Indices reversed opening weakness & turned higher.
S&P 500 closed @ 1372.78
RSI 60.07
Internals were :
UP volume led by 1.65 to 1 in NYSE & 2.58 to 1 in Nasdaq
Advancing stocks led by 1.67 to 1 in NYSE & 1.54 to 1 in Nasdaq
New 52 wk highs were leading, 221 in NYSE & 91 in Nasdaq
VIX Down 1.94% @ 16.16
Oil @ $89.87
Gold @ $1570.80
Stocks which were UP 2% or more included BIDU,NTES,JCP,
KORS,COH,LULU,LRCX,BRCM,JDSU,CIEN,FNSR,SNDK...
AH ER :
IBM UP 2,84%
EBAY UP 5.09%
SWKS UP 8.11%
QCOM UP 5.78%
AH Futures UP
AH Asian Markets UP
AH Oil & Gold UP
About market, all of a sudden everything is rosy again. Most of the earnings are in-line & guidance is lower. Market has decided that ER is more than fine. It is always wise to stay in market & benefit from changing sentiment. Tech & Retail were strong. Do not forget to book any gains as market sentiment are subject to many news driven events. RSI generally stalls around 70.
BLOG does NOT give buy or sell.
Hey Saleem,
ReplyDeleteThe after hours turnaround in QCOM was amazing after that lousy guidance! Overall today I made about 0.33% total despite the large hedge, but it did erase more than 1% as well as stealing potential to be long with the money instead. I also realize as soon as I sell the hedge, the market will fall on some random headline, making me the loser twice...very frustrating.
I have about two positions worth of buying power. Because I am well off track right now, I don't want to make any sudden moves based on the emotion of the poor activity in the last week in my portfolio. That said, it will be hard to not take at least some of the hedge off tomorrow--the price action post earnings for many of these companies is incredible.
Until tomorrow! :)
Stocktrader
Morning to all
ReplyDeleteLooks rosey for today
C
Hey Saleem,
ReplyDeleteI missed my GGC while being cautious on the market...ugh. Add that to my list of sad stories!
Market does look great today! :)
Stocktrader
Hi Stocktrader,
ReplyDeleteBased on "current sentiment" i will strongly suggest taking all hedge off.
This is not the time to "overthink"
GO WITH THE FLOW......
Saleem
Hi C,
ReplyDelete"Roses are Red Violets are Blue & markets are Green"
Saleem
SALEEM
ReplyDeletethanks :):)
Got some AGNC
selling SFL at $15.55!!
Put order in for COP
at $56
best to all
market is hot again
J Cramer says buy TECH--Phew he switches fast
C
Hi C,
ReplyDeleteBought my old fav AUY.
Saleem
Hey Saleem,
ReplyDeleteBought FCX at 34.00. FCX was labeled at a "wait until after earnings" buy, and the earnings and guidance didn't even turn out that poorly. Besides that, I think copper and gold have better dynamics than coal, iron ore, oil, or natural gas.
Stocktrader
Hi Stocktrader,
ReplyDeleteBase metals are moving..Gold still lagging.
Good luck with FCX.
Saleem
Saleem
ReplyDeleteAUY is oh so cool
Is gold making a come back???
thanks
Hi C,
ReplyDeleteGold seasonal strength is from end of July to December...according to experts.....
Saleem
Hey Saleem,
ReplyDeleteI decided to switch up my hedge a little. I'm not sure the NASDAQ hedge is the correct one given the great longer term themes, so I bought some ERY (energy) hedge. I'll then close out some of the SQQQ hedge. The natural gas market seems balanced only because of the intensely hot weather we've seen all month. Once that abates, the oversupply should re-establish. I was also debating on the SMN (materials) hedge, and might sell even more SQQQ and buy some of that.
Stocktrader
Hi Stocktrader,
ReplyDeleteKeep in mind that currently there is "tremendous inflow in equities"
In market "timing is everything"
Saleem
Hey Saleem,
ReplyDeleteI realize the money flow has been massive and continuing. I do, however, see some sluggish action in some stocks today. The homebuilders' selloff and negative divergence is especially troubling--they were really leaders the whole first half.
Stocktrader
Hey Saleem,
ReplyDeleteOk, so I sold more than half of the SQQQ and bought more ERY (looked at SMN again and it wasn't really what I wanted). So now the hedge is more weighted towards energy than tech, which is representative more of my longer term thoughts while still trying to protect the short term fiscal cliff implications.
I have one position left available to buy. Some of the stories today like GGC and EBAY are interesting.
Stocktrader
Hi Stocktrader,
ReplyDeleteI am concerned @ your strategy when markets are firing on all cylinder....
I sincerely hope that in the end it works out for you.
Saleem
Hey Saleem,
ReplyDeleteThank you for the concern--the situation is constantly churning in my mind also. For now, as long as my portfolio stays around even on up days, I can currently accept that. In theory, that will protect me on down days well, and then the companies I do hold can perform on upcoming earnings.
I am constantly thinking and trying to improve on my strategy. The SQQQ position isn't ideal right now, but I looked at some other choices for short ETFs, and was even less comfortable with those. At least I know what I'm getting in the SQQQ.
Stocktrader