Indices were making new 5 year highs.
S&P 500 closed @ 1517.93, high today was 1518.31.
Our much talked about "genius of stock market" Doug Kass announced in mid January that we will see highs of 2013 in January 2013 & he has " the HIGHEST short position in a year since that time"...but FACTS are proving, that he is doing worse in market prediction than a cab driver in Manhattan, maybe he should ask a NY cabbie where market is heading next time, before he goes on CNBC???
RSI @ 66.79
CMF @ 0.438
Internals were :
UP volume led by 1.91 to 1 in NYSE & .39 to 1 in Nasdaq
Advancing stocks led by 2.10 to 1 in NYSE & 1.75 to 1 in Nasdaq
Net new 52 wk highs were leading by 286 in NYSE & 157 in Nasdaq
VIX Down 3.56% @ 13.02...on its way to making new 52 wk lows?
Oil @ $95.72
Gold @ $1666.90
Canadian @ @ 99.84..below US$ on bad jobs report, lost 21,900 jobs instead of 0 loss.
Portfolio is BAC,BBRY,YHOO
Stocks which were UP 1% or more included DNKN,AAPL,CSOD,
GOOG,PCLN,YUM,LVS,PANW,LNKD,ZNGA,BRCM,KOG,
WYNN.....
Next post by 2 PM on Sunday.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
The week ended marginally down for me with a few underperformers creating some drag on the portfolio (CSOD -5.1%, CLF -3.9% from purchase) and many other stocks slightly down in profit taking despite my nice reload buys on the down Monday. Also, WPRT has made an appearance again after a long hiatus. Here's the portfolio now:
CLF - 9.9%
PFPT - 8.7%
FIO - 8.5%
PANW - 8.4%
PRU - 8.3%
BAC - 8.3%
CRUS - 8.2%
SPLK - 8.2%
AXLL - 8.1%
CSOD - 8.0%
STLD - 6.4%
WPRT - 6.0%
APWC - 3.0%
(cash) - 0.01%
Earnings season is in full effect for me still as AXLL, CSOD, and CLF all report this week, along with GWAY on my watch list (not to mention CSCO). This is the time to prune lagging stocks and buy those with improving prospects in the next 3-12 months. Most of what I have seen so far I like, even from "disappointments" like FIO and CRUS, but I continue to have a comparative scale in my head of which investments I will sell first if I find better ideas--CLF, PRU, and CRUS are probably those first on the chopping block if needed. SONS and DSPG are among some new stocks I am considering for speculative purchase.
Overall, the market continues its nice uptrend, and the selloff early this week really helped work off the near term overbought conditions. There are always trouble spots popping up in the world to give the market pause, but the main trend is very clear now.
Looming elections in Europe, the sequester debate in Washington, and currency "wars" are sure to make people nervous from time to time. Using those opportunities to rotate into the best acting stocks should create better returns over time. 2013 is shaping up to be a great year for many high growth companies--finding and riding those will be the key to outperforming the market.
In summary, there's not much different this week than last. Problems occur but tend to have little lasting effect. February is often a bad month for the market, so the averages could certainly consolidate more, but I think many stocks will do well as we are now less tied to the macro concerns and can actually do some stock-picking.
Good luck to many digging out this weekend from large snowstorms!
Stocktrader
Hi Stocktrader,
My portfolio took a beating due to Canadian $ taking a hit...CAD was Down 8.78% for me...stocks did slightly better for me was UP.95%..so combined damage was 7.83%......
I am glad that you have a well thought out strategy for 2013......
Saleem
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