Indices were sold off again on EU issues.
S&P 500 closed @ 1433.32
RSI @ 50.31
CMF @ 0.010
Internals were :
Down volume led by 1.73 to 1 in NYSE & 2.47 to 1 in Nasdaq
Declining stocks led by 1.45 to 1 in NYSE & 1.69 to 1 in Nasdaq
Net new 52 wk highs were leading by 75 in NYSE & 3 in Nasdaq
VIX closed UP 8.94% @ 16.81
Oil closed @ $89.98
Gold Closed @ $1753.60
AH Futures UP
AH Asian Markets mostly UP
AH Oil & Gold UP
About market, Indices churn & corrected about 3% in S&P 500 in a span of 8 days, majority of the pullback happened in last two days. This was a much needed quick removal of froth. Now market can go back to doing what it was doing before.Next two days should see renewed buying based on month end & quarter end buying. After that we may go back to "churn mode" again for a week. So book profit & wait for "buy the weakness"...repeatedly.
BLOG does NOT give buy or sell.
Saleem
9 comments:
SALEEM
Good day sir
Great blog
good analysis
GOLD and copper are up pre market PM +$65 yahoo
Maybe AUY will get sizzle BIDU may get some respect too
C
Hi C,
Thanks for your feedback.
BIDU is looking good already...may be UP nicely today....
Gold is UP.....
Saleem
Saleem
hey big guy
Loookie at me:
~$660 per is a mighty fine price to start nibbling on the best stuff in the market, IMO.
I've added already @ $660.50 today, my first purchase in many months. Any price below that is a fire sale, so best to keep some powder dry in this crazy market to scale in for max gain.
Meanwhile, back at the orchard, 22 more countries launch tomorrow. Gee wiz, do you think it'll go well? Do you think the media will give us tons of free press? Do you think the bears and bashers will be steamrolled by this juggernaut? Me too.
Most importantly, do you think Apple will crush the Q with 10 million or more i5's sold in only nine days? Will they have their best year ever by a long shot?
And will it continue through next year (i5, iPad mini, China Mobile, iPad refresh)?
C
Hey Saleem,
Sold OCZ finally at 3.53 and picked up some LF at 8.73835. Then, right after I make that switch, I read an article about the STX/OCZ deal that fell through solely because the now-ex-CEO wanted a board seat.
I don't know for sure that it means the deal could be back on, but it certainly gives enough color to make me want to be in. At this point, I'd have to sell something else to re-enter OCZ. Maybe I could trim some ELOQ?
Thinking...
Stocktrader
Hi C,
I can see you are all pumped up for iAAPL.....
YES..it will do well.....
Saleem
Hi Stocktrader,
I can see that your love affair with OCZ continues.......
Good luck with your RE-swap....
Saleem
Hey Saleem,
Fair comment! :)
Often when I do a lot of research on a stock, I want to be involved for the move when it actually happens, so yes.
Really, I should never have sold it today. I saw the "news" too late.
Stocktrader
Hey Saleem,
Ok. So I sold some ELOQ at 19.608 to bring it more inline with other position sizes and bought OCZ back at 3.67.
Let the love affair continue! :)
Stocktrader
Hi Stocktrader,
I am sure .....one of these days you should get the return you are hoping for from OCZ....
Good luck !!!!
Saleem
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