Indices staged an oversold bounce & closed UP.
S&P 500 @ 1622.56, low today @ 1598.23
RSI @ 47.60
CMF @ 0.110
Internals were :
UP volume led by 5.52 to 1 in NYSE & 2.78 to 1 in Nasdaq
Advancing stocks led by 3.53 to 1 in NYSE & 2.39 to 1 in Nasdaq
Net new 52 wk lows were leading by 31 in NYSE & new highs were leading by 37 in Nasdaq
VIX Down 4.97% @ 16.63, high today 18.51
Oil @ $94.76
Gold @ $1415.80
AH ER :
GPS UP 3.10%
RALY UP 3.36%
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold Down
About market, as market is deeply oversold, there is a very good chance that today's low may hold no matter how good or how bad the jobs report are. Expectations for job growth is 165K, whisper number is from 150K to 165K. Jobs report below 200K will be absorbed quickly, as they will be taken as not too hot & not too cold......economist will agree all of a sudden that it is still too low for Fed to do anything. I expect Fed to taper bond purchase from September & hopefully QE 111 should be over by end of December 2013.
BLOG does NOT give buy or sell.
Saleem
13 comments:
Hey Saleem,
I have plenty of cash after selling many things today. If the number is too weak I probably won't make many moves, but if the number is too strong and we sell off, I'll be a buyer there. I want the strong data and the taper to be digested, not being on Fed support forever.
As you can tell from my many comments and moves today, I'm not quite sure what to do with this market, but I'm sticking with my strongest conviction stocks and trying to be opportunistic on sells/buys--so far I'm doing ok. I was up 1.26% today despite paring back my exposure--PFPT hit an all-time high for example.
Stocktrader
Hi Stocktrader,
I have a feeling that jobs number will be above expectations but not too far from consensus....thus a rally.
Internals were pretty strong @ close..i think we continue with this uptrend in AM......
Good luck with your "strategic buys"
Saleem
Hey Saleem,
Bought DXJ @ 43.318. Looking to add some Japanese exposure here with the long equities and short currency.
Stocktrader
Hey Saleem,
Bought F @ 15.52. Layering back into the consumer plays after the good data. This economy seems "on track" despite the sequester effects.
Stocktrader
Hi Stocktrader,
Good luck with Japan & Cars.....
Saleem
Hey Saleem,
You have nailed the price action in the market recently and the jobs report today--very well done! Time to get that portfolio moving! :)
Stocktrader
Hi Stocktrader,
Thanks for your feedback.
See a broken clock is write twice...now i better watch what i say?
Saleem
Hey Saleem,
Bought BAC back @ 13.29. Again I've let some overall performance slip due to selling and then buying back higher on some names.
Stocktrader
Hi Stocktrader,
It is never too late to get back on track.....
Good luck with BAC.
Saleem
Hey Saleem,
Got RALY back @ 21.90. It's a bit higher than when I sold yesterday but the report was better than I expected, so overall it should be ok.
Stocktrader
Hi Stocktrader,
Based on its beat..RALY should go much higher.
Saleem
Hey Saleem,
Bought AMCC @ 7.918. As you know from my writeup earlier this week, both fundamentals and technicals seem to be lining up, so even though I don't usually follow this one, I'm going to give it a chance. I feel the time for beta plays is back on this jobs number.
Stocktrader
Hi Stocktrader,
YES.....beta is working out.
Good luck with AMCC.
Saleem
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