Sunday, June 30, 2013

How the next six months will fare ?

First six months ended with double digit gains in all indices.

Next six months may be more challenging.

Fed has created a "major uncertainty" by indicating that they are ready to TAPER as soon as they can.

Market hates uncertainty......

When uncertainty rules then market marks time....

May 22nd was the first hint of TAPER.......

On May 22nd we hit 1687.18

On Friday, June 30th we closed @ 1606.28.......so far we have pulled back 80.90 points or 4.79% lower....this after rallying from low of 1560.33 which is low point of Bernanke slump.

50 DMA sits @ 1621.72.......

It looks like that for now, we may have a trading range of 1622+- on the high end &1560+- on the low end......we generally test support few times.......

Next 90 days Fed potential action may be "the focus of this market"

It is important to note, that longer the basing period stronger rally may erupt.

Range trading for four months is not bad @ all.....it is healthy for long term gain......

Summer has been noted for slow growth & vacation time on Wall Street & Europe.

When Money Managers are sitting with 15% gain in their portfolio, there is no rush to take unnecessary risk.

Lately in last decade.....there has not been much of a gain for most Money Managers.......thus a desire to lock profit.

Against this backdrop of low trading focus by big money, market may not go too far from where it is today.

IF your portfolio is giving you return in this environment, then it is more important to focus on locking gains. This market will give you many chance to buyback same stocks repeatedly.

BLOG does NOT give buy or sell.

Saleem

Friday, June 28, 2013

Indices closed mixed......

Indices closed lower except for 1 point UP close in Nasdaq. Weakness was due to below expectations data in US......

S&P 500 @ 1606.28

RSI @ 46.88

CMF @ -0.002

Internals were :

Down volume led by 1.23 to 1 in NYSE & 1.04 to 1 in Nasdaq

Advancing stocks led by 1.02 to 1 in NYSE & 1.07 to 1 in Nasdaq

Net new 52 wk highs were leading by 60 in NYSE & 105 in Nasdaq

VIX unchanged @ 16.86...there is a huge margin increase of almost 6 times effective Monday, this may cause commotion in market on Monday.......

Oil @ $96.56

Gold @ $123.70

Canadian $ @ 94.80

Stocks which were UP 2% or more included KOG AUY
TEAR WLT TXTR MODN CRUS GG EGO SLW
AEM IBN .........

Here is my portfolio weighting :

AUY  35.76%

EBAY 28.11%

BBRY 26.06%

KOG  10.07

Exposure 102%

Next post by 2 PM Sunday

BLOG does NOT give buy or sell.

Saleem

BBRY Sales, EPS & guidance below consensus.....

BBRY is reporting the following for First Quarter :

Sales actual $3.07 Billion (sequentially UP 15%), consensus $3.36 billion

EPS actual loss of 13 cents, consensus profit of 6 cents

Total shipment 6.8 million units (sequentially UP 13%), consensus 7.3 million units

Cash flow positive $630 Million

Cash & Investment on hand $3.1 billion

Guidance for current quarter "operating loss"

BBRY Bid $11.66, closed @ $14.48 Down $2.82 or 19.48%

BBRY result is clearly disappointing......

BLOG does NOT give buy or sell.

Saleem


Thursday, June 27, 2013

Indices closed UP .62% to .77%....NICE !!!!

Indices scored another impressive close.

S&P 500 @ 1613.20

RSI @ 48.64

CMF @ -.040

Internals were :

UP volume led by 4.28 to 1 in NYSE & 4.06 to 1 in Nasdaq

Advancing stocks led by 5.45 to in NYSE & 3.65 to 1 in Nasdaq

Net new 52 wk highs were leading by 62 in NYSE & 85 in Nasdaq

VIX Down 2.03% @ 16.86

Oil @ $97.05

Gold @ $1211.60

Stocks which were UP 1% or more included EBAY AUY
JCP LEN KORS LULU NFLX TSLA TCK EXPE
HMC CLF BAC LVS PANW GG WPRT FB
RVBD ZNGA MU JDSU CIEN FNSR C 
SNDK CSIQ X STLD EGO SLW 
MGA Z WYNN GS FCX....

AH ER :

NKE Down 2.12%

ACN Down 6.82%

AH Futures UP

AH Asian Markets Mixed

AH Oil & Gold Down

About market, TAPE has lot of momentum. Fed officials were back to restate their dovish views. I think we take out 50 DMA easily.

