Indices underwent mild selling from open, all indices closed down slightly.
S&P 500 @ 1560.70
RSI @ 68.21
CMF @ 0.283
Internals were :
Down volume led by 1.19 to 1 in NYSE & 1.99 to 1 in Nasdaq
Declining stocks led by 1.18 to 1 in NYSE & 1.17 to 1 in Nasdaq
Net new 52 wk highs were leading by 289 in NYSE & 193 in Nasdaq
VIX closed unchanged @ 11.30...an extremely rare close
Oil @ $93.45
Gold @ $1592.60
Canadian $ @ 98.11
Portfolio BAC,JCP,BBRY,YHOO
Stocks which closed green included BAC,JCP,
COH,TIF,QIHU,AAPL,CF,MOS,PCLN,
HMC,SU,YUM,LVS,JASO,GMCR,X,
STLD,CCJ,ECA,MS,GS,CLF,FCX....
Next post by 2 PM on Sunday
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
It was another nice week with the portfolio gaining 2.29% versus the S&P up 0.61%. Big gainers this week included DSPG (+12.8%), PFPT (+8.6%), AXLL (+5.7%), RDN (+5.4%), BSFT (+5.4%) versus a few losers in CSOD (-4.3%) and SODA (-3.7% from purchase). Here's the portfolio now:
Primary Holdings: SPLK AXLL PRU CF CSOD BAC
Secondary Holdings: BSFT WPRT PFPT RDN AUDC DSPG SODA STLD PANW APWC
Cash: .004%
The moves this week were selling CRUS and MS and trimming DSPG, PFPT, and PANW. With those proceeds, I was able to buy SODA, STLD, WPRT, and BAC. Some of these moves don't look as good in hindsight, but in aggregate came out ok. I feel like the trend of individual stocks is a little harder to read than usual, so again I have to remind myself to let stocks play out a little more before acting. Specifically, I bought WPRT and SODA back after just recently selling and with mixed results. Also, selling MS and trimming DSPG early resulted in some lost potential gains. The one thing I am almost certain to do this week is sell BSFT to lock in those nice profits, and I'll be watching SODA and CSOD for further signs of deterioration.
I continue to evaluate my portfolio for opportunities to take profits or find new stories/stocks. The past two weeks I've probably been trying a little too hard as many stocks due to their rotating strength can put you on the wrong side of the trade quickly. Also, it is fairly easy to find something wrong with every stock, so I am currently struggling with the urge to make adjustments based on small moves in stock prices that I might mistakenly interpret as validation of a thesis to buy or sell.
As for the overall market, I expect the dominant theme the rest of this month to be quarterly performance chase. *Many* portfolio managers and hedge funds are underperforming their benchmark, some by quite a lot, and only have two weeks to play catchup. This probably means a narrowing of the breath of the rally, but could mean really great gains for some of those "chosen" stocks. Stocks like BAC on the fresh, high-volume breakout and WPRT on potential accumulation and short-squeeze are candidates here, as well as any big winner this quarter like AXLL, RDN, or PFPT.
Another factor to consider on the cautious side is the huge drop in bearish sentiment. Finally people are realizing the economy and market are on track to continue their slow improvement, but the sudden realization of this by so many people leaves us more vulnerable now than any at time this year. Add this to the fact that we are very nearly bumping up against the historic highs in the S&P might just be enough reason for some profit-taking in the averages on certain days. Not to leave them out, but the Fed also meets this week although I expect little effect other than the reassurance they give to careful monitoring and support.
In summary, I expect a slow grind higher in the averages through this month with possibly narrowing breath. I hope to be positioned in the correct stocks during this time to maximize gains.
Have a great week! :)
Stocktrader
Hi Stocktrader,
Really happy that your diversified portfolio is giving you way better result than broad averages.
YES..this is a market where "overthinking can hurt"
I am concerned about this week for TAPE grinding lower.....
Saleem
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