Indices fought its way for better close.
S&P 500 @ 1588.85, low today 1579.97
RSI @ 64.59
CMF @ 0.277
Internals were :
Down volume led by 2.13 to 1 in NYSE & 1.54 to 1 in Nasdaq
Declining stocks led by 1.54 to 1 in NYSE & 1.46 to 1 in Nasdaq
Net new 52 wk highs were leading by 131 in NYSE & 70 in Nasdaq
VIX Down 1.47% @ 12.06
Oil @ $91.29
Gold @ $1501.40
Portfolio BAC,BBRY,JCP,HMC
Stocks which closed green included BBRY,
YHOO,LULU,DNKN,AMZN,PCLN,
LEN,CMG,YUM,LVS,WYNN,BIDU,
SINA,LNKD,NVDA,SBUX,MCD,
MLNX......
Next post by 2 PM Sunday.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
This will be short as I find myself with much to do as the tax deadline nears.
The portfolio was up 1.1% this week versus the S&P's 2.3% gain. The fact that I managed even that gain is impressive considering I was at most 17% invested at any point this week. The portfolio is almost now all cash:
Stock: APWC
Cash: ~97%
A variety of factors including fundamentals, technicals, sentiment, positioning, and seasonality all make me cautious on the market.
With major earnings starting to come through this week, it will be interesting to see the guidance from companies and the reaction from the street.
I think we may have seen the blowoff top this past week as the velocity of the move increased as we hit highs (unlike the measured moves of prior months) and many shorts covered in confusion given the ferocious rally after a poor jobs number.
Many reasons were given for the rally from the Fed staying around longer (this is good?) to inflows from Europe/Japan (if real, how much more?) to the chase for dividend stocks (as opposed to low bond yields), but ultimately I'm not sure any/all of these reasons can sustain stocks if the economy is worse than we thought just a month ago after good economic data for the first two months of the year. The possibility of some 1.x% GDP prints for Q2 or Q3 seem possible, which would look poor in comparison to the 3+% we'll see in Q1. I'm not willing to take the chance the market shrugs that off.
The commodity crush on Friday is an interesting development that warrants further watching. Couple that with bonds yields at 1.73% and barely up on the week makes me wonder what is really happening now.
The earnings season is always good for seeing those next outperforming stocks. I'll be waiting to hear what many companies have to say about their business.
Hope all is well! :)
Stocktrader
Hi Stocktrader,
Yes too much has happened in TAPE lately....
Market may have discounted those issues & may react on a case by case basis.
Good luck with Tax 2012.
Saleem
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