I will do a recap on BBRY earnings which is before open.

BLOG does NOT give buy or sell.

Saleem



Indices UP .72% to .83%.....NICE !!!!!

Good economic data is boosting market, good news or bad news market is moving UP.

S&P 500 @ 1614.86, 50 DMA 1620.50

Internals are positive by minimum 3 to 1

Oil UP $1.63

Gold Down $20.30, another 3 year low, low today so far $1206.00

Canadian $ Down 12 tick @ 95.21

VIX Down 4.24% @ 16.48

Portfolio EBAY KOG BBRY AUY

BBRY reports before open on Friday. Expectations Sales $3.38 Billion EPS 5 cents. I am expecting a beat on both.

Most stocks are UP

@ 2.03 following are red :

BBRY KOG GMCR AMZN AAPL POT
CF CMG QCOM MOS MON NVDA
FSLR ECA MLNX AGU IBN....

BLOG does NOT give buy or sell.

Saleem

Wednesday, June 26, 2013

Indices closed UP .85% to 1.02%....NICE !!!!!

Indices closed UP on weak US GDP data, 1.8% vs expectations of 2.4%.

S&P 500 @ 1603.26, high 1606.83

RSI @ 45.93

CMF -0.046

Internals were :

UP volume led by 6.95 to 1 in NYSE & 2.70 to 1 in Nasdaq

Advancing stocks led by 3.14 to 1 in NYSE & 1.21 to 1 in Nasdaq

Net new 52 wk highs were leading by 3 in NYSE & 52 in Nasdaq

VIX Down 6.82% @ 17.21

Oil @ $95.50

Gold @ $1229.80

Stocks which were UP 2% or more included BBRY
LEN GMCR LULU TSLA AMZN POT M MU
BIDU WPRT CSIQ SPWR X MGA AGU...

AH ER BBBY UP .14%

AH Futures UP

AH Asian Markets UP

AH Oil & Gold UP

About market, Market tone was extremely impressive as weak GDP was taken as positive from QE 111 point of view. Weak data means Fed will not act in curtailing Bond purchase.First time in a long time i am seeing Green in Nikkei & Shanghai tonight. TAPE has turned for the better & may get another good close for Thursday.

BLOG does NOT give buy or sell.

Saleem

Indices UP .89% to 1.02%... NICE !!!!!

US GDP gets revised downward but indices are moving UP, sign of relative strength.

S&P 500 @ 1604.66

Internals are positive.

Oil Down 19 cents

Gold Down $42.80 @ $1232.30, low today $1223.20...@ 3 yr low

Canadian $ UP 29 tick @ 95.40

VIX Down 6.01% @ 17.36

Portfolio EBAY KOG BBRY AUY

Most stocks are UP

@ 2.22 following are red :

AUY EBAY KOG NFLX AAPL MOS
FB TZA CLF GG RVBD CRUS 
LRCX CIEN QCOM NVDA
EGO SLW AEM MS GS
IBN Z FCX......

BLOG does NOT give buy or sell.

Saleem


Tuesday, June 25, 2013

Indices closed UP .69% to .95%....NICE !!!!

Indices closed UP on US & Chinese Central bank assurances.

S&P 500 @ 1588.03, high 1593.79, low 1577.09

RSI @ 41.55

CMF @ -0.070

Internals were :

UP volume led by 6.89 to 1 in NYSE & 2.91 to 1 in Nasdaq

Advancing stocks led by 4.15 to 1 in NYSE & 2.55 to 1 in Nasdaq

Net new 52 wk lows were leading by 96 in NYSE & highs were leading by 33 in Nasdaq

VIX Down 8.16% @ 18.47

Oil @ $95.32

Gold @ $1275.10......Goldman Sachs predicting Gold @ $1050 by end of 2014......

Stocks which were UP 1% or more included EBAY KOG BBRY
YHOO JCP KORS LULU TIF LNKD RDN TCK FCX 
PANW MOS FB BAC MS C HMC CLF X STLD 
DNKN SBUX LVS WYNN BIDU V GRPN
WPRT CRUS ZNGA LRCX MU BRCM
CIEN SNDK QCOM CSIQ FSLR
SPWR SINA MGA MLNX Z
GS AGU IBN.....

