Despite political wrangling indices finished mostly UP.
S&P 500 closed @ 1416.18, high was 1418.86
RSI @ 55.81
CMF @ +0.026
Internals were :
UP volume led by 1.36 to 1 in NYSE & .99 to 1 in Nasdaq
Advancing stocks led by 1.23 to 1 in NYSE & .98 to 1 in Nasdaq
Net new highs were leading by 117 in NYSE & 23 in Nasdaq
Oil closed @ $88.91
Gold closed @ $1712.70
Canadian $ closed @ 100.67
In my portfolio :
Bought TCK @ $33.67
Bought LEN @ $37.83
Portfolio weighting is :
KORS 25.63%
AUY 24.40%
JCP 20.96%
TCK 15.61%
LEN 13.40%
Exposure 68%
Stocks which closed UP includes KORS,TCK,RIMM,
CF,AMZN,M,EXPE,NFLX,GOOG,LNKD,MA,V,
GMCR,FB,QCOM,MCD,ECA,WYNN,AGU....
Next post by 2 PM Sunday
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
In a week that traded volatily between the 50- and 200-DMA, I was able to outperform with a ~1.5% gain. Sticking with the future growth companies worked for this week. The portfolio is now as follows:
ELOQ - 11.3%
GWAY - 10.2%
CRUS - 9.6%
GGC - 9.4%
SPLK - 9.1%
AAPL - 7.4%
CF - 7.2%
FIO - 7.0%
PFPT - 6.7%
PANW - 6.6%
APKT - 6.5%
STLD - 6.5%
APWC - 2.5%
(cash) - 0.01%
SPLK reported this week and showed nice progress in their business despite the macro headwinds--I am pleased with that execution and outlook. As I mentioned I might in my last weekend's writeup, I did sell TM & PRU for STLD & PFPT. I chased a little to buy the new stocks, so there hasn't been much overall movement yet, but I like the late week positive moves. The long-awaited PANW report is this week Thursday after the bell, and I expect slight beats and raises, confirming the strength of the company. Overall I like the portfolio positioning even if some of the stocks need to rest.
I expect the broader market will experience more uncertainty, but how this affects stocks is not clear. If I had to guess, I imagine we'll see some slight weakness overall as the fiscal cliff deadline approaches and a deal seems a little further off still. The 50- and 200-DMAs are converging, and I think the market might coil inside there until a definitive break comes, which I don't expect this week. As we coil, we build up explosiveness for when the move comes. I hope the politicians deliver before the market breaks.
In the world, China continues to show stabilization, and Europe is removing tail risk with yields in Italy/Spain reaching multi-month lows. This backdrop is great for when the US gets things figured out.
There's really not much to write this week as the market is held hostage by the fiscal cliff debate. Although investors will likely give at least another week before getting truly afraid, I won't if some slight slippage might creep in this week? maybe to the tune of 0.5-1% down? There are many potential possibilities for market moves, so sticking with your most comfortable companies is the right move.
Hope all is well! :)
Stocktrader
Hi Stocktrader,
Great recap of many cross-current. Your detailed analysis is helpful to many.
This week you beat me by a hair..i am UP 1.43%....
Good luck with PANW.
Saleem
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