This week is weekly & monthly option expiry week.
Option Expiry week normally brings lot of volatility, Thursday is when Market Makers are @ their best game of taking stocks to where they want.
Looking @ TAPE ........it seems that we may be looking @ upside action on expiry.
This also means that Market Makers will ride it UP.
Stronger stocks have the-best chance of hitting the jackpot.
Solar is certainly among the-best sector in the market, FSLR, CSIQ, JKS, SPWR are the leaders & may benefit
the-most for OE activity.
Other stocks which are showing relative strength are MU, KORS, BIDU, PCLN to name few more
S&P & Nasdaq are all set to make new all time highs, DOW has already done on a closing basis on Friday.
S&P 500 is looking towards 1850 before it backs off.
Last Thursday's break in markets was enough to give it renewed strength as many bailed out in a hurry.
IF there is any weakness due to Chinese stat or policy then it IS another buy the dip event.
Conviction in strong stocks is a good strategy, adding on weakness is a smart idea.
Concentrated position in better performing stocks is good in strong sectors.
Please note that some strong stocks are looking highly vulnerable for down move...watch the TAPE closely for an exit.
Looks like another profitable week coming up.
BLOG does NOT give buy or sell.
Saleem
9 comments:
Hey Saleem,
I see we are almost exactly back on the same page after last week's volatility!
You also noticed the weakness in some previously strong stocks--I've been thinking about that for days now and address it more in my weekly recap/outlook. It may force me to undergo large portfolio changes.
Stocktrader
Hi Stocktrader,
YES...we are totally in sync with read of the TAPE.....
I am very hopeful for this week's UP move......
Saleem
Hey Saleem,
Did some early selling:
Sold FB @ 47.09
Sold CSOD @ 46.946
Sold YELP @ 62.41
Sold RALY @ 24.92
Looking for some buys now...
Stocktrader
Hi Stocktrader,
Look @ high flying solar stocks....
Saleem
Hey Saleem,
Yes, I bought CSIQ early for my trading account (28.50), but just couldn't get comfortable enough yet in the main retirement account.
Bought CMI @ 130.568
I'm looking at banks and solars still.
Stocktrader
Hey Saleem,
Took a speculative position size in CSIQ @ 28.852.
Stocktrader
Hi Stocktrader,
Good luck with CSIQ.....
Saleem
Hey Saleem,
Bought KRE (regional bank ETF) @ 38.31. I tried to find an individual name I liked more than the others, but I really didn't have that kind of insight.
Stocktrader
Hi Stocktrader,
Good luck with CMI & KRE
Saleem
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