AH Futures Down

AH Asian Markets Mixed

AH Oil & Gold Down

About market, market bounce was not convincing in terms of % move. US & Chinese Central Banks went out of the way to assure that they are willing to meet traders concern & it may have overdone their strategy. This should have sparked a minimum 3% move. The message of the market is, that indices could be under pressure again.

BLOG does NOT give buy or sell.

Saleem

Indices UP .64% to .86%......NICE !!!!!

Indices are breathing sigh of relief after Chinese Central Bank statement that "they will not be too strict" in their dealing with Chinese banks, also said inter-bank lending rates are higher due to seasonal factor & will taper soon.Shanghai was down another 4% when that statement was issued, Shanghai then recovered to close almost unchanged.

European Exchanges are UP .95% to 1.54% today

S&P 500 @ 1586.25

Internals are positive by 2 to 1

Oil Down 20 cents

Gold Down $1.40

Canadian $ Down 1 tick @ 95.21...this is almost 19 months low against US$

VIX Down 7.21% @ 18.66

Portfolio EBAY KOG BBRY AUY

Most stocks are UP

@ 1.41 following are red :

EGO NFLX COH AMZN AAPL GOOG TZA
CF SU GG RVBD JDSU FNSR MON

BLOG does NOT give buy or sell.

Saleem


Monday, June 24, 2013

Indices closed down .94% to 1.21%.......

Indices staged an impressive reversal & erased substantial losses.

S&P 500 @ 1573.09, low 1560.33

RSI @ 36.90

CMF @ -0.100

Internals were :

Down volume led by 9.07 to 1 in NYSE & 3.13 to 1 in Nasdaq

Declining stocks led by 6.77 to 1 in NYSE & 3.13 to 1 in Nasdaq

Net new 52 wk lows were leading by 528 in NYSE & 54 in Nasdaq

VIX UP 6.40% @ 20.11

Oil @ $95.18

Gold @ $1277.10

AH Futures UP

AH Asian Markets Mixed

AH Oil Down

Gold UP

About market, Today's TAPE was extremely impressive. We may have found the support in 1560 area where major support band exist from 1550+-.There is a very good chance that we may establish a trading range in this run.RSI & CMF are @ the lowest point in the last six months, this bodes well for a run towards resistance. Despite a serious bear market in Nikkei & Shanghai, US market is giving a strong signal that all may be well here in US but NOT in Japan, China, BRIC or Asia.

BLOG does NOT give buy or sell.

Saleem

Indices down .95% to 1.27%.......

Shanghai cracked big time by 5.3% into bear territory, US followed the slump. European indices are down from 1.24% to 1.71%.

S&P 500 @ 1572.10, low so far 1560.33......that is the support zone up to 1550.....

Internals are negative minimum 4 to 1

Oil UP 93 cents

Gold Down $14.50..no lower lows on a day like today ?

Canadian $ down 49 tick @ 95.14

VIX UP 2.54% @ 19.38, high today 21.91

Portfolio EBAY KOG BBRY AUY

Most stocks are red

@ 1.57 following are green :

BBRY TSLA TZA FNSR....

BLOG does NOT give buy or sell.

Saleem

Sunday, June 23, 2013

Ugly, bad & good.......

Last week was ugly........

IF you believed that indices will keep going UP

IF you believed that Fed will continue QE3 forever

Last week was bad......

IF you thought 10 yr yield will stay around 1.6%

IF you thought China will show growth again

Last week was good......

S&P 500 corrected 6.49%..which is extremely healthy

Gold tumbled to support around $1260 area..should gradually move up whole summer

For coming week.......

Technicians are bracing for a quick dip to 1550 then 1510...all in coming TWO weeks, Tom Fitzpatrick of Citigroup who is Global Head of FX Technicals believes all this....

Again...i do not believe this sequence.......

I personally believe that risk / reward ratio is among the-best in many months.....

World economies are expected to further dip in coming months...which IS a seasonal pattern......

US China India Brazil should RESUME their growth starting in Q4....

This summer there will be many chances to trade this market & position aggressively for Q4...

Lazy summer days should build a nice base in indices........

In summer months, i expect indices to trade in a narrow range.....my guess 1550 to 1650......that is the high & low in that range.......sometimes it could be 1580 to 1620......

Do not expect summer to give you the returns which you have been used to in first six months.....it is rotation & tight range in equities.

Good luck with your strategy & picks !!!!

BLOG does NOT give buy or sell.

Saleem

Friday, June 21, 2013

Indices closed mixed.....

