Indices moved away from Cyprus worries & went about doing their business of going UP.
S&P 500 @ 1556.89
RSI @ 60.57
CMF @ 0.284
Internals were :
UP volume led by 1.97 to 1 in NYSE & 1.44 to 1 in Nasdaq
Advancing stocks led by 1.71 to 1 in NYSE & 1.55 to 1 in Nasdaq
Net new 52 wk highs were leading by 203 in NYSE & 92 in Nasdaq
VIX closed Down 3.00% @ 13.57
Oil @ $93.71
Gold @ $1606.10
Canadian $ @ 97.75
Portfolio BAC,BBRY,JCP,YHOO
Stocks which were UP 1% or more included YHOO,
RDN,TIF,KORS,M,QIHU,AMZN,AAPL,MU,
EXPE,PCLN,LNKD,V,SNDK,CRUS,EGO,
CCJ,SINA.....
Next post by 2 PM Sunday
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
So this week the market finally caught up with me as a combination of some pullbacks after good gains and poor choices led me to a 1.8% decline versus the S&P's only 0.24% drop. The major movers this week included MRIN (-9.8%), WPRT (-6.0%), CF (-5.1%), DSPG (-6.6%), and AUDC (-3.0%), the latter four of which I sold (so maybe this was just a good spring cleaning?). I also picked up some immediate losers this week including FDX and PANW. The only winner of note was PFPT (+3.3%), but even it was nearly 5% off the highs of the week. The portfolio looks like this now:
Primary Holdings: BAC SPLK AXLL PRU CSOD FDX
Secondary Holdings: STLD PFPT MS PANW CRUS BSFT SODA MRIN APWC
Cash: ~0%
I went through a big churn of the portfolio this week selling AUDC, DSPG, RDN, WPRT and CF, and picked up CRUS, FDX, MRIN and MS, while adding to existing positions in BAC and STLD, and having a nice sell/buyback on BSFT (saving 6.2%). Although consciously trying to sell stocks acting poorly, my exit prices were not always good, and RDN was possibly a poor choice to sell as it exhibited better strength at the end of the week. The "watch" stocks from last week of SODA and CSOD looked fine. The only real watch stock I have right now is PANW I believe, so the portfolio seems to be pruned pretty well, although given my comments from last week and then the subsequent action, good-looking stocks can turn down in a hurry!
Hopefully we see the Cyprus situation resolved this week in some way just so the market can get certainty. Beyond that, it should be a quiet week ahead of the holiday weekend and end-of-quarter. Given these last two, I expect a further move higher as is traditional.
Earnings season kicks off soon and I will more closely evaluate my stocks from an earnings perspective this week. We have seen many stocks get hit hard on poor earnings and/or guidance after this big market run, so it will be key to try and avoid those 10-20% loss moves.
The last day or two of the month might be an idea to pick up some sorely beaten down stocks like commodities? After almost everyone has dumped them and needs them out of the portfolio for quarter end, they might be setting up for a bounce-back April.
Overall, I'm looking forward to a nice Monday (on Cyprus resolution hopefully!) and then a quiet move higher into the weekend. I'll be thinking about positioning for earnings and picking up bargains.
Stocktrader
Hi Stocktrader,
TAPE was tough last week.
I am glad that you made many changes in your portfolio.
Idea is to react to what is happening inside one's portfolio.
Hopefully, Cyprus phobia will be out of focus...so market can go about doing its thing.
Saleem
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