Indices closed down sharply lower on lowest oil prices in 7 years. Fed interest rate decision for Wednesday also added to negativity. Weekly Option Expiry was a factor also. All indices closed near low of the day. All indices are below 50 & 200 DMA but Nasdaq is still maintaining golden cross.
S&P 500 @ 2012.37, low 2008.80, high 2047.27
RSI @ 37.95
CMF @ -0.132
Internals were :
Down volume led by 12.19 to 1 in NYSE & 5.92 to 1 in Nasdaq
Declining stocks led by 7.30 to 1 in NYSE & 5.33 to 1 in Nasdaq
Net new 52 wk lows were leading by 378 in NYSE & 196 in Nasdaq
VIX UP 26.11% @ 24.39
Oil @ $35.62
Gold @ $1075.70
Canadian $ 62.80.....a new 11 year low
Stocks which closed green included LULU GPRO FSLR
FNSR QIHU ABX SLW GG AEM.....
In my portfolio :
Bought NFLX @ $118.90
Here is my weighting :
FB 30.55%
CNQ 13.15%
NFLX 11.86%
VDSI 11.65%
CY 10.52%
FIT 10.29%
BITA 7.19%
BBRY 4.79%
Exposure 321%
NEXT post by 2 PM on Sunday
BLOG does NOT give buy or sell.
Saleem
3 comments:
Hi guys!
Joseph, I love the flip from bearish (TZA) to bullish (XIV, UPRO). I was skeptical when you were holding TZA initially, but you made it work and flipped to bullish at a great panic point. I expect by next Friday we'll be in much better shape in the markets and through with the "scary" catalysts until after the new year.
Saleem, good luck with NFLX. It is my least favorite of the "FANG" stocks but your trading of it has been incredible!
Stocktrader
Hi Stocktrader,
These days we have to book profit because the market is so uncertain. Actually I was too early to book the profit in TZA. I would have gained at least $1000 more had I waited for some more time. I was so impatient and I lowered the prize for TZA. The other day I bought FCX for 6.80. I had a profit of 1300 in one day. I thought it would go over 8.00. It never happened. At times greed can make you lose. Still I am positive. When the market moves up and down, we can make money, especially with ETF. Neither the earning report nor the downgrade affects these funds. I think we may further go down on Monday. Let us wait and watch. Ultimately our aim is to make money.
Good luck to you
Joseph
Hi Stocktrader,
I bought NFLX 2 minutes before close on Friday.
All FANG were on sale some more than others.
I was already "phantom weight " in best FANG which is FB based on "near term prospect"
NFLX has performed and kept its gain better than any FANG...thus my "technical buy in NFLX"
This decision on NFLX was done on TAPE alone...my personal opinion on any stock does not matter...as market does not care...what i think....so i go with the flow on NFLX.....
Saleem
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