Indices regained their footing after margin calls were out of the way. Only Nasdaq closed lower by 7 points.

S&P 500 @ 1592.43, low today 1577.70

RSI @ 40.81

CMF @ -0.060

Internals were :

UP volume led by 1.10 to 1 in NYSE & 1.04 to 1 in Nasdaq

Advancing stocks led by 1.02 to 1 in NYSE & 1.53 to 1 in Nasdaq

Net new 52 wk lows were leading by 223 in NYSE & 4 in Nasdaq

VIX Down 7.76% @ 18.90

Oil @ $93.69

Gold @ $1292.00

Canadian $ Down 68 tick @ 95.45, 19 month low against US$ due to below expectation retail sales & inflation number.

Stocks which closed green included EBAY KOG AUY
TCK TIF LEN FB M BIDU GG EGO SLW AEM
MA V SOL JASO SPWR GRPN CRUS LRCX
MU AMCC JDSU FNSR SPLK MCD Z 
FCX....

My portfolio weighting :

AUY  33.12%

BBRY 31.86%

EBAY 25.80%

KOG  9.22%

Exposure 102%

Next post by 2 PM on Sunday.

BLOG does NOT give buy or sell.

Saleem

Thursday, June 20, 2013

Indices closed down 2.28% to 2.50%.....

Indices closed near low of the day on higher volume.

S&P 500 @ 1588.19, low 1584.32

RSI @ 39.50

CMF @ -0.013

Internals were :

Down volume led by 19.80 to 1 in NYSE & 9.64 to 1 in Nasdaq

Declining stocks led by20.54 to 1 in NYSE & 5.73 to 1 in Nasdaq

Net new 52 wk lows were leading by 343 in NYSE & 34 in Nasdaq

VIX UP 23.14% @ 20.49

Oil @ $95.40

Gold @ $1286.20

AH ER :

TIBX Down 1.48%

ORCL Down 8.76%

AH Futures UP

AH Asian Markets Down

AH Oil & Gold UP

About market, tonight IBD has changed its market outlook to "market in correction". I do not agree with IBD thesis. RSI has reached lowest level in last six months, this level has started rally every time.Internals are evidence of "total capitulation". Total correction which started on May 22nd was 6.1% @ low of the day...which is the most in the last 8 months. Velocity of this correction was intense, which in my opinion has taken most of the froth.

BLOG does NOT give buy or sell.

Saleem

Indices down 1.60% to 1.69%.......

Indices are taking on the chin as Fed is doing what is prudent.

S&P 500 @ 1601.24 low 1599.45

Internals are negative minimum 4 to 1

European exchanges closed down 2.62% to 3.66%....

Oil Down $3.02

Gold Down $91.20 low today $1282

Canadian $ Down 1.03 Cent @ 96.25

VIX UP 12.56% @ 18.73, high today 19.50

Portfolio EBAY KOG BBRY AUY

Most stocks are down

@ 1.59 following are green :

TZA AMCC FNSR .....

BLOG does NOT give buy or sell.

Saleem

Wednesday, June 19, 2013

Indices closed down 1.12% to 1.39%........

Indices closed @ lows after Q&A from Fed chief.

S&P 500 @ 1628.93

RSI @ 49.17

CMF @ -0.002

Internals were :

Down volume leading by 13.68 to 1 in NYSE & 2.56 to 1 in Nasdaq

Declining stocks leading by 5.79 to 1 in NYSE & 2.72 to 1 in Nasdaq

Net new 52 wk highs were leading by 20 in NYSE & 83 in Nasdaq

VIX UP .18% @ 16.64

Oil @$98.20

Gold  @ $1374.00

AH ER :

MU Down 1.65%

RHT UP 3.42%

FNSR UP 12.12%

AH Futures Down

AH Asian Markets Down

AH Oil & Gold Down

About market, Fed Q&A was pretty much as i expected from my Sunday BLOG analysis. I do not understand why traders were "surprised". Timetable is defined by Fed, tapering starts by end of the year & eliminated by middle of 2014. Chinese Flash PMI came in @ 9 month low @ 48.3%. Hopefully S&P 500 may find support around 1600 area +-.

BLOG does NOT give buy or sell.

Saleem

Fed continuing Bond buying as before.....

Indices are doing their usual jitter dance as Fed keeps buying $85 billion bonds on a monthly basis.

