Indices closed near lows of the day in a day of stalemate in resolving issues @ hand.
S&P 500 @ 1698.06, low 1695.93, high 1711.57
RSI @ 54.09
CMF @ 0.003
Internals were :
Down volume led by 3.11 to 1 in NYSE & 3.75 to 1 in Nasdaq
Declining stocks led by 3.40 to 1 in NYSE & 2.48 to 1 in Nasdaq
New 52 wk highs were leading by 93 in NYSE & by 106 in Nasdaq
VIX UP 16.12% @ 18.66
Oil @ $101.21
Gold @ $1273.20
In my portfolio : Bought 10 calls FB strike $50.50 @ 49 cents expiring this Friday
AH ER YHOO UP 1.68%....YHOO Reported Sales of $1.089 & EPS of 34 cents which was a beat by 1 cent. Guidance was lowered to $1.20 Billion vs expectations of $1.25 Billion. Alibaba news was better than expected when it will keep more portion of its stake post IPO thus enhancing market value of YHOO.
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, it is all about politicians keeping everyone guessing till last second of Thursday deadline. I still think they will pass a weak agreement & will go @ it again in next 45 to 90 days. TAPE will swing based on progress or lack of. Good time to accumulate strong stocks on any weakness.
There will be no BLOG posting on Wednesday as Muslims are celebrating Eid-AL- Adha. I will be busy whole day with friends & family.
BLOG does NOT give buy or sell.
Saleem
16 comments:
Hey Saleem,
BAC really looked good this morning. Many of their legacy issues are resolving, they have good momentum in their new growth drivers, and have more means to return cash to shareholders. Almost every comment I saw from the conference call looked positive (I realize that happens a lot, but they seemed more positive than other banks' commentaries in the past week).
Stocktrader
Hey Saleem,
Once we get the deal completely finalized, I'm looking for the smallest cap/volume stocks to outperform going forward as investors mostly had to sell/stay away during this mess due to liquidity concerns. With the default risk off the table, the comfort level gets dramatically higher.
Stocktrader
Hey Saleem,
It sure feels like "Now what?" this morning. It's kind of a letdown after being on heightened alert for so many days wondering where the next headline will come from. There's certainly a chance for an emotional hangover the rest of this week, especially in light of economic considerations due to the shutdown and debt threat affecting confidence for weeks.
Stocktrader
Hey Saleem,
Sold TNA @ 65.44 to reduce the generic long exposure I have.
Stocktrader
Hi Stocktrader,
Thanks for your messages from yesterday.
I think indices will come back by close.
Saleem
Hey Saleem,
Sold BIDU @ 153.22 on this pop and because price action has not been so great and there's lots of concern about their spending spree in an attempt to fend off competition. I realize I don't have a good read on the quarter and want to stick with better acting names.
Stocktrader
Hi Stocktrader,
Good move in booking profit in BIDU....
Saleem
Hey Saleem,
Added to FCX @ 34.225. I now have this position as large as my other "core" positions. I think it is in nearly a perfect spot to benefit from global trends and a possible taper-pushoff into next year. Valuation is extremely attractive compared to its peers in either copper/gold or oil (remember the recent acquisition).
Stocktrader
Hi Stocktrader,
Chart looks very strong on FCX...
Saleem
Hey Saleem,
I did some work over the weekend on YY, and I really like the prospects. You were the first to bring this stock to my attention and I thank you! :)
Stocktrader
Hi Stocktrader,
IBD has good research on YY.
Your timing was perfect.
Saleem
Hey Saleem,
I should probably sign up for IBD. We share a philosophy that stock-picking is the way to outperform, and I could probably get a lot of new ideas there as I seem to run out these days.
Stocktrader
Hey Saleem,
I think I convinced myself to add some...bought @ 53.94.
Stocktrader
Hi Stocktrader,
I go to IBD daily for market wrap Video which highlights few stocks daily....it IS free.....
Good luck with YY$$$$$
Saleem
Hey Saleem,
This market is amazing. Every time you sell, you look like a fool 30 minutes later.
I didn't like the TNA because it decays over time and is more an extremely short term vehicle, but the 3x leverage is so nice if the market is moving higher.
I have about 14.4% cash I'm trying to deploy thoughtfully.
Stocktrader
Hi Stocktrader,
Sell on the news was predicted.....but buying comes in in this strong market.
Good luck with next moves.
Saleem
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