S&P 500 went from 1434.27 to 1343.35 in 12 trading days of November.....
This is a pretty steep correction for non-flash crash type of event.
Many technicians are not very hopeful based on "weak rebound on Friday"
This is also "Thanksgiving shortened week" with low volume.
A better picture of strength may emerge in the last week of November.
Market direction will be dictated by development or lack of progress in coming days or week on Fiscal Cliff.....
SO..the question IS ?
How we should position ourselves in this market environment.
My suggestion is to stay involved with your own comfort level.
Once "fiscal Cliff is averted"...it will be a "huge boost to this market.
Many stocks are behaving much better & held up well in this collapse......pay attention to those stocks like YHOO,APKT,MA,V,FB...to name a few in my universe.
Many stocks rebounded nicely on Friday which needs focus.
Many sectors are falling apart technically speaking which should be avoided.
It is back to basic about "stock picking"
Good luck with your own research & comfort level.
It is NOT all clear YET.
BLOG does NOT give buy or sell.
Saleem
Hey Saleem,
ReplyDeleteGood recap of things past and things to come. The short week should make things interesting. I definitely agree that some stocks have seen the selling exhausted while others might be sluggish still.
Ready for the battle to begin anew...
Stocktrader
Hi Stocktrader,
ReplyDeleteHopefully we stabilize here & wait for the news of agreement.
This week could be a "daytraders dream"...lot of volatility for short week.
Saleem
Hey Saleem,
ReplyDeleteSold PFPT at 10.00......I can never get this one right...
Stocktrader
S
ReplyDeleteGotta admit that APPLE is a dream today
I tried for a small buy --no gots
Stil have some at $647.
I saw upgrades today $880 today! get some as we say in the Army
Fiscal cliff is still dangling over us
I am still holding bag on BIDU............
PS
I prayed for your sister -- I hope that all is well!!!!!!!
C
Hi Stocktrader,
ReplyDeleteIt is good to move on when in doubt or does not go with expectations...
Saleem
Hi C,
ReplyDeleteThanks for your prayer & note re AAPL....
AAPL has turned technical picture to a bullish one....$1000 is the highest i have seen today.
I added to APKT today....
Saleem
S
ReplyDeleteI got 25 shares of apple at $553
More to come !
Yes apple satisfies all
C
Hi C,
ReplyDeleteGood luck with your add on in AAPL....already ahead$$$$
Saleem
Saleem
ReplyDeleteI am not at all sure as to the catalyst for APKT
Enlighten me plz
C
Hi C,
ReplyDeleteAPKT should be ready to move UP shortly...just technical set up is good....its resting now.
Saleem
Hey c,
ReplyDeleteAPKT makes a product used extensively in the LTE buildout. The recent increased capex spending plans by the carriers on LTE is making APKT look attractive from that perspective. It is a bit tricky though because they have other products too and those are tied to IT spending.
Like Saleem said, it is just resting right now after outperforming for most of this decline. It looks good still.
Stocktrader
To all
ReplyDeletethanks for update on APKT
I will keep an eye on it
Look at VZ for a run up.. Pays 5% to sit on too
C