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
Hey Saleem,
ReplyDeleteI 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,
ReplyDeleteSorry 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,
ReplyDeleteEnded 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,
ReplyDeleteGood luck with your hedging strategy.
Saleem