Fed Q&A put the focus back on Fiscal Cliff.
S&P 500 closed @ 1428.48, high was 1438.59
RSI @ 61.33
CMF @ 0.201
Internals were :
Down volume led by .78 to 1 in NYSE & 1.35 to 1 in Nasdaq
Declining stocks led by 1.06 to 1 in NYSE & 1.56 to 1 in Nasdaq
Net new 52 wk highs were leading by 89 in NYSE & 49 in Nasdaq
VIX closed UP 2.44% @ 15.95
Oil closed @ $86.77
Gold closed @ $1717.90
Stocks which were UP 1% or more included LEN,JCP,AUY,
HMC,APKT,RIMM,NFLX,AEM,GG,FCX,LVS,BIDU,
GMCR,ZNGA,CIEN,C,MOS,EGO,SLW,CCJ,SINA,
WYNN......
AH Futures Mixed
AH Asian Markets UP
AH Oil & Gold Down
About market, Indices reacted to Fiscal Cliff focus created by Mr Bernanke in his Q & A. TAPE needed a rest & today was a good day to do just that. I still expect Fiscal Cliff resolution in the week of 17th. It is wise to stay in this market. Today's selling was pretty tame, a reversal of 70 Dow points.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hey Saleem,
I did more work on the GGC transaction last night and I am comfortable with the price of the stock. I rebought today at $44.30544 avg.
Stocktrader
Hi Stocktrader,
It is always good to confirm any thesis by cross-checking impact.
Good luck with GGC.
Saleem
Saleem
Going to take off some long today, we might be digesting gains for a few days before going back up. Still have my AIG and I think it is going to go much higher soon , Just need moving average to catch up a little. To me investor who brought all those shares from the government at 32.5 means they won't be selling until much higher price. Just want to follow the big money. Sold PANW yesterday for a small gain, but will revisit soon. If it hold 47.63, then bottom might be in.
Hi Up,
I had couple of sell orders..JCP got filled...biggest $ gain for the year...have been extremely lucky with many trades with JCP...most hate this stock..I love making money of this hatred.....
I know you follow TAPE closely like me..it tells more than what traders care to know......
Good luck with your strategy.....
Saleem
Saleem
Great gains, and I am happy for you. I sold the rest of my FB today, a 10 points gainer. It look like it wanted higher but because more shares will be released tomorrow, I think it's wise to lock in profit first before asking question. Only regret I have is not buying RIMM and APKT at much lower price when I know it will go higher. Guess been cheap sometime hurts
Hi Up,
Sold LULU.....
I am sure we all have a long list of stocks which we have missed everyday or it went higher than where we sold...such is life on Wall Street.
Great gains on FB......
Saleem
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