Indices closed UP after AMZN & MSFT rallied after their earnings report.
S&P 500 @ 1759.77, high 1759.82
RSI @ 67.64
CMF @ 0.388
Internals were :
UP volume led by 1.70 to 1 in NYSE & .92 to 1 in Nasdaq
Advancing stocks led by 1.37 to 1 in NYSE & .86 to 1 in Nasdaq
Net new 52 wk highs were leading by 222 in NYSE & 194 in Nasdaq
VIX Down .83% @ 13.09
Oil @ $97.85
Gold @ $1352.50
Canadian $ @ 95.50.....low point in months as Canadian Central Bank lowers GDP growth target & removed "tightening bias"
In my portfolio :
Sold CIEN $24.18
Sold GMCR $61.16
Bought LNKD @ $241.28
Here is my weighting :
AMZN 25.41%
LNKD 21.70%
JKS 20.73%
MU 16.38%
FNSR 15.78%
Exposure 192%
Stocks which closed green included AMZN LULU DNKN CMG
SU YUM COH V GRPN CRUS ZNGA LRCX BRCM
SBUX MCD EGO SLW GG AEM WLT GS
MLNX....
Next post by 2 PM on Sunday.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
It was another fairly frustrating week as many high growth stocks stalled. The portfolio ended down 1.57% versus the S&P's +0.88%.
Notable Winners: FCX (+7.3%), LCC (+4.8%), SODA (+2.0%)
Notable Losers: RALY (-11.4%), YY (-8.0% upon sale), FB (-4.7% upon sale), TRLA (-4.0%), CSOD (-4.0%)
YTD Info:
Portfolio: +54.10%
S&P 500: +23.39%
The week started quietly and I picked up OMED on Monday. Some growth stocks began to weaken that day with TSLA down around $10. After NFLX's big beat on Monday night, Tuesday started out well, but went downhill quickly and caught many high growth stocks with it. Wednesday was a classic profit taking day throughout the market, and I used the opportunity to reposition some. I sold FB to swap into AAPL, and sold YHOO to buy CLDX and add to LCC after earnings. On Thursday, I sold YY before NQ's disaster really took hold, and did nothing on Friday. Here's the portfolio now:
Main Holdings: AAPL FCX LCC KORS CSOD (RALY)
Secondary Holdings: (RALY) SODA
Speculative Holdings: CLDX X TRLA OMED
Cash: ~7.7%
Even though the Fed meets this week, the focus will likely be on individual earnings as the Fed is expected to stand pat. With AAPL (Mon PM), X (Mon PM), HLF (Mon PM), CMI (Tue AM), TRLA (Tue PM), YELP (Tue PM), INVN (Tue PM), BIDU (Tue PM), SODA (Wed AM), WLT (Wed AM), FB (Wed PM), and KOG (Thu PM), there's a lot of portfolio and watch list companies reporting. I will be busy, but this is an important time of year and many things are learned.
Besides the earnings and Fed, it is also the end of the month, so there will probably be some additional stock support this week.
Many investors are waiting to see the impact of the shutdown and debt ceiling dance on economic data. We have already seen some indications that the effect was tangible in both confidence and actual spending, but a quick catchup in the second half of October, especially with the market charging to new all-time highs, might be happening.
Overall world economic conditions are more favorable than they've been in years and businesses need to keep advancing to stay with or ahead of competition. Consumers that held back during late September and early October may suddenly feel confident and have more money due to their spending pause. I look for better data into year end, especially if the political side stays quiet.
I find myself fairly well-diversified right now, but with companies in which I have confidence. This week will be hectic, but the earnings, guidance, and commentary we hear will drive portfolio decisions for the next three months and beyond. I hope my prior homework pays off into the earnings we see this week.
Good luck to all! :)
Stocktrader
Hi Stocktrader,
Good recap of hope & strategy.
Saleem
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