S&P 500 @ 1645.54

Internals are negative

Oil UP 17 cents

Gold UP $1.60

Canadian $ Down 26 tick @ 97.65

VIX Down 5.18% @ 15.75

Portfolio EBAY KOG BBRY AUY

Most stocks are down

@ 2.34 following are green :

EBAY KOG LNKD TSLA NFLX PANW KORS
GOOG EXPE PCLN FB TZA HMC CF MA
GMCR LRCX SPLK MON NVDA SBUX
AEM MS FCX....

BLOG does NOT give buy or sell.

Saleem

Tuesday, June 18, 2013

Indices closed UP .78% to .91%....NICE !!!!!

Indices closed UP near high of the day.

S&P 500 @ 1651.81, high 1654.19, low 1639.77

RSI @ 56.36

CMF -0.001

Internals were :

UP volume led by 3.57 to 1 in NYSE & 3.82 to 1 in Nasdaq

Advancing stocks led by 2.11 to 1 in NYSE & 2.35 to 1 in Nasdaq

Net new 52 wk highs were leading by 99 in NYSE & 153 in Nasdaq

VIX Down 1.13% @ 16.61

Oil @ $98.44

Gold @ $1366.90

Stocks which were UP 1% or more included BBRY
LNKD TSLA TIF AMZN POT MOS GOOG 
EXPE PCLN CMG SU FFIV MA RVBD
MU AMCC JDSU CIEN FNSR C
SNDK FSLR SPWR SBUX 
MCD X MGA Z CLF

AH Futures Mixed

AH Asian Markets Mixed

AH Oil & Gold Down

About market, TAPE is following a script as IF Fed will not make any change in their language or take any action to disrupt this momentum. Either there has been a leak or traders are confident that Fed will stay the course. I am definitely surprised @ the strength in indices for the last two days knowing that there is always jitters before Fed statement. As Ben Bernanke is expected to leave his position in new year, this info was made public today, maybe playing a role in Fed not taking any step to disrupt?

BLOG does NOT give buy or sell.

Saleem

Indices UP .70% to .87%...NICE !!!!

TAPE is defying Fed fears & marching to its own beat.

S&P 500 @ 1650.82, high 1652.02 low 1639.77...it will be interesting to see where it closes.

Internals are positive.

Oil UP 38 cents

Gold Down $15.60

Canadian $ Down 22 tick @ 97.95

VIX UP .54% @ 16.89......?

Portfolio EBAY KOG BBRY AUY

Most stocks are UP

@ 1.34 following are red :

AUY NFLX TSLA RDN PANW COH KORS
AAPL LEN TZA JCP BIDU GG GRPN
JASO GMCR CSIQ NVDA STLD
EGO SLW AEM GS IBN FCX.....

BLOG does NOT give buy or sell.

Saleem

Monday, June 17, 2013

Indices closed UP .73% to .83%.....NICE !!!!

Indices staged an oversold bounce.

S&P 500 @ 1639.04, high 1646.50, low 1630.34

RSI @ 52.78

CMF -0.048

Internals were :

UP volume led by 2.80 to 1 in NYSE & 2.74 to 1 in Nasdaq

Advancing stocks led by 2.00 to 1 in NYSE & 1.73 to 1 in Nasdaq

Net new 52 wk highs were leading by 111 in NYSE & 87 in Nasdaq

VIX Down 2.04% @ 16.80

Oil @ $97.77

Gold @ $1383.10

Stocks which were UP 1% or more included EBAY KOG
NFLX TSLA EDN KORS AMZN GOOG EXPE FB
PCLN JCP HMC BAC LVS MA RVBD GMCR 
MU SNDK SPLK QCOM CSIQ FSLR 
SPWR SLW AEM SINA MS Z 
IBN WYNN

AH Futures Mixed

AH Asian Markets Mixed

AH Oil & Gold UP

About market, TAPE continues to be volatile on a daily basis. It is important to adjust to this new reality. Profit needs to be booked. Fed statement may hint to taper from September, but dissecting Fed statement is a major sport. I am extremely cautious in my market outlook which is confirmed by daily extreme moves. Just because we went UP today, does not change market jitters or uncertainty which Fed has created.

BLOG does NOT give buy or sell.

Saleem

Indices UP 1.10% to 1.26%...NICE !!!!!

Indices are UP on hope of Fed being supportive & may calm the markets.

