Indices are lower after ignoring positive news from EU.
Indices are lower from .29% to .63%
S&P 500 @ 1345.91
Internals are negative
Oil Down 86 cents
Gold Down 412.90
Canadian $ Down 15 tick @ 97.96
VIX UP 2.17% @ 18.37...this is giving hope for a better close......
Portfolio is BIDU,COH,LVS,NTES,JCP,TCK
Most stocks are down
@ 2.10 following are green :
ARNA,M,CIEN,STLD,APKT,BJRI,IBN.....
BLOG does NOT give buy or sell.
6 comments:
Hey Saleem,
Was waiting until the new post, but I sold CMI at 90.90. I was out of the house during midday for a change, and sure enough, CMI pre-announces...
I am now highly, highly concerned about the short term direction, but I don't want to panic on anything. We may have a situation where we go down huge today, but that factors it all in? I'm not sure anymore...
Stocktrader
Hi Stocktrader,
Downward push is accelerating......
We had every reason to go UP..but we are headed lower.....
Wall Street is a minefield....many blowups happening....
Let us see how we close.
Saleem
Hey Saleem,
CMI is almost down enough from my sell point that I'd consider buying back! Otherwise though, some of the other stocks I follow are not crashing like I'd thought today. Maybe we will hold support at the 50 DMA(1337.05)? For sure the sentiment was already very negative...
Stocktrader
Hi Stocktrader,
I sold COH.....buying back CMI based on news can work out sometimes....i have been monitoring NAV & its TAPE is looking bad......
Weakness in TAPE has surprised me???
Saleem
Hey Saleem,
Yes, I bought CMI hoping they would be the beneficiary of the NAV problems. Apparently, the macro environment for trucks is horribly worse than I thought and I wouldn't be surprised at major, major problems at NAV if the leader had to guide down 10% for the year.
I suspect we get another day of "growth stock" weakness as people digest things more. Hopefully after that we can move constructively higher although catalysts for year-end salvation continue to diminish. Given the relatively good move since the beginning of June, I wonder if that means we could retrace a lot here?
My outlook is definitely cloudy here and I wonder if any of my stocks can survive a big market decline? I've tried to stay away from straight cyclical plays and tended towards secular plays, but given those usual high multiples, I feel very vulnerable again.
I might have to sell a few additional stocks and put on a hedge to protect the rest of the stocks I want to keep. More thought tonight is required...
Stocktrader
Hi Stocktrader,
It is important to analyze when TAPE is acting poorly.
I am sure you will come up with a good game plan.
Saleem
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