Friday, May 24, 2013

Mixed close....

TAPE tested the low of yesterday & looked north.

S&P 500 @ 1649.60, low today 1636.88 came close to 1636.42 low of yesterday.

RSI @ 61.61

CMF @ 0.365

Internals were :

Down volume led by 1.46 to 1 in NYSE & .95 to 1 in Nasdaq

Declining stocks led by 1.23 to 1 in NYSE & .93 to 1 in Nasdaq

Net new 52 wk highs were leading by 34 in NYSE & 56 in Nasdaq

VIX Down .57% @ 13.99

Oil @ $94.15

Gold @ $1386.60

Canadian $ Down 24 tick @ 96.83

Portfolio EBAY KOG BBRY AUY

Weighting :

AUY   34.92%
BBRY 30.97%
EBAY 25.49%
KOG    8.62%

Exposure 102%

Stocks which closed green included EBAY BBRY
YHOO PANW KORS AAPL EXPE M BIDU
MA V FNSR SNDK QCOM CSIQ SINA
SPWR MS GS IBN.....

Next post by 2 PM on Sunday

BLOG does NOT give buy or sell.

Enjoy your long weekend !!!!!

Saleem

2 comments:

stocktrader_1996 said...

Hey Saleem,

This week was especially good in that the portfolio gained 0.71% despite the S&P's -1.07% loss. To top it off, we took a relaxing, fun, mini-vacation this weekend and returned today.

Big gainers on the week included MKTO and DATA, both up ~10% on the week before I sold on Tuesday. Also up this week were new purchases of MODN (+8.63%), PFPT (+5.39%), RDN (+4.21%), and DATA again (+5.89%). The ~23% cash coming into the week really helped in this respect. The biggest losers were OCN (-7.01%), SODA (-4.57%), and RALY (-4.28%). Here's the portfolio now:

Financials/Housing: PRU RDN BAC OCN WLH
Enterprise Software: MSFT SPLK MODN PFPT CSOD RALY CRM DATA
Consumer Discretionary: M F SODA
Misc: APWC
Cash: ~0%

In an otherwise quiet week, earnings from SPLK and PANW (a watched name) both happen on Thursday after the bell. I expect a wonderful quarter from SPLK, but very high valuation makes the predicted price reaction a question mark.

I am now completely out of materials stocks as I fear the reprecussions of a strong dollar and Fed QE-removal. Also, new supply continues to dominate overall sluggish demand from global economies. Additionally, I worry about the strong dollar effect on many multi-nationals including big tech and industrials and will probably stay away from those for now. MSFT remains the only really large cap tech name in the portfolio while the rest of the portfolio's tech is largely domestic and growing fast enough to minimize potential currency effects on overall revenues.

As for the overall market, the majority of the week will probably see window dressing due to the end of the month. Beyond that, fears of Fed tapering will likely dominate headlines with each data point overanalyzed for possible Fed moves. The biggest of the data points (JOBS!) doesn't come until next week.

My opportunistic moves this week helped overcome a market decline. I look to continue these moves if possible, but am somewhat content with the portfolio composition for now. Everyone might take a breather this week ahead of likely more volatility in coming weeks. If strong data continues, it would not surprise me to see "Sell in May, go away" to be correct again, although this time stock selection might be more useful than in prior years due to the stronger economy.

I hope your long weekend was as good as mine! :)

Stocktrader

Stocks100 said...

Hi Stocktrader,

I am glad your winning streak continues......

Your quick footed approach has been very intuitive.

For me weekend is spend on touchup work exterior....enjoy bringing things to its original state...

Monday was a working day in Canada & around the world......

Saleem