Indices had a slight pullback.
S&P 500 @ 1676.26, low today 1671.84
RSI @ 64.23
CMF @ 0.121
Internals were :
Down volume led by 1.78 to 1 in NYSE & 1.37 to 1 in Nasdaq
Declining stocks led by 1.85 to 1 in NYSE & 1.21 to 1 in Nasdaq
Net new 52 wk highs were leading by 153 in NYSE & 234 in Nasdaq
VIX UP 4.57% @ 14.42
Oil @ $106.00
Gold @ $1290.40
AH ER YHOO UP .82%
AH Futures Mixed
AH Asian Markets Mixed
AH Oil & Gold Down
About market, before open Fed testimony will be released, it is the Q&A from 10 AM which will keep markets guessing. Ben Bernanke can create confusion for market when answering question. Hopefully when first testimony is over market can breathe easy.
BLOG does NOT give buy or sell.
Saleem
10 comments:
Hey Saleem,
So much for cheap YHOO options--it's up nicely this morning from declines most of last night.
Spot China Iron ore up $1-$2 overnight to reclaim $130-$132 despite their market falling 1%. Another global miner, BHP, up after reporting earnings.
Stocktrader
Hey Saleem,
I've got a bad, weird feeling about the market today--I'm not sure why. AAPL/chips in focus for me on a potential 5S delay.
Stocktrader
Hey Saleem,
Trimmed KOG (8.94) and WLT (12.41) to equal weight in the portfolio.
Stocktrader
Hey Saleem,
Sold TRLA @ 36.34 after such a nice run.
Stocktrader
Hey Saleem,
Lots of activity today, but sold the rest of the WLT @ 12.265. I might end up buying a dip, but I've seen the trend this week where the commodity stocks that rally hardest are those with earnings already (TCK and CLF for example). We aren't in the phase yet where the WLTs will see strong support I don't think. Granted there are potential positive catalysts, but I'll reduce exposure for now.
Stocktrader
Hi Stocktrader,
YHOO revenue miss & lower revenue guidance is being ignored.....good for YHOO shareholder.
Saleem
Hi Stocktrader,
Good moves...comfort level is important.
Saleem
Hey Saleem,
Listening to CNBC and the Delivering Alpha conference, Jim Chanos just delivered a CAT short due to mining capex falling off a cliff.
This is actually a great idea, but I'd rather short JOY. Additionally, shorting JOY versus long CLF/TCK seems an even safer idea. The theory that capex is plummeting could help the miners themselves a lot, as much as it hurts the equipment makers.
As you know I have a smaller trading portfolio. In there I've actually just put on the short JOY to complement the already long CLF/TCK I had. The only thing you have to worry about is a takeover on JOY, but the suitors are less given the CAT/BUCY transaction prior.
Stocktrader
Hi Stocktrader,
Shorting is extremely dangerous IF done through equity....Option is much safer by buying in the money put..
You have worked very hard to grow your equity....it is better to play safe especially if you are ahead.....
My 2 cents...
Saleem
Hey Saleem,
Thanks for your concern. I move around in that small portfolio a ton, so I'll probably only be short JOY for hours or days. Most of the heavy damage should occur in that time.
Stocktrader
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