Thursday, December 12, 2013

Indices closed down .14% to .66%.....

Indices closed near lows again.

S&P 500 @ 1775.50, low 1772.28

RSI @ 46.93

CMF @ -0.021

Internals were :

Down volume led by 1.40 to 1 in NYSE & 1.27 to 1 in Nasdaq

Declining stocks led by 1.39 to 1 in NYSE & 1.07 to 1 in Nasdaq

Net new 52 wk lows were leading by 237 in NYSE & 4 in Nasdaq

VIX UP .78% @ 15.54

Oil @ $97.50

Gold @ $1224.90

AH Futures UP

AH Asian Markets Mixed

AH Oil & Gold UP

About market, S&P 500 made lower lows of 1772.28 vs 1779.09 seven trading days ago. Today internals were all in negative which means a deeply oversold condition. We should move UP from here as we have discounted tapering. i expect tapering to start in January 2014. Hopefully Fed will confirm all that next week. We may rally in anticipation of January tapering vs much feared December tapering. VIX gave me a signal today that we are ready to rally as per my afternoon BLOG.

BLOG does NOT give buy or sell.

Saleem

12 comments:

stocktrader_1996 said...

Hey Saleem,

I seemingly made some good picks recently:

05:53 EDT TRLA theflyonthewall.com:

Trulia pullback not driven by fundamentals, says Deutsche Bank

Deutsche Bank believes the recent pullback in shares of Trulia is driven by sentiment, not fundamentals, and views the stock's valuation as among the most compelling in smid-cap Internet. Deutsche thinks Trulia's business continues to perform well and reiterates a Buy rating on the stock with a $55 price target. :theflyonthewall.com

07:53 EDT SB theflyonthewall.com:

Safe Bulkers rated Overweight from Not Rated at Morgan Stanley

Morgan Stanley upgraded the Maritime Industry to In-Line given improving global GDP and improving fundamentals across all segments. The analyst named Safe Bulkers its top pick in the dry bulk segment and rated it an Overweight given high spot exposure, best in class operations, and potential growing dividend. Price target raised to $11 from $6.50. :theflyonthewall.com

It's good to get some just right to balance some of the losers...

Stocktrader

Stocks100 said...

Hi Stocktrader,

YES...two perfect pick & timing.

Good luck with TRLA & SB....

Saleem

stocktrader_1996 said...

Hey Saleem,

Given the jobless claims data yesterday and inflation data today, I think the chances of the taper starting next week are even lower than before (not that I thought the chances were too high anyways).

Stocktrader

Stocks100 said...

Hi Stocktrader,

January taper has been my mantra for a long time despite geniuses panicky
conclusion of next week over & over...then they all pretend they did not say that???

Saleem

stocktrader_1996 said...

Hey Saleem,

Bought FCX @ 34.44.

Stocktrader

stocktrader_1996 said...

Hey Saleem,

Haha yes. That's exactly what all the pundits will say...

Stocktrader

Stocks100 said...

Hi Stocktrader,

Good luck with FCX...Gold may have found support.

Saleem

stocktrader_1996 said...

Hey Saleem,

Gold has more fundamental support than people think from jewelry sales and some industrial use. Although I'm not really expecting much from gold, I think the sentiment is extremely poor which provides kindling for an up move--you just need the spark.

FCX is a great combination of many potential company specific catalysts and nice valuation/dividend. It is unfortunate they may have to reduce production in Indonesia if the raw material export ban is fully implemented (although there's a chance FCX gets some exceptions due to potential layoffs).

Stocktrader

stocktrader_1996 said...

Hey Saleem,

Took off about half my SB @ 8.821. I'm looking to sell my smaller amount of BALT by close also.

Stocktrader

Stocks100 said...

Hi Stocktrader,

Good move in booking profit in SB..

Saleem

stocktrader_1996 said...

Hey Saleem,

Sold the BALT @ 5.612. I have to head out for a lot of the rest of the day and didn't want to risk a late day selloff in the general market affecting my final price. Still, from 5.35 just days ago, it served its purpose well. Now we wait to see if today's small drop of -7 to 2330 is the start of something more...

Stocktrader

Stocks100 said...

Hi Stocktrader,

Good move with BALT..

Saleem