Indices made another multi-year highs.
S&P 500 closed @ 1502.96 near high of the day 1503.26.
RSI @ 74.41
CMF @ 0.501
Internals were :
UP volume led by 2.63 to 1 in NYSE & 2.52 to 1 in Nasdaq
Advancing Stocks led by 1.58 to 1 in NYSE & 1.27 to 1 in Nasdaq
Net new 52 wk highs were leading by 327 in NYSE & 174 in Nasdaq
VIX closed UP 1.58% @ 12.89
Oil closed @ $95.88
Gold closed @ $1656.60
Canadian $ closed @ 99.35, it hit six month low intraday @ 99.00 against US$
Stocks which were UP 2% or more included CRUS,AMZN,CSOD,
PCLN,POT,LULU,EXPE,RVBD,KORS,FFIV,LNKD,GMCR,
LRCX,FNSR,MOS,SBUX
In my portfolio :
Sold YUM
Portfolio is BAC,CRUS,YHOO
Next post by 2 PM on Sunday
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
Another week, another gain for the S&P--it's been too long since we've seen some pain! Upside standouts this week included GGC (+6.6%), BAC (+4.3%), CRUS (+9.6% from purchase), FFIV (+8.8%), and CF (+5.1%). The portfolio now sits as follows:
GGC - 10.3%
PANW - 9.8%
GWAY - 8.8%
BAC - 8.1%
FIO - 8.0%
STLD - 7.2%
SPLK - 6.8%
CRUS - 6.6%
FFIV - 6.6%
CF - 6.5%
PRU - 6.2%
PFPT - 6.1%
CSOD - 5.9%
APWC - 3.1%
(cash) - 0.04%
I made a few adjustments this week, selling off CLF and WLT to add CRUS, PFPT, and CSOD. This really weights the portfolio heavily to the technology side, but I trust those secular growth stories more than the commodity ones at this point. Also factoring in was the lack of positive price action after both China's good preliminary PMI numbers and some company-specific preliminary numbers--this told me commodity stocks needed to rest after an extended runup from deeply oversold conditions last year.
Overall, the market continues to move steadily upwards, without any bad news really hitting for now. Both economic numbers and political compromise have looked better recently.
Given the heavy upside move giving us the best January in many years, my thinking drifts toward possible trigger points for a healthy pullback. I wonder if this week's job data might look "too good" and create a fear on how fast the Fed might pull back the QE. This is another reason I want to be less involved in the cyclical growth stories, and am trending more toward secular growth stories for now.
I look forward to even more earnings reports and conference calls this week with STLD, FIO, and PFPT all on tap. With this information and more, I constantly evaluate my current portfolio holdings against a basket of potential buys. I am pleased with where I stand now, but you never know when something owned might get too rich or something not owned might get suddenly cheap.
In summary, I am watchful of a pullback but realize that fewer uncertainties economically and politically are driving inflows into stocks funds from the large amounts of bond holdings or sideline cash. We may be setting up for some kind of blowoff top to signal a short-term pullback, although I'm not sure what exactly I'd change in the portfolio even if I knew that were to happen. Individual stories are finally driving stocks more than almost any time in the past four years, and therefore sticking with good stocks during brief pullbacks shouldn't hurt too much! :)
Stocktrader
Hi Stocktrader,
Nice strategic buying by you.
Your portfolio is chugging along nicely.
Market is giving no sign of fatigue yet.....actually REVVING UP......
Good luck in coming week.
Saleem
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