ECB threw cold water with its conference call, that nothing is ready to be implemented.
S&P 500 closed @ 1365.00
RSI @ 52.81
Internals were :
Down volume led by 3.59 to 1 in NYSE & 1.94 to 1 in Nasdaq
Declining stocks led by 1.63 to 1 in NYSE & 1.37 to 1 in Nasdaq
New 52 wk highs led by 26 in NYSE & new 52 wk lows led by 55 in Nasdaq
VIX closed Down7.33% @ 17.57
Oil closed@ $87.13
Gold closed @ $1590.70
In my portfolio :
Bought back 40% BIDU @ $121.71
Portfolio is BIDU,LVS,LEN,NTES,JCP,TCK,AUY
Exposure 143%
AH ER :
ONNN Down 6.43%
LNKD UP 7.31%
OPEN UP 14.20%
AH FuturesMixed
AH Asian Markets Mixed
AH Oil & Gold UP
About market, @ close.... reaction to ECB was pretty timid, this is telling me that TAPE remains healthy & it wants to go higher. Weak Jobs report reaction may be similar to today or positive by close. It is OK to remain optimistic as markets are handling disappointments in stride, this is a mark of a relatively strong market..
BLOG does NOT give buy or sell.
Saleem
15 comments:
Hey Saleem,
So is this the kind of number that will get the small caps going finally? I'll be looking to buy if we get any kind of dip today or if certain stocks start out slowly. With Europe and Asia on track, we can rally until fiscal cliff issues show up.
Stocktrader
Hi Stocktrader,
I think this job number will give consumer a boost...thus small cap should benefit.
Saleem
Hey Saleem,
I think there's also a chance for an RRR cut this weekend out of China, so my first choices for purchase are material stocks like CLF. Otherwise, I may pick up some select small caps if I can get the right prices.
Stocktrader
Hey Saleem,
I had actually formulated this plan last night and was hoping for a sluggish number. Unfortunately I'm put in a much tougher situation now and will have to hope for a little luck too.
Stocktrader
Hi stocktrader,
YES..China is next on deck with policy statement.....
Base metals should fly.....they are already strong today.
Saleem
Hi Stocktrader,
There was a famous song "what luck got to do with it"...just joking the word was "love"
Good luck in your "luck driven purchase"
Saleem
SALEEM
Fantastic call on BIDU
your in the money already--we are ready to rock
SOLD SFL at $15 dinner money I counted lots of $100 dollar bills--on the table:):):)
Buying some VNR
and doing covered calls on T and SDRL
Best to all
C
Hi C,
Thanks for your enthusiasm for BIDU repurchase & being in the money.
Counting several $100 bills is a good thing !!!
Saleem
SALEEM
Look at FCX and SCCO
My favorites--up nice copper plays
Look at MS up 5%
even my loser NYX is up today
C
Hi C,
I have an order in to buy more AUY...
Saleem
Hey Saleem,
I ended up buying CLF and PANW and hedged with TZA. I'll see how this rides.
I actually have the ability to unwind today if I change my mind. The sales I last made were Tuesday, which makes my current cash settled already (allowing an instant sell).
Stocktrader
Hi Stocktrader,
Good luck with PANW & CLF....TZA.
Saleem
Hey Saleem,
I picked up TZA at $18.3794 so I'm not getting hit on today's move. I got the CLF at 42.272 and PANW at 55.834. Overall at the moment nothing has moved much, but we'll see how it plays out. CLF is >20% position.
Stocktrader
Hi Stocktrader,
I know it has been difficult to deal with daily "news"...but coast is clear as far as i am concerned.
Got my fill on additional AUY @ $14.70.
Saleem
Hey Saleem,
The "news" I am looking for hasn't even hit yet. I think Europe and China are digested. I am using TZA still because the technicals on the $RUT still look poor and I wonder if portfolio managers are starting to factor in the fiscal cliff also, hence the lack of support in the small caps and realization it will hit them hardest. It also hedges appropriately given my usual portfolio makeup of small caps.
Additionally, I bought GWAY and ADNC--two of my favorite small cap picks right now for a balance of growth, value, and turning technicals.
Stocktrader
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