composition even with a correct thesis? These are some of my questions over this weekend...
My portfolio currently stands as follows:
SQQQ - 25.1%
CTXS - 8.3%
GWAY - 7.3%
M - 6.6%
NOW - 6.5%
NUAN - 6.4%
ADNC - 6.3%
MSTR - 6.0%
PFPT - 5.3%
APWC - 2.5%
(cash) - 19.7%
I've tried to really focus on companies that I think can report good quarters and guidance, preferring a wait and see approach on others. I hold M for a back-to-school spending strategy.
If I look at the $SPX and the $COMPX, both had oversold bounces today re-approaching the old trend channels, but not quite breaking back into them. Also, neither MACD was able to manage a positive crossover, but getting close in both cases. This tells me the market needs to prove itself more, and next week with lots of earnings, data, and Fedspeak should be very telling.
As I've said in prior posts, I think the July economic data could be positive based on June weakness catchup. Given that the market seems to have digested everything that is currently wrong in the world, any positive data could really be an upside catalyst.
I feel like I am stuck but smart with my hedge after such a massive up day already, but I really don't want to get caught up in even more upside action being currently net neutral. If the momentum technicals I watch turn back to the firmly bullish, I will have to find a good way to exit some or all of the hedge.
I've got a fun, busy schedule this weekend. I hope yours is great as well! :)
Stocktrader
Hi Stocktrader,
I definitely understand your challenges.
Sometimes luck can help, but other times reading the tea leaves accurately is the key.
I am sure you will adjust / benefit based on how you are positioned.
I have a uni-focus approach which keeps my stress level lower.
Enjoy your weekend.
Saleem
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