Indices staged a strong rally on improving Chinese data & hope for good Black Friday sales....
S&P 500 closed @ 1409.15
RSI @ 53.35
CMF @ -0.029...best level in weeks...
Internals were :
UP volume led by 12.11 to 1 in NYSE & 6.63 to 1 in Nasdaq
Advancing stocks led by 4.99 to 1 in NYSE & 3.26 to 1 in Nasdaq
Net new 52 wk highs were leading by 90 in NYSE & 19 in Nasdaq
VIX closed Down 1.11% @ 15.14
Oil @ $88.14
Gold @ $1748.50
Canadian $ @ 100.79
Portfolio is APKT,AMZN,CF,JCP
Bought 10 $12 Strike Call Option expiring next Friday @ .38 cents on RIMM
@ close following were UP 1% or more :
APKT,CF,RIMM,HMC,AAPL,M,SU,
AUY,TCK,FFIV,SNDK,AEM,FCX,BIDU,
COH,V,LRCX,MU,BRCM,JDSU,CIEN,FNSR,
LVS,QCOM,GMCR,MOS,SBUX,MCD,STLD,EGO,
SLW,CCJ,ECA,MGA,BAC,MS,KOG,WYNN,GS,AGU......
Next post by 2 PM on Sunday.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
It was one of the best weeks I've had in a long time with the portfolio gaining 8.3%. Many stocks were up nicely with the key decision being the move to fully long prior to this week. Here's the portfolio now:
ELOQ - 11.2%
GWAY - 9.9%
CRUS - 9.6%
GGC - 9.5%
APKT - 8.3%
AAPL - 7.4%
FIO - 7.4%
CF - 7.2%
PRU - 7.0%
TM - 6.9%
PANW - 6.8%
SPLK - 6.4%
APWC - 2.4%
(cash) - 0.01%
I did pick up TM and PRU diversifying my sector exposure and playing some special situations like a weak yen in TM and excessively low valuation in PRU. I sold PFPT when it was acting poorly, but that tone has changed already. Regrettably, I am interested in buying it again although it is higher. The other stock I'm looking to buy is STLD, gaining exposure to the good areas in steel and taking advantage of lower input costs. AAPL is always a sell candidate for me because it tends to move more slowly percentage-wise, and I also have a large position in the Apple supplier CRUS already. Otherwise, PRU is running into a major resistance area, so I may swap out of that if it shows signs of stalling.
In the overall market, the $SPX is running right into resistance levels in the 1405-1425 range, an area of congestion in the last month as well as a declining 50 DMA at 1426 currently. The hugely oversold nature of the market has been worked off, and without an imminent deal on the fiscal cliff, I wonder if this week will just churn some.
Given that stance, it might be wise to lighten exposure somewhat waiting for the next market move. As we get nearer to Dec 31st without a deal, I have to think the market will become more skittish, possibly retracing some gains made this past week. Of course, more positive language from lawmakers would be market friendly and a signed deal would rocket this market forward fast.
Around the world, there are signs of better confidence and economic data in both Europe and China and that lends itself to global market support. Getting the US fiscal cliff resolved in a positive way should really provide the solid foundation for steady growth ahead.
Despite the feeling that digestion is necessary in the market, I plan to stay fully involved focusing on my good growth companies to lead the way of the future. SPLK is reporting after the bell Thursday and several growth conferences are occuring this week, hopefully leading to nice institutional recognition in these areas.
Awaiting the week ahead...
Stocktrader
Hi Stocktrader,
Nice recap of some of the challenges ahead......
Some stocks are defying market weakness which is nice to see.
I also had a very productive week..the-best of 2012...stock gain 5.63% & currency gain 7.47%..total of 13.10% for the week.......
Saleem
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