Anxiety over Fiscal Cliff trumped PMI improving Data from China.
Their is technical damage being done in two indices, S&P 500 below 50 DMA & Nasdaq below 50 & 200 DMA.....Dow remains above 50 & 200 DMA.....
S&P 500 closed @ 1413.58
RSI @ 51.62
CMF @ 0.210
Internals were :
Down volume led by 1.14 to 1 in NYSE & 1.07 to 1 in Nasdaq
Declining stocks led by 1.16 to 1 in NYSE & 1.03 to 1 in Nasdaq
Net new 52 wk highs were mixed, UP 30 in NYSE & Down 4 in Nasdaq
VIX UP 2.66% @ 17.00
Oil closed @ $86.73
Gold closed @ $1697.00
Canadian $ Down 17 tick @ 101.37
Stocks which closed UP 1% or more included KORS,TCK,
RIMM,APKT,YHOO,CF,PANW,BIDU,CLF,MU,FNSR,
ARNA,X,STLD,SINA,MS,IBN,FCX......
Here is my portfolio weighting :
KORS 21.75%
AUY 20.41%
LEN 20.02%
JCP 15.13%
TCK 11.96%
CRUS 10.73%
Exposure 79%
Next post by 2 PM on Sunday.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
We are still recovering from an early family Christmas celebration yesterday due to upcoming holiday vacations so this will be brief.
It was a sluggish week due to declines in AAPL/CRUS having their problems and CF/GGC/GWAY all getting downgrades. Other commodity stocks like WLT/STLD did well however on the China strength.
The portfolio consists of the following stocks:
WLT - 9.7%
SPLK - 8.8%
CRUS - 8.4%
ELOQ - 8.1%
FIO - 8.1%
STLD - 7.4%
PFPT - 7.0%
AAPL - 6.9%
CF - 6.7%
WPRT - 6.6%
GGC - 6.6%
PANW - 6.5%
GWAY - 6.4%
APWC - 2.7%
(cash) - 0.01%
We are still in wait mode based on the fiscal cliff negotiations, but the world economy is improving around us based on China's rebound in activity and European stabilization. Whenever we do finally get the US resolution, I am definitely expecting a powerful rally both short and long term.
A massive corporate spending snapback will be a main theme hence my technology overweight. The resurgence in the Chinese economy could provide value to the commodity stocks hence my recent additions there.
Finally, my thoughts and prayers go out to all the victims and families of the CT tragedy. It is a sobering reminder of how short life can be, and we should cherish every moment we can spend with family and friends.
Stocktrader
Hi Stocktrader,
Any celebration with family & friends adds materially to our well being. Life is extremely unpredictable thus capturing every moment is important.
This market is mixed bag, some great some not so great.
There is a surprising shift in outperforming stocks.....
Good luck with your picks.
Saleem
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