Monday, October 7, 2013

Indices closed down .85% to .98%.....

Indices were under selling pressure whole day.

 S&P 500 @ 1676.12, low 1674.70...50 DMA 1679.53

 RSI @ 46.06

 CMF @ 0.078

 Internals were :

 Down volume led by 3.68 to 1 in NYSE & 3.18 to 1 in Nasdaq

 Declining stocks led by 3.71 to 1 in NYSE & 2.99 to 1 in Nasdaq

 Net new 52 wk highs were leading by 8 in NYSE & 50 in Nasdaq

 VIX UP 15.95% @ 19.41

 Oil @ $103.03

 Gold @ $1325.10

 In my portfolio :

 Sold TRLA @ $45.41

 Added 80% JKS @ $23.11

 Portfolio AMCC FNSR JKS KOG YHOO YY

 AH Futures Mixed

 AH Asian Markets Mixed

 AH Oil & Gold UP

 About market, TAPE reacted to ongoing posturing in Washington. Dow & S&P 500 are below 50 DMA with Dow dipping lower than recent low. There is a chance that Democrat in Senate may table a resolution of Debt limit increase & House may have to go along, this will be a welcome change to current status quo with deadline of 17th approaching. Looks like we may close green on hope of resolution on famous "turnaround Tuesday".....

 BLOG does NOT give buy or sell.

 Saleem
at

9 comments:

  1. stocktrader_1996October 8, 2013 at 4:49 AM

    Hey Saleem,

    As usual for you, perfect timing:

    07:29 EDT YHOO theflyonthewall.com:

    Yahoo price target raised to $41 from $33 at Stifel

    Stifel raised its target on Yahoo to reflect updates in the valuation of the company's Alibaba stake as Alibaba prepares to launch a U.S. IPO. The firm believes that Yahoo could distribute its Alibaba stake to Yahoo shareholders tax efficiently. Such a development would lead Stifel to increase its Yahoo price target by another $7. Stifel recommends buying Yahoo's stock. :theflyonthewall.com

    Stocktrader

    ReplyDelete
  2. Stocks100October 8, 2013 at 6:17 AM

    Hi Stocktrader,

    Thanks for this note...looks very good for YHOO.....

    Saleem

    ReplyDelete
  3. stocktrader_1996October 8, 2013 at 6:55 AM

    Hey Saleem,

    Bought TZA @ 23.20 for protection. I am really starting to think this debt debate will go beyond October 17th.

    Stocktrader

    ReplyDelete
  4. Stocks100October 8, 2013 at 7:34 AM

    Hi Stocktrader,

    YES..so far all posturing on day 8th....

    Good luck with TZA.....

    Saleem

    ReplyDelete
  5. stocktrader_1996October 8, 2013 at 8:02 AM

    Hey Saleem,

    My only regret is I don't have any buying power left and would need to sell something to buy something else. When everything is falling, that won't help much!

    Stocktrader

    ReplyDelete
  6. Stocks100October 8, 2013 at 8:21 AM

    Hi Stocktrader,

    TAPE is improving now......

    You have strong stocks...pulling back today after a huge run.....

    Saleem

    ReplyDelete
  7. stocktrader_1996October 8, 2013 at 8:26 AM

    Hey Saleem,

    It is still early in the day. I think there's a decent chance the Nasdaq ends down 100+.

    Stocktrader

    ReplyDelete
  8. stocktrader_1996October 8, 2013 at 8:29 AM

    Hey Saleem,

    Sold BIDU @ 149.48. I almost sold earlier at 155+ when I saw lots of weakness in FB/YHOO/etc, but waited and missed a chance for a better fill.

    I sold because there's 15 pts of downside possible left on the chart, even though I think the Chinese names also have a chance to do better than the US counterparts right now.

    Stocktrader

    ReplyDelete
  9. Stocks100October 8, 2013 at 8:33 AM

    Hi Stocktrader,

    It is wise to focus on comfort level....

    YES..Nasdaq is weakest with major weakness in leaders....not a good sign.....

    Saleem

    ReplyDelete