Indices are UP from .30% to .85% despite weakness in Asia & Europe.
S&P 500 @ 1656.85, 50 DMA @ 1657.75, high so far 1658.92
Internals are positive by 3 to 1
Oil Down $1.60
Gold UP $6.20
Canadian $ Down 44 tick @ 96.12
VIX Down 4.11% @ 14.48
Portfolio ANR BAC CLF KOG MU AUY
Most stocks are UP
@ 1.55 following are down :
TCK BBRY AAPL SINA SU HMC BIDU V
RVBD ZNGA TZA TRLA Z MLNX.....
About market, S&P 500 made a higher low & has rallied from there.This pullback from absolute high lasted only 3.73% which is extremely mild in the scope of this bull rally. It IS important to follow the rhythm of this TAPE. CNBC is NOT a good predictor of any weakness or strength, they firmly believe in being an expert of yesterdays event NEVER "forward thinking".
BLOG does NOT give buy or sell.
PS....i have a dinner engagement this evening. The drive alone is two hour one way in Toronto's horrendous traffic. Distance is 80 miles one way. There will be no closing post tonight.
Saleem
20 comments:
Hey Saleem,
The market is putting in a nice performance today, but many things are still acting fishy. Look at oil--completely tanking right now. I think the right move is still to be on hold for a while.
Sold AMAT @ 15.515. I bought for earnings and that purpose was served--I'm not as comfortable longer term.
Stocktrader
Hi Stocktrader,
Oil @ $104.96 is still too high....this is an expected pullback from frothy level.....
Low Oil is good for worldwide economy.
Too many speculators were playing Oil futures expecting "major disaster in Suez Canal"
$100 oil is good for all economies....
Good luck with your strategy.
Saleem
Hey Saleem,
A good day was a bit dampened by a closing selloff that turned the DOW negative.
I wonder if the US will turn into a "safe haven" again as emerging markets see outflows--that might lend support to a bull market thesis.
The Fed minutes tomorrow have the possibility of positive surprise if the Fed talks about mixed economic data and low inflation delaying a taper start. I may close out some of my TZA hedge if we have early morning equity weakness and look to post-Fed reaction for further indications.
Stocktrader
Hi Stocktrader,
Came back around 230 AM, this get together was with TWO good friends & their family meeting after 6 years.
US market has outperformed by a mile & will remain so in near future.
Your wish is coming true with morning weakness, i am sure you will take advantage with locking profit with TZA & taking long position also.
Good luck with your trades.
Saleem
Hey Saleem,
Glad to hear you had such a great evening!
Yes, I am going to close out the TZA and possibly the GLD, looking only to find stock opportunities. I really think the market reaction to the Fed minutes will be very positive--the negative anticipation is much, much too high.
Additionally, I think the Chinese flash PMI will come out better than expected overnight. I think the much improved credit conditions along with inventory rebuilding has created a good atmosphere in the first half of the month there.
Stocktrader
Hey Saleem,
Sold half the TZA @ 26.93.
Stocktrader
Hi Stocktrader,
Added 50% CLF @ $21.30....
Saleem
Hey Saleem,
That housing number was definitely stronger than I thought, although it could be the "rush to buy" people before rates moved higher. I'm not sure how this factors into the Fed thinking, but it could actually make them taper more quickly if they believe housing can hold up decently in the face of higher rates.
Sold GLD @ 131.704. I'm not sure I can make a good case for gold based on the new numbers and the chart is precariously close to a rollover.
Stocktrader
Hey Saleem,
Wow...so much for that sell. Who says there's no case for gold?! :)
Stocktrader
Hi Stocktrader,
This TAPE rewards conviction & patience.
Saleem
Hey Saleem,
Bought HLF @ 64.60. I liked the upgrade today and the chart is looking finally right for a breakout.
Stocktrader
Hi Stocktrader,
Good luck with HLF.
Saleem
Hey Saleem,
Sold SRPT @ 32.40. I just have to admit I don't understand this one. I'm tempted to buy OMED and XON today, but I'm going to stay away from calling bottoms in biotechs. CLDX is the only chart I follow that looks constructive still.
Stocktrader
Hi Stocktrader,
Biotech is tough for most traders...i don't try to attempt, based on my past huge failure...UBS
Saleem
Hey Saleem,
Bought X @ 17.959. I'm looking to add a combination of CLF, TCK, KALU, KOG, or AA still.
Stocktrader
Hey Saleem,
Bought CLF @ 21.32, TCK @ 25.55, and KALU @ 68.741.
I was tempted to add to FB, but it's already my biggest stock weight and RSI is > 70 again already.
Stocktrader
Hi Stocktrader,
Good move into our preferred stocks X,CLF,TCK & KALU...
Saleem
Hey Saleem,
Both INVN and AMAT are interesting charts. I might add some semi exposure before the number.
Stocktrader
Hey Saleem,
Sold the rest of the TZA @ 26.70. I don't think I'll buy anything pre-release. I'll just wait and see what happens from here after selling the hedge.
I feel underexposed at 56.7% invested, but I feel I have some good names in portfolio.
Stocktrader
Hey Saleem,
Bought INVN @ 17.078 and Z @ 82.67. Looking for more buys.
Stocktrader
Post a Comment