Indices closed @ new highs for 2013 again, TAPE got another boost from stronger than expected economic data in US.
S&P 500 @ 1833.32...closed @ absolute highest point of the day......very bullish !!!
RSI @ 67.31
CMF @ 0.040
Internals were :
UP volume led by 3.38 to 1 in NYSE & 2.71 to 1 in Nasdaq
Advancing stocks led by 2.06 to 1 in NYSE &b 1.57 to 1 in Nasdaq
Net new 52 wk highs were leading by 261 in NYSE & 273 in Nasdaq
VIX Down 4.29% @ 12.48...heading towards 52 wk low of 11.05
Oil @ $99.20
Gold @ $1203.30
Portfolio JKS RALY SINA AUY
Stocks which were UP 2% or more included AUY
BBRY SLW GG AEM TSLA TWTR CIEN
JDSU FNSR TCK STLD WLT WYNN.....
About market, TAPE continues on its path to all time highs on a daily basis. I am expecting strong momentum going into New Year. Try to position in what is working in this momo driven rally. TWTR is going North in a hurry.
Next post on Thursday by 2 PM.
BLOG does NOT give buy or sell
Have a very happy Christmas !!!
Saleem
14 comments:
Hey Saleem,
Sold TRLA @ 34.525 as it encounters technical resistance after such a huge bounce from the lows. I also want to see how the housing dynamic plays out in the near term.
I'm evaluating other stocks for sale, and I want to buy some FDX.
Stocktrader
Hey Saleem,
Sold WDC @ 83.085. Given the industry has no growth right now and people are just keying in on expense saving and cash flow, I don't expect major positive moves as investors position for 2014.
Bought FDX @ 143.035. I talking about shipping packages on Tuesday, and I really like the fundamental setup for years to come along with a technical setup that's better after resting for a while under $140.
Stocktrader
Hey Saleem,
Sold the TXTR I could (based on the 3-day rule) @ 33.801 to reduce exposure. After reading Citron Research's post, and realizing the year-end effects, I'm not sure what's going to happen next.
http://www.citronresearch.com/wp-content/uploads/2013/12/txtr-Dec-2013-final.pdf
If I sell the last chunk, I'll be in violation (because I used up my "free pass" with a Veteran's Day snafu) but I still may depending on the action.
Stocktrader
Hi Stocktrader,
Interesting moves today...
Good luck with your next strategy.
Saleem
Hey Saleem,
I sold the last chunk of TXTR @ 32.602. After thoroughly reading the Citron report, there seems to be serious risk that the company has skeletons which may need to be uncovered.
I'll now be on restrictions for 6 months I think, so I'll have to move a bit more slowly, and will likely keep a stash of cash available for purchase ideas.
Stocktrader
Hey Saleem,
Much to my relief, after checking, even the Tuesday purchase isn't on sell restriction because I had the funds available as of last Friday (remember I went into the weekend with lots of cash).
That is a huge relief for me! :)
Stocktrader
Hi Stocktrader,
I am glad that "you are all on the clear" in terms of procedures....
I am also happy that you are completely out of TXTR.....
Good luck with your next moves....
By the way DRYS is looking very good for you !!!!
Saleem
Hey Saleem,
Yes, all my shippers are doing well: DRYS SB BALT.
Sold CSOD @ 52.965. Given the high expected growth rates already, I fear how the market might perceive a move by competitors into the space like a WDAY. It is always a takeover candidate, but you can't really predict that with any certainty.
I'm taking advantage of some stock runups that I think were more to do with the market run versus specific fundamentals.
Stocktrader
Hi Stocktrader,
Good move in booking profit in CSOD.
Saleem
Hi Stocktrader,
Got home few minutes ago was stuck in traffic.
Closing post to be on time by 10 PM..
Saleem
Hey Saleem,
I think the market takes a breather tomorrow. Breath is struggling and the $RUT was barely up. Given today was the last day for settled year-end positions, I wonder if we take a bit of a pause? At the very least, we are highly short-term overbought right now.
Stocktrader
Hi Stocktrader,
I will analyze everything in my closing post......
Saleem
Hey Saleem,
I guess I should have stuck with WUBA--look at that guy today! It's gone straight up since I sold...
Stocktrader
Hi Stocktrader,
YES....WUBA jumped today.....BUT you had all the shippers...which more than make up for WUBA & then some....
Saleem
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