Tuesday, September 25, 2012

Indices closed down .75% to 1.36%......

Indices had their much needed first reversal.

S&P 500 closed @ 1441.59

RSI @ 55.39

CMF @ 0.012

Internals were :

Down Volume led by 8.01 to 1 in NYSE & 5.33 to 1 in Nasdaq

Declining stocks led by 2.72 to 1 in NYSE & 2.80 to 1 in Nasdaq

Net new 52 wk highs were leading by 174 in NYSE & 105 in Nasdaq

VIX jumped 9.05% @ 15.43

Oil closed @ $91.37

Gold closed @ $1776.40

AH Futures UP

AH Asian Markets Down

AH Oil & Gold Down

About market, today was the lonely reversal which everyone expected but was not happening for a longest time. All indices closed @ absolute low of the day. Volume was above average. IF this down day is not followed by another down close, then it was a one day sharp reversal event. I still believe that "trend remains UP" but with more choppiness / churn. This may last for another two weeks, until Q3 earnings are in vogue. Again, keep booking profit & take position in new profitable / safer ideas.

BLOG does NOT give buy or sell.

Saleem

18 comments:

c said...

Saleem

Good morning to all

Hey APPLE is below the 20 day average $680
50 day is $645
100 day is $609

I will nibble at $645 if it get their!!!! Dunno depends on today over all action of market.....

J Cramer says nibble now and get more if it drops further--if you are an investor jump in and hold the shares as his charitable trust does so he says

PS my wife asked me to join his news letter--seems pricey to me thoughts????

NOTE:
I am 80% invested now
after purchase of PER and NSC I did get AUY at $18.95

Good luck to all
C

stocktrader_1996 said...

Hey Saleem,

I'm still trying to find a way into CRUS. I can't think of any good stock to sell in my portfolio (realizing OCZ give me much).

Stocktrader

Stocks100 said...

Hi C,

Cramer views on many stock is known through CNBC...

Action Alert performance is below average....Why waste money..have a nice dinner in 5 star restaurant instead....

Saleem

Stocks100 said...

Hi Stocktrader,

AAPL & CRUS may go hand in hand.....

Saleem

c said...

Saleem

thank you

Any one buying APPLE today??

C

stocktrader_1996 said...

Hey Saleem,

I'm actually hoping so--I think AAPL is a good buy around this level. I ended up selling Z ($40.91) to buy CRUS ($38.43). Z became a "battleground" stock with the Citron Research short-attack yesterday, so I'd rather wait and see how things develop on that front, and even though Z could still outperform, I'd prefer the bit of safety right now.

Stocktrader

c said...

Stocktrader

the market is showing weakness right now

I am not happy

copper is off and gold is off

yeks
c

Stocks100 said...

Hi Stocktrader,

CRUS is making money for you already.....perfect timing.

Saleem

stocktrader_1996 said...

Hey c,

I am not a gold believer, but I think copper can find support here. That said, it's always trickier to find a good miner versus a good commodity. Miners are dealing with increasing wages, increasing equipment costs, and declining yields from their projects, all of which means they might not improve profitability commensurate with a commodity move.

It is a tough business. Maybe buy the JJC (copper ETF) or other commodity ETF directly?

Stocktrader

stocktrader_1996 said...

Hey c,

I just realized you don't get the dividend yield from the commodity, which I know is important to you. It looks like FCX and SCCO are both near support--I'd stick with both the stocks and the commodities here of whatever you own.

Stocktrader

stocktrader_1996 said...

Hey Saleem,

Also about the Z/CRUS switch, I am slightly more apprehensive concerning a housing hiccup late this year as consumers put big decisions on hold for a couple months ahead of the election/fiscal cliff, whereas the smartphone/tablet revolution is global and growing regardless. Ultimately, housing is en route for a great next many years, but I think possible downside risks exist in the nascent recovery here, and would be more visible than a possible minor smartphone slip.

Stocktrader

Stocks100 said...

Hi Stocktrader,

There is no question about Tablet dominance from hereon.....i absolutely love my tablet for its performance & versatility.

Saleem

c said...

SALEEM

hey good buddy

see this news on home sales --effect LEN??

The Commerce Department reported new home sales dropped 0.3% in August from July to a seasonally-adjusted 373,000 unit annual rate. Economists had forecast sales at a 380,000 unit rate. Median new home prices posted their strongest increase in nearly eight years of $256,900, the highest level since March 2007.

Stocks100 said...

Hi C,

LEN needs rest alongwith housing hyper rebound...

Saleem

stocktrader_1996 said...

Hey Saleem,

My only saviors have been my two largest positions--ELOQ and GWAY are going up daily.

Stocktrader

Stocks100 said...

Hi Stocktrader,

I am glad that you have 2 good anchor in your portfolio.

I am up to 89% exposure with my repurchase of EXPE.....

Saleem

stocktrader_1996 said...

Hey Saleem,

You probably got a really nice fill on EXPE! :)

Stocktrader

Stocks100 said...

Hi Stocktrader,

$57.22...is what i paid....on EXPE

Saleem