Indices were strong before open & after Ben Bernanke "repeated his usual lines"...indices dipped to negative in Nasdaq, but made further gains right after.
S&P 500 closed @ 1406.57 after successfully testing support yesterday.
Internals were :
UP volume led by 3.46 to 1 in NYSE & 1.63 to 1 in Nasdaq
Advancing stocks led by 2.37 to 1 in NYSE & 1.68 to 1 in Nasdaq
New 52 wk highs were leading by 120 in NYSE & by 39 in Nasdaq
VIX closed Down 2.02% @ 17.47
Oil @ $96.47
Gold @ $1684.60
Canadian $ @ new closing high since April, UP 64 tick @ 101.40
Portfolio is EXPE,LVS,LEN,NTES,TCK
Here is my portfolio weighting as of tonight :
NTES 29.06%
LVS 20.95%
TCK 18.11%
EXPE 16.38%
LEN 15.50%
Exposure 88%
Stocks which were UP 1% or more included LVS,LEN,NTES,
AUY,GG,KORS,COH,SU,V,LRCX,BRCM,JDSU,CIEN,
FCX,AGU,NTAP,YELP....
Next post by 2 PM Sunday.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
It was an up and down week but a couple of key winners (YELP and SPLK) led to a small gain versus a small S&P loss.
The portfolio looks as follows:
PANW - 14.1%
WPRT - 11.6%
YELP - 9.7%
NTAP - 9.1%
GWAY - 8.6%
FIO - 8.6%
ELOQ - 8.3%
ADNC - 7.7%
GHDX - 7.6%
SPLK - 7.5%
P - 4.5%
APWC - 2.4%
(cash) - 0.4%
After a second week of downward move in the indices, and some of the positive catalysts behind us, I'm feeling a bit more nervous, but technically we still sit pretty well above key support. We've really seen good support in the 1395-1400 level for weeks, so I'll be watching there closely.
The ECB meeting and jobs data are the big features for this week. I'm actually expecting disappointment from both, but even in disappointment, the market may be able to look to the next ECB meeting or QE from a weak jobs report. This makes gaming the market on these events more difficult.
Lots of tech device rollouts, especially Apple's mid-month may provide interest for tech stocks in the beginning of the month.
The investor sentiment survey I watch (Investor's Intelligence) has the highest bullish percentage since early April, yet the market isn't showing me much participation from people. For instance, even with YELP being "hot" this week, spreads were still as wide as $0.10 during some times--that's a whole 0.5%! I'm not sure what to take away from these observations as I could read it both positive (with lots of new participation yet to come to expand P/Es) or negative (with added participation being sell side if sentiment drops back).
Altogether, I don't have much clarity or thesis on near term direction. I still fear the pre-fiscal cliff US slowdown, so I'm carefully watching for signs of that. Event risk in Europe seems more balanced now with more good things having passed, and the lack of Chinese stimulus (where is it??) puts that area more balanced in terms of risk also. I will rely on technicals to help guide my overall direction and will do individual stock positioning to stick with winners and pare back losers.
I hope you are enjoying your weekend break after a nice vacation also! :)
Stocktrader
Hi Stocktrader,
Good recap of pros & cons of this TAPE.
Enjoy labor day weekend.
Saleem
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