S&P 500 @ 1644.58

Internals are positive by 2 to 1

Oil UP 7 cents

Gold Down $5.20

Canadian $ Down 21 tick @ 98.11

VIX Down 2.97% @ 16.64

Portfolio EBAY KOG BBRY AUY

Most stocks are UP

@ 2.05 following are red :

BBRY AUY LULU LNKD COH TZA CLF
BIDU FNSR MON X EGO GG MGA
MLNX FCX.....

BLOG does NOT give buy or sell.

Saleem

Sunday, June 16, 2013

Are you ready for Fed Q&A / minutes .....?

Here we are ....Wednesday 2.15 is only two full trading days away.......

Majority of pundits & traders are in "hopeful" mode......they are hoping that Fed will find reasons to continue $85 Billion bond buying.......

I am of the view.... that Fed may give a concrete time table & details as to when & how much they will be buying......

The problem with any time table is that "reaction will be quick" in equity & interest rates......

Market yield will front run fed time table...meaning that yields will rise quicker than Fed intentions....this will impact equities in a negative way.....

As we have witnessed from that famous May 22nd minutes...things have not been the same in equities & yields........

SO...the question is where the next support may be......?

In S&P 500 it may be in 1550 area.......this is 76 points away or 4.67%.......

Total adjustment in equities from Fed change in policies may add up to 1687.18 to 1550.00...a potential drop of 137 points or a drop of 8.12%........

Beside fed related drop...we may be further vulnerable to data coming from emerging markets, China , Europe , Latin America & USA...

IF we have weaker than expected data worldwide, then this pullback may travel to below 1500......

Emerging Markets are down 13.28% since start of the year based on EEM......

World markets has a tendency to play catch up on the downside.

CMF in S&P 500 is @ 0.001...almost flat.....money flow is neutral.......

BUT ...there is some good news......

Gold, Fertilizer & Energy stocks are expected to do well from July forward till end of September / October.

SO..book your profit in Techs, Retail, Housing, Financial ASAP

We are extremely vulnerable from technical point of view...50 DMA is here to be taken out on the downside...in a hurry......

BLOG does NOT give buy or sell.

PS...thanks to stocktrader for doing Friday's recap. 

Saleem

Thursday, June 13, 2013

Indices closed UP 1.21% to 1.48%.....NICE !!!!!

US market defied logic & hysteria which gripped Asian markets.

S&P 500 @ 1636.36, high 1639.25

RSI @ 52.03

CMF -0.010

Internals were :

UP volume led by 6.93 to 1 in NYSE & 4.36 to 1 in Nasdaq

Advancing stocks led by 5.53 to 1 in NYSE & 3.26 to 1 in Nasdaq

Net new 52 wk lows were leading by 260 in NYSE & new highs were leading by 44 in Nasdaq

VIX Down 11.73% @ 16.41

Oil @ $96.69

Gold @ $1377.80

Stocks which were UP 2% or more included BBRY
LULU LNKD NFLX TCK MOS EXPE LEN
HMC CLF LVS BIDU MA JASO SPWR 
CRUS GMCR NVDA SBUX X STLD 
MGA MS MLNX Z GS....

Here is portfolio weighting :

AUY  36.53%

BBRY 30.81%

EBAY 24.02%

KOG  8.64%

Exposure 102%

AH Futures Down

AH Asian Markets UP

AH Oil Down

AH Gold UP

About market, TAPE reflected some updated Fed thinking that TAPER is not happening now or as fast as rumour. Fed may be signalling that they may TAPER in September from $85 billion to maybe $70 billion & watch how economy reacts. TAPE will remain hostage to Fed thinking which may be in limelight next Wednesday.

BLOG does NOT give buy or sell.

PS...i will be out whole day Friday, my next post is on Sunday by 2 PM. Hopefully stocktrader will do a recap of Friday's action, thanks in advance.

Saleem

Indices UP .60% to .69%......NICE !!!!!

Indices are UP after being oversold.

S&P 500 @ 1623.70, low 1608.07..high 1625.02

Internals are positive almost 2 to 1

Oil UP 4 cents

Gold Down $14.40

Canadian $ UP 36 tick @ 98.29

VIX Down 7.69% @ 17.16

Portfolio EBAY KOG BBRY AUY

Most stocks are UP

@ 1.51 following are red :

AUY RDN PANW TIF KORS POT FB TZA
YUM GG GRPN SPLK FSLR C EGO
SLW AEM AGU IBN FCX.....

BLOG does NOT give buy or sell.

