All indices closed UP from .07% to .32%.
S&P 500 closed @ 1405.87
RSI 64.76
Internals were :
UP volume led by 1.62 to 1 in NYSE & 1.08 to 1 in Nasdaq
Advancing stocks led by 1.18 to 1 in NYSE & .80 to 1 in Nasdaq
New 52 wk highs were leading, 100 in NYSE & 39 in Nasdaq
VIX closed Down 3.53% @ 14.74
Oil closed @ $92.87
Gold closed @ $1622.80
Canadian $ closed @ 100.90
Portfolio is BIDU,LVS,LEN,NTES,JCP,TCK,AUY
Stocks which closed UP 1% or more included NTES,JCP,TCK,
LULU,FB,FIO,BRCM,JDSU,FNSR,SBUX,MGA,SNE,OTEX....
Here is my portfolio weighting as of close tonight :
NTES 20.95%
BIDU 14.27%
LEN 14.26%
TCK 13.62%
LVS 13.48%
AUY 12.21%
JCP 11.21%
Exposure 164%
Next post by 2 PM Sunday.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
Although I came in Monday with an only modestly bullish portfolio, I made swift changes in accordance with my one-week outlook to really capitalize on this week. Overall I ended up over 6% on the week powered by >10% gains in NOW, ADNC, PANW, and a nice catch in FIO.
The portfolio now looks as follows:
CLF - 24.7%
PANW - 13.5%
SPLK - 9.9%
NOW - 9.7%
FIO - 7.7%
SWKS - 7.5%
ADNC - 7.1%
GWAY - 6.6%
PFPT - 6.1%
ELOQ - 4.8%
APWC - 2.2%
(cash) - 0.2%
I would like more materials diversification, but I missed the entry on FCX, and don't see others as attractive as CLF. Given the 5.6% yield (ex-div Monday) and still low P/E, I will probably keep my materials exposure concentrated there for now.
The high tech plays continue to work, and as long as they do, I'll stick with most of those also. Some of my companies are still to report earnings such as PANW, SPLK, and GWAY.
There are many disbelievers still in this rally, which likely gives it further legs to the upside. I continue to look towards CSCO's guidance on Wednesday for a potential issue, but based on some analyst commentary this week in regards to good channel checks, I wonder if CSCO will say anything bad yet? We may have to wait longer for fiscal cliff issues to develop, in which case, the rally moves further forward.
Surprisingly, the $RUT is still underperforming. I didn't notice this given my portfolio's small caps performing nicely this week, but given the state of the overall market, I wonder if catchup is in order in a fast way? I will note that small caps tend to underperform in the lackluster volume environment we often see during summer, so I wonder if this is the explanation for the lag.
Overall, the market signals are very strong. Skepticism remains high, and every rally is being bought. I am trying not to overthink, but if we make further gains in the three days prior to CSCO's earnings, I may have to hedge the portfolio some, simply because it might be a good time to take profits even if CSCO is good.
Enjoy the rest of the day! :)
Stocktrader
Hi Stocktrader,
I am happy that you had a good week..idea is to make money with any strategy.....
Saleem
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