Indices closed @ lowest level of the day, S&P 500 & Nasdaq closed @ the lowest fraction of the day, DOW missed by few tick.......
S&P 500 @ 1377.51
RSI @ 32.60...this is lowest since June 2012....bullish indicator
CMF @ -0.114...this is not so extreme in this selling...bullish indicator
Internals were :
Down volume led by 4.39 to 1 in NYSE & 3.83 to 1 in Nasdaq
Declining stocks led by 2.70 to 1 in NYSE & 2.79 to 1 in Nasdaq
Net new 52 wk lows were leading by 29 in NYSE & 77 in Nasdaq
VIX closed Down 3.14% @ 18.48
Oil closed @ $85.09
Gold closed @ $1726.00
AH ER / News :
PCLN Down 1.89%
EXPE Down 4.02%
GRPN Down 16.07%
KYAK UP 26.61%
OWW UP 12.74%
AH Futures UP
AH Asian Markets Down
AH Oil & Gold UP
Chinese CPI for October came in @ +1.7% vs expectations of +1.9%
Chinese PPI for October came in @ -2.8% vs expectations of -2.7%
These numbers are extremely bullish, as this leaves lot of room for Chinese Central bank to ease up.
About market, we have gone through a major pullback & it may have run its course. Sentiments is extremely negative which IS a contrary indicator. Even "super bull Jimmy the Cramer" is crying uncle. Expecting a green close for Friday.
BLOG does NOT give buy or sell.
Saleem
11 comments:
S
HELLO
we are over due for a snap back
PM is down $60 at 7:30
My account is down 5%
Gonna sell BME and RNF my only green for some cash as market is over sold
DID NOT know that j Cramer was so negative on the market
VIX is 18.49
C
Hi C,
JC was fearful of this market & telling everyone to sell AAPL two days in a row........
Good luck with your sell on BME & RNF...
Another "ugly open" DAX down 1.75%
Saleem
Hi C,
About selling anything....near low it is prudent to "sell the dogs"..NOT stocks which are performing..imho
That is the reason i sold RVBD NOT APKT....
Food for thought !!!!
Saleem
S
thanks for that
I guess i should rethink
my ideas
I was looking for some cash nad they are the ONLY two that I own that are positive for me
I held way to long and did not take the profit--last week
FAST MONEY Karen Finerman says apple is a hold for her and is willing to take the pain.
I am so sorry that RVBD did not work out for ya
I will look over my stocks for others to sell
C
Hi C,
Booking profit when market is higher is a good strategy...
RVBD was a $1 per share loss..TAPE was lousy thus no conviction.
My loss yesterday was 2.5% including currency loss of .5%
Saleem
Hey Saleem,
Sold TM at 78.80 based on my new expectations of a short-term strengthening yen and fiscal cliff negotiations to hurt confidence.
I am tempted by APKT again. I read that Verizon looks to have its LTE fully rolled out by mid-2013. That would be great news for APKT, although I'm somewhat concerned by their business product sales (which has already been weak), but also their European service provider sales (which was extremely strong in the last Q). Ultimately, I'll watch the technicals on this one--would love a break above $19.
Stocktrader
Hey Saleem,
Sold PFPT at 11.77 average. It just isn't acting well enough to justify holding during this tumultuous time and is near a breaking point technically.
Stocktrader
Hi Stocktrader,
APKT TAPE has impressed me since earning report...only winner in my current portfolio.
Sometimes TAPE tells me more than what is known by market place...something good happening @ APKT...
Saleem
Hi Stocktrader,
Good to get rid of dogs near market lows......
Saleem
Hey Saleem,
Sold FIO at ~22.805. I may actually buy it back later today, but I'm taking the opportunity to sell the stocks not acting well. These recent sells have definitely put me net short now, but my available buying power can quickly fix that if necessary. I can't sell the TZA until Tuesday.
Stocktrader
Hi Stocktrader,
I always forget your 3 day rule.....TZA could be in jeopardy by then.....
Good luck with your firepower.
Saleem
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