Saleem

Wednesday, June 12, 2013

Indices closed down .84% to 1.06%......

Indices are making lower lows on ongoing uncertainty of Fed move.

S&P 500 @ 1612.52, low 1610.92

RSI @ 44.20

CMF -0.016

Internals were :

Down volume led by 4.09 to 1 in NYSE & 3.32 to 1 in Nasdaq

Declining stocks led by 4.25 to 1 in NYSE & 2.35 to 1 in Nasdaq

Net new 52 wk lows were leading by 350 in NYSE & new highs were leading by 52 in Nasdaq

VIX UP 8.90% @ 18.59

Oil @ $95.88

Gold @ $1392.00 low today $1372.20

AH Futures Down

AH Asian Markets Down

AH Oil & Gold Down

About market, Nikkei is down sharply, last check down 800 points, it has lost 21.55% in last 3 weeks, Nikkei is in bear market in roughly 15 trading days. Yen has gained 8.54% in roughly 14 trading days..this will affect profitability of Japanese exporters. Asian TAPE does not bode well for Europe or North America when it opens. Only co-ordinated move by Central Banks to weaken Yen can prevent worldwide market slump.

BLOG does NOT give buy or sell.

Saleem

Indices are down .69% to .83%.....

Indices are heading lower again making lower lows.

S&P 500 @ 1615.20, low 1614.46, 50 DMA 1610.71

Internals are negative.

Oil UP 48 cents

Gold UP $13.00

Canadian $ Down 19 tick @ 97.97

VIX UP 6.62% @ 18.20

Portfolio EBAY KOG BBRY AUY

Most stocks are down

@ 2.15 following are green :

AUY KOG TSLA EXPE LEN TZA CMG
YUM GG SLW  AEM WPRT MCD X
RVBD GMCR SPLK MLNX FCX
SNDK....

BLOG does NOT give buy or sell.

Saleem


Tuesday, June 11, 2013

Indices closed down .76% to 1.06%......

Indices were in sell mode & closed near low of the day.

S&P 500 @ 1626.13, low 1622.92

RSI @ 48.38

CMF @ 0.068

Internals were :

Down volume led by 5.70 to 1 in NYSE & 4.17 to 1 in Nasdaq

Declining stocks led by 6.71 to 1 in NYSE & 2.83 to 1 in Nasdaq

Net new 52 wk lows were leading by 225 & new highs were leading by 53 in Nasdaq

VIX UP 10.56% @ 17.07

Oil @ $95.38

Gold @ $1377.00, low today $1364.50 on lower than average volume, 52 wk low $1323.00 ....gold is @ critical level where it should find support & then start moving UP....this is a critical part of my portfolio thesis which has not worked out yet.

AH News :

YUM Down 1.71%

ULTA UP 9.59%

AH Futures  UP

AH Asian Markets Down

AH Oil & Gold Down

About market, IBD  is confirming tonight what most traders are feeling & knows "Market in Correction"S&P 500 may test 50 DMA of 1609.71 on Wednesday, we should find support by close. Japan is putting tremendous pressure on worldwide equities as too much hot money went to Japan & is ending badly.Nikkei is down about 1000 points from its strong support of 14,000 which has become major resistance.

BLOG does NOT give buy or sell.

Saleem

Indices down .73% to .91%......

Indices are down worldwide on renewed uncertainty of "stimulus in Japan & US"

S&P 500 @ 1627.73, low so far 1622.92

Internals are negative by minimum 2 to 1

Oil Down $1.03

Gold Down $6.70

Canadian $ UP 7 tick @ 98.17

VIX UP 10.10% @ 17.00

Portfolio EBAY KOG BBRY AUY

Most stocks are down

@ 1.59 following are green :

PANW AAPL DNKN JDSU CIEN MGA

BLOG does NOT give buy or sell.

Saleem

Monday, June 10, 2013

Indices closed mixed......

Indices had bad news from China & good news for US but by close indices had a big yawn.

