Indices closed near low of the day.
S&P 500 closed @ 1409.46
RSI @ 52.54
CMF @ 0.037
Internals were :
Down volume led by 2.06 to 1 in NYSE & 1.91 to 1 in Nasdaq
Declining stocks led by 1.54 to 1 in NYSE & 1.24 to 1 in Nasdaq
Net new 52 wk highs were leading by 134 in NYSE & 23 in Nasdaq
VIX UP 4.85% @ 16.64
Oil closed @ $89.09
Gold closed @ $1721.10
AH Futures Down
AH Asian Markets Down
AH Oil & Gold Down
About market, Fiscal Cliff situation is following a "predictable script"...both parties are sticking to their "old position". Indices may be jittery @ open. Any weakness is an opportunity to buy stronger stocks. There are pocket of strength which needs to be recognized.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hey Saleem,
I had many portfolio stocks crushed today: SPLK -6.3% PANW -5.1% GWAY -4.8% STLD -2.8% GGC -2.4% APKT -2.4% CF -2.2% with others down also. Besides this, the outside reversal on the S&P seems ominous and the potential for a lack of fiscal cliff resolution before year's end (as both sides believe they will gain favorable leverage this way) leads me to a more cautious mindset. I am considering a variety of money-saving moves including sell/buy back, sell, or sell/buy TZA. I'm just not convinced portfolio managers will continue to support stocks up at these levels--the good bargains were already gobbled up?
Stocktrader
Hi Stocktrader,
Sorry to hear about your portfolio performance today.
Politicians are definitely making it difficult for indices to breathe & make gains.
Do whatever makes you comfortable in dealing with your analysis.
Good luck.
Saleem
Hey Saleem,
Ended up selling CRUS, GGC, CF, FIO, APKT, STLD and buying a lot of TZA. I did it rather hastily after my second morning commitment so I'll probably let things shake out and see where the portfolio stands now from a hedging standpoint.
Stocktrader
Hi Stocktrader,
Good luck with your hedging strategy.
Saleem
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