We are back to square 100, it is back to Greece parliament to enact legislation to implement what they have been rejecting then accepting, it has become a trust issue.
Based on published report, it will take another week before we know, what was really accomplished or agreed on.
Market will be under pressure again on Monday on non finalization of Greece refinancing.
Greece needs to implement VAT, Pension Reform, Privatization by Wednesday, lot of drama on CNBC....
China is another issue, where government is directing / dictating stock prices, never ends well.
We have to keep an eye on lows of Tuesday, IF we hold, then we may be OK for digestive phase.
Many Oil countries are facing hardship, Canada included, we are on the verge of going into recession in Canada.
Lot of buying $$ have been taken out due to low low Oil prices, not good for any economies, when there is disruption in major commodity like oil, there are hedges in place which can bring its own problems.
Again, there is another chance to rejig your portfolio on Monday, IF there is selling, good stocks will be on sale again.
It is a wise move to rid of your portfolio of weak stocks, i think i have completed this process on Friday, never too late to get rid of losers.
This summer has not been good for many portfolios, as many strong stocks have pulled back on China & Greece issues.
Do not hesitate to add exposure in quality stocks and away from weak performers or speculative stocks.
Good luck with your own analysis & comfort level.
BLOG does NOT give buy or sell.
Saleem
5 comments:
Hi Saleem,
It was a rough last week with the portfolio -1.12% versus mostly flat indices. My Chinese attempt accounted for more than all that damage with JMEI/MOMO/NOAH down 14-22% when I did sell them. Even though they rebounded shortly after, I feel the situation is still too difficult to understand, so I'm ok being out and am looking forward from here. NEFF/PANW/DAL all gained over 6%, so there were some bright spots.
This week I'll be positioning for earnings season, pruning those stocks which I don't think will perform well. It is helpful to have diminished world impact right now so that we can focus again on companies and their execution!
Stocktrader
Hi Saleem,
Sold GM @ 31.88
Sold DAL @ 43.32
Stocktrader
Hi Saleem,
Bought some TDOC @ 30.2361.
I like the idea and chart. Downside is likely limited but upside potential looks nice with the chart setup.
Stocktrader
Hi Saleem,
With global issues receding, I'll try at PRU again...bought @ 88.85.
Stocktrader
Hi Stocktrader,
Was out in AM.
Good luck with TDOC & PRU.
Saleem
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