S&P 500 @ 1642.81, low 1639.26...high 1648.69

RSI @ 54.23

CMF @ 0.121

Internals were :

Down volume led by 1.12 to 1 in NYSE & .78 to 1 in Nasdaq

Declining stocks led by 1.26 to 1 in NYSE & .56 to 1 in Nasdaq

Net new 52 wk highs were leading by 22 in NYSE & 112 in Nasdaq

VIX UP 1.98% @ 15.44

Oil @ $95.77

Gold @ $1386.00

AH News :

TXN Down 1.69%

KGC Down 2.69%

LULU Down 12.80%

AH Futures Mixed

AH Asian Markets Mixed

AH Oil UP

AH Gold Down

About market, I am sure many traders were surprised that there was no real follow thru from Friday as Monday new fund flows into market. Also US Debt rating upgrade was ignored as non-event. When indices do not react to a major news, it is time for caution. It is important to see how we close on so-called turnaround & super-bullish Tuesday.....that will be a tell tale of this TAPE.

BLOG does NOT give buy or sell.

Saleem

Indices mixed......

Chinese data continues to disappoint & US credit rating became stable...but indices are not stable....

S&P 500 @ 1642.76, low so far 1639.26

Internals are mixed

Oil Down 39 cents

Gold UP $3.20

Canadian $ unchanged @ 98.06

VIX UP 2.58% @ 15.53

Portfolio EBAY KOG BBRY AUY

@ 1.50 following are green :

EBAY AUY LNKD RDN AMZN AAPL
GOOG EXPE PCLN FB LULU CMG
SU M LVS BIDU GG AEM MCD
SLW MA V SOL JASO GRPN
RVBD GMCR MU C JDSU
SNDK C CSIQ MON 
SPWR WYNN GS....

BLOG does NOT give buy or sell.

Saleem


Sunday, June 9, 2013

Reversal or oversold bounce ?

Here we are......we just finished watching first correction in six months of amazing uptrend......

How amazing was this uptrend.....in 2nd week of November we hit 1343.35..but by 2nd week of May we were @ 1687.18...a gain of 343.83 points or 25.59% ......

The above speedy gain is highly unusual...a rare event......

Somehow this TAPE has given too much comfort level to too many traders......

It is not rational to expect this environment to continue.......

"change" occurred 11 trading days ago.......

We saw a sharp pullback of 88.95 points or a loss of 5.27%....highest pullback in last six months.

It is important to "know" why this sudden change in TAPE direction in a straight line......

Fed is backing off from its $85 billion purchase.......month after month.....

This change should hit us in September......market will not like it when it actually happens.......

Fed has created a "defined uncertainty" which market hates........

I will not be surprised IF we test recent lows again & again until Fed acts.......

IF my scenario holds....... then until 2nd week of October TAPE will remain under pressure......

I am expecting a rangebound trading which may tilt lower each time.....until 2nd week of October.....

It may be productive to take it easy until 2nd week of October........

Worldwide economies are taking a pause for summer also.....

China may be lucky to stay above 7% GDP growth.....

India may be lucky to stay above 4.8% GDP growth......

These two economies were responsible for worldwide uptick...now no more.......

I am hoping by 2nd week of October TAPE may find its footing & worldwide economy may be on "growth mode"

Continue to do your OWN due diligence, as CNBC pundits will continue to change their tune on a day to day basis.........

BLOG does NOT give buy or sell.

Saleem

Friday, June 7, 2013

Indices closed UP 1.28% to 1.38%...NICE !!!!

TAPE went into overdrive right from open as Jobs report came in just right @ 175K..not too hot not too cold.....remember those genius who were predicting & discussing impact of sub 100K...you can find these weirdos only on CNBC.....who go in-depth in "thoughtless conversation"

S&P 500 @ 1643.38

RSI @ 54.44

CMF @ 0.175

Internals were :

UP volume led by 2.91 to 1 in NYSE & 2.71 to 1 in Nasdaq

Advancing stocks led by 2.24 to 1 in NYSE & 1.90 to 1 in Nasdaq

Net new 52 wk highs were leading by 60 in NYSE & by 100 in Nasdaq

VIX Down 8.96% @ 15.14

Oil @ $96.03

Gold @ $1383.00

Canadian $ UP 68 tick @ 98.06, canadian Job growth came in @ 95K expectations were @ 15K.

Portfolio EBAY KOG BBRY AUY

Weighting :

AUY  37.33%

BBRY 29.84%

EBAY 24.17%

KOG  8.66%

Exposure 102%

Stocks which were UP 2% or more included DXJ RALY PFPT
TSLA YHOO PANW COH AMZN JCP LULU YUM
BIDU GRPN LRCX MU JDSU CIEN FNSR MON
SBUX SINA MGA MS GS.....

Next post by 2 PM on Sunday

BLOG does NOT give buy or sell.

Saleem