TAPE came into selling pressure @ open but recovered nicely to close @ absolute high of the day except Nasdaq which missed it by 10 tick. Jobs report of 142K in US had no credibility & will be revised UP. In Canada we lost 11K vs expectations of 6K growth.
S&P 500 @ 2007.71, low 1990.10
RSI @ 66.37
CMF @ 0.342..@ highest level since mid July....
Internals were :
UP volume led by 1.79 to 1 in NYSE & 1.71 to 1 in Nasdaq
Advancing stocks led by 1.69 to 1 in NYSE & 1.21 to 1 in Nasdaq
Net new 52 wk highs were leading by 56 in NYSE & 14 in Nasdaq
VIX Down 4.35% @ 12.09
Oil @ $93.29
Gold @ $1267.30
Canadian $ @ 91.10
Stocks which were UP 1% or more included EGO FB MU RAD
TSL JKS CSIQ SPWR GTAT SWIR YELP YHOO BIDU
WUBA RVBD COH DNKN INVN YNDX HIMX
ARUN CRUS SNDK BRCM LSCC CIEN
JDSU PANW SPLK SBUX DATA
CSOD.....
Here is my weighting :
LULU 21.04%
MITL 19.04%
MU 18.97%
FB 14.83%
EGO 14.41%
RAD 11.71%
Exposure 200%
Next post by 2 PM on Sunday.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
In a tricky short week, the portfolio gained 0.78% versus the S&P's +0.22% and the Russell's -0.36%.
Weekly Winners: JKS (+11.8%), SPLK (+4.8% from purchase), FDX (+3.7%), NXPI (+3.6%), HUN (+2.8%)
Weekly Losers: DRYS (-3.0%), AAL (-2.7%), WLH (-2.3%), PFPT (-2.2%)
YTD Info:
Portfolio: +5.41%
S&P 500: +8.62%
Russell 2000: +0.56%
I only made a few moves this week to swap out of stale ideas and move into new ones, focusing on cyclical growth versus secular. Here's the current portfolio:
Top Weightings (9.1->7.2%): GS FDX JKS
The Rest (6.8->5.5%): CMI GM WLH NXPI AAL DRYS SPLK AGU HUN BWLD PFPT
Speculative Stock (2.9%): SRPT
Cash: 5.9%
New Positions: SPLK GM
Add-on: JKS
Closed Positions: WDAY NOW
So, the big takeaway I have for the upcoming week is the lack of new catalysts to drive the market forward. With the ECB and NFP behind us, and AAPL coming Tuesday, we could be in for a letdown as the week progresses.
I find it fascinating that the percentage of bears in the Investors Intelligence Survey is at its lowest point since early 1987 (13.3%). I caution about reading too much into this for short-term trading, but it does start to explain why the market saw sluggishness this week until we finally came to Friday. As we work off some of this bullishness, we should think profit-taking first and bargain-hunting second.
The US-centric stocks have been a safe haven over the last month as our data has been good and the world faced numerous problems. If the world starts to improve again, we could see some outflows from international clients and others who wish to rebalance their portfolios. This could be a source of drag going forward.
Overall, I am happy with the stocks in the portfolio, but am nervous about extended sentiment and price. I will be looking for sell opportunities and may start with NXPI on a "sell the news" AAPL event.
Good luck to all! :)
Stocktrader
Hi Stocktrader,
Another beat by your portfolio vs all indices.
Another 3.22 percent gain and you will beat SPX..
Saleem
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