Monday, December 31, 2012

Indices closed UP 1.28% to 2.00%....NICE !!!!

Indices exploded UP on optimism about budget deal.

S&P 500 closed @ 1426.19

RSI @ 53.06

CMF @ 0.051

Internals were :

UP volume led by 31 to 1 in NYSE & 13.49 to 1 in Nasdaq

Advancing stocks led by 6.10 to 1 in NYSE & 4.10 to 1 in Nasdaq

Net new 52 wk highs were leading by 85 in NYSE & 40 in Nasdaq

VIX tumbled 20.69% @ 18.02

Oil closed @ $91.82

Gold closed @ $1675.80

Stocks which were UP 3% or more included CRUS,JCP,TCK,KORS,
APKT,AAPL,M,EXPE,
NFLX,AEM,GG,SLW,
LVS,CLF,MU,FNSR,
X,STLD,SINA,QIHU,
KOG,FCX......

About market, they are still negotiating in Senate & IF they have an agreement, then voting process will start. House is expected back on New Year around noon to take centre stage. Like everyone else, i am hoping to see this circus comes to an end, but i have a funny feeling that we have not heard the last from this self-serving group of grown-ups.

Technically we are looking healthy as all indices are above 50 & 200 DMA. Let us all hope that our trading or investment is not held hostage by politicians. Nobody had factored "politicians" as a variable in investment thesis or analysis.

Happy New Year to all BLOG visitors.

BLOG does NOT give buy or sell.

Saleem

4 comments:

stocktrader_1996 said...

Hey Saleem,

It looks like our patience will be finally rewarded!

I am still thinking about swapping AAPL out for a different kind of beta stock, maybe a financial or industrial. I'm just having a hard time figuring out AAPL's potential upside, and generally it also does more move slowly than other beta plays mostly due to its size.

Stocktrader

Stocks100 said...

Hi Stocktrader,

AAPL is UP 3% in pre-market.....

AAPL may be a good stock to keep now....support has been tested & selling is done.....

Good luck with your decision.

Saleem

stocktrader_1996 said...

Hey Saleem,

Sold AAPL 551.80 and bought ETP at 44.37. Given the reasons above and the fact that I hold CRUS also, I felt selling and diversifying was a fine idea. I bought ETP because of the 8+% dividend and the fact that dividend taxes barely rose, better than the expectations of many.

Stocktrader

Stocks100 said...

Hi Stocktrader,

Good luck with ETP....

I bought YUM.....

Saleem