TAPE struggled in Nasdaq but closed UP in all indices.
S&P 500 @ 1792.50, high 1793.87
RSI @ 39.59
CMF @ 0.083
Internals were :
UP volume led by 4.72 to 1 in NYSE & 2.55 to 1 in Nasdaq
Advancing stocks led by 2.99 to 1 in NYSE & 2.14 to 1 in Nasdaq
Net new 52 wk lows were leading by 14 in NYSE & highs were leading by 17 in Nasdaq
VIX Down 9.30% @ 15.80
Oil @ $97.41
Gold @ $1250.80
Stocks were UP 1% or more included JKS KOG AUY
MA OTEX TWTR AMCC BBRY FB LNKD BIDU
EXPE TSLA AMZN NFLX LUV PCLN GOOG
TSL CSIQ YHOO SINA FFIV COH V YNDX
FSLR GRPN RVBD CIEN C PANW SPLK
STLD EGO SLW GG AEM WUBA WLT
SPWR TRLA Z WYNN LVS YELP...
AH ER: VMW Down 1.94%, YHOO Down 2.43%,
CRUS Down 5.34%
AH Futures UP
AH Asian Markets UP
AH Oil Down
AH Gold UP
About market, TAPE has become stable & is on uptrend. Tonight major development in emerging markets with India & Turkey boosting interest rates, Turkey taking repo rates from 4.5% to 10% a more than 100% jump to stabilize their Lira. We should have a very strong day on Wednesday. Fed announcement will be as expected with $10 billion taper continuing.
BLOG does NOT give buy or sell.
Saleem
12 comments:
Hey Saleem,
I sold my chip stocks:
CRUS @ 17.38
SWKS @ 29.97
I just think it's safer to wait and watch for now in this group.
Stocktrader
Hi Stocktrader,
Sometimes its best to wait it out for leaders to emerge.
Saleem
Hey Saleem,
I know SWKS looked really good, but in light of AAPL and CRUS subsequently, I worry about the group, and specifically that SWKS's guidance was too aggressive.
Stocktrader
Hi Stocktrader,
SWKS is showing relative strength.....but your reasoning may turn out to be correct.
Saleem
Hey Saleem,
I think I may have missed my FCX entry.
I really think there's a chance the Fed announces less (5M) or no taper. That's where the risk (upside) lies since the market expects the full 10M again.
Stocktrader
Hi Stocktrader,
There is "fear" that fed may decrease buying by further $10 Billion to speed up taper.....
IF they continue with only $10 Billion reduction then there may be a "relief rally"
Problem is Emerging Markets now....
Saleem
Hey Saleem,
I guess ideally what I'm looking for is an additional 5M taper on treasuries but keep the mortgage bond buying steady. I think the market would see this very favorably as showing the Fed is trying to move along the taper but recognizing some weakness in parts of the economy currently. It would also likely help the emerging market sentiment as showing the Fed is still providing support as needed. No matter what the Fed does, I'm assuming they'll talk dovishly about the low inflation rate and poor jobs report.
We'll see what happens--in my trading portfolio I'm set up extremely long for a risk rally holding JKS, FCX, and WBAI. There is potentially disaster ahead for me if things don't work out!
Stocktrader
Hi Stocktrader,
BB is extremely supportive of economy / stock market....
BB understands what is required "under current emerging market turmoil" & will act accordingly.
Hoping for a positive reaction in few minutes.....
Did you buy FCX?
Saleem
Hey Saleem,
I did not buy FCX for the retirement portfolio--I didn't get the entry price I wanted and I'm not sure how long any relief rally would last. I'll just stick with all the exposure I have already.
Stocktrader
Hey Saleem,
Well...that didn't work. Sold everything, went short X.
Stocktrader
Hey Saleem,
...in the trading portfolio.
Stocktrader
Hey Saleem,
Also shorted BAC for a bit. Covered everything now as we're down 200+. Time to be flat and let things shake out.
I'm glad to have the dry powder in the retirement portfolio as well as being mostly in stocks without cyclical exposure.
Stocktrader
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