Indices were able to recover from Fed surprise of QE0 & moved upwards.
S&P 500 closed @ 1466.47 which is higher high & highest close in this run.
RSI @ 64.45
CMF @ 0.144
Internals were :
UP volume led by 4.01 to 1 in NYSE & 1.95 to 1 in Nasdaq
Advancing stocks led by 3.27 to 1 in NYSE & 1.87 to 1 in Nasdaq
Net new 52 wk highs were leading by 267 in NYSE & 113 in Nasdaq
VIX got crushed by another 5.01% @ 13.83...52 wk low is 13.30
Oil closed @ $93.09
Gold closed @ $1648.90
Canadian $ closed @ 101.44...Canadian jobs growth was 796% more than consensus..expectations 5,000 actual 39,800. Jobless rate in Canada is @ 4 yr low of 7.1%
In my portfolio :
Sold CRUS
Doubled my position in TCK @ $37.30
Portfolio is KORS,JCP,TCK,YUM
Here is portfolio weighting :
TCK 28.85%
KORS 25.96%
YUM 23.51%
JCP 21.68%
Exposure 65%
I am planning to add one more stock to my portfolio.
Stocks which were UP 1% or more included JCP,YUM,
CF,APKT,FB,POT,M,EXPE,GOOG,WYNN,LVS,
GS,AGU,FCX,RVBD,RIMM,COH,C,SNDK,MOS,
NVDA,X,STLD,QIHU,ECA,BAC,MS,BJRI,MLNX....
Next post by 2 PM Sunday.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
It was a nice week driven by solid gains in many stocks with a few laggards like FIO and PANW. The one change made was swapping AAPL for ETP, which also worked well. Here's the portfolio now:
GWAY - 9.5%
GGC - 9.3%
WLT - 9.3%
PANW - 9.0%
SPLK - 8.9%
CRUS - 8.6%
PFPT - 8.0%
STLD - 7.4%
FIO - 7.2%
ETP - 7.2%
WPRT - 6.5%
CF - 6.4%
APWC -2.7%
(cash) - 0.01%
I remain comfortable with the medium-long term stories in my stocks (always watching the competitive landscape, however) and look forward to the upcoming earnings season.
Given the very decent job numbers posted in December during what was heavy uncertainty surrounding the fiscal cliff, I think it is clear there is underlying strength in the US economy. Even though there is a looming situation with regards to the debt ceiling, earnings season should help lift those companies with great execution and positioned well in growth industries.
Consumers may feel the pinch of the 2% reduction in net earnings given the expiration of the payroll tax holiday. A family making $60,000 a year will see reduced take-home pay by $1200/yr or $100/month. I wonder how much this will impact discretionary spending, and I don't think it has been talked about enough, especially as the main headlines were "extension of the middle class tax cuts".
Businesses may be reluctant to fully unleash their cash hoards ahead of the debt ceiling resolution, but I suspect they realize that Congress will eventually come to some compromise in the end. Also, I think businesses overall are realizing that they can't be held back by these seemingly more frequent Congressional impasses and may generally start to move forward with many of their business growth initiatives.
Europe continues to look stabilized for now and may start to move forward somewhat based on China also moving forward since they are a large exporter there. The Chinese transformation to a consumptive economy continues, and although we will see challenges along the way, it should continue to be a great driver of growth for the world.
The Fed seems to be tactfully treading that very fine line of "appropriate" monetary policy. I think this will continue to lead to confidence in investing and spending for many knowing the Federal Reserve is right where it needs to be.
Overall for 2013, I still like the themes of business spending on new technology, trend toward more and more "smart" devices, low natural gas prices, and housing. The majority of my stocks encompass these themes.
Looking forward to earnings kickoff! :)
Stocktrader
Hi Stocktrader,
You have 13 stocks 2 the start of 2013.
Debt ceiling & balance of Fiscal cliff spending cuts talks is another major hurdle for this market starting in 25 days.....I want to stay clear in Feb-March of any risky exposure.
Once US politicians get out of the way..we should have a powerful rally......
Timing is everything most of the time but may play a very critical role in short term.
Your portfolio is well diversified & should participate in post debt ceiling strength.
Saleem
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