Indices fought its way to close near high of the day.
S&P 500 @ 1518.20
RSI @ 56.64
Internals were :
UP volume led by 1.16 to 1 in NYSE & 1.62 to 1 in Nasdaq
Advancing stocks led by 1.29 to 1 in NYSE & 1.34 to 1 in Nasdaq
Net new 52 wk highs were leading by 108 in NYSE & 63 in Nasdaq
VIX Down .97% @ 15.36
Oil closed @ $90.68
Gold closed @ $1572.30
Canadian $ closed @ 97.33
Portfolio is BAC,BBRY,YHOO
Stocks which closed green included BAC,YHOO,
SPLK,BSFT,CF,JCP,LULU,QIHU,AMZN,
CMG,GOOG,PCLN,HMC,LEN,BIDU,
FB,LNKD,GMCR,LRCX,C,QCOM,
MON,MGA,GS,AGU.......
Next post by 2 PM Sunday.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
The portfolio ended up 0.7% on the week versus the S&P's 0.2% gain. Big gainers on the week included SPLK (+11.3%) and HLF (+9.0%) versus losers of PFPT (-5.2%), WPRT (-5.8%), and SONS (-5.4%). A couple of nice add-ons Tuesday in AXLL and CF near lows helped also. Here's the portfolio now:
Primary positions: SPLK PANW PFPT CSOD AXLL CF PRU
Speculative positions: DSPG SODA WPRT BSFT SONS HLF AUDC APWC
This week I sold FIO (a little too early!) because I didn't like the performance lag in this strong market and was worried about various different aspects of their business including lumpiness, non-repeatability, and alternative solutions. I also sold YNDX because I didn't really feel like I had an edge on it anymore. With the FIO proceeds I added to various existing positions, while the YNDX money was put to work in BSFT. I am really trying to focus on my lagging stocks and determine whether they still belong in the portfolio.
SONS is one of those names now that despite what I consider to be a good quarter and guidance, their path to nice profitability is still fairly elusive and they risk competition/commoditization in their core market despite the growth there now. WPRT is also a recent laggard with a poor chart that warrants a closer look. Although they won't be profitable soon, I am still intrigued by the story and it appears deal momentum is still positive. I'll continue to keep an eye on both of these although I'm inclined to let SONS go first at this time.
On more positive notes, both SPLK and PANW reported great quarters and guidance and were up on the week (despite PANW's big profit taking Friday). Large increases in deferred revenue mean these companies are signing large, multi-year deals which not only speaks to growing business dominance, but also predictability of revenues/earnings down the road. I am pleased to have these two stocks at the top of the portfolio.
The market overall this week performed admirably given the various pitfalls encountered including the Italian election uncertainty, the lack of sequester resolution, and the weak upward revision to GDP. I think this is a huge indication that the market direction is up. The ability to shrug off bad news coupled with a big drop in bullish sentiment gives us room to run.
Except for Monday which might have some lingering sequester noise, I expect a good week culminating in a good jobs report Friday. I plan to remain fully invested and wonder how far we really can go...
Stocktrader
Hi Stocktrader,
Stock selection remains tough for everyone as market heads higher but some stock badly underperforms..a challenge we all face on a daily basis.
Hopefully coming week is a good one for both of us when all stock participates.
Saleem
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