It has been 7 weeks of slump in worldwide markets.
US markets may have overdone on the downside.
DOW is giving signal that " worst may be over "
DOW is the only index which is above 200 DMA.
S&P 500 & Nasdaq are below 200 DMA
SOX & RUT are not only below 200 DMA but are showing " death cross "
Since DOW is giving " contrary technical picture " it is safe to buy stocks which are not in the " epicenter " of this down move.....
Who are in the " epicenter " of this down move......AAPL FB GOOG AMZN MSFT NVDA......to name a few
YELP is in neverland
Most technology stocks are trying to find support.....
This may be a rare chance to buy high growth stocks @ sharply discounted price
Technology are offering " early black Friday sales "
Sentiments could not be more negative after 7 slumping weeks, a reliable contrary indicator......
SO...get your confidence UP and do some homework on your strong buys....
You may look back @ current prices as the most opportune in a long long time...
Good luck with your own analysis and comfort level.
BLOG does NOT give buy or sell.
Saleem
3 comments:
Hi Saleem,
Last week: +1.56% (YTD: +36.45%)
Notable Winners: AMRN PRNB SAIL TENB SPLK AVLR
Notable Losers: TRIL NIU VICR SWN
The portfolio performed nicely last week thanks to some key intraweek pickups like AMRN and SPLK, and also general outperformance on non-economically sensitive names. Although the averages overall ended quite a bit lower, with the small cap index moving back into negative territory for the year, I felt like the action on Thursday and Friday finally represented some of the best "bull market" activity in a while. On both days there was intraday positive news and the market spiked, only to have that news disputed or tempered significantly, but the market held its gains on both days. This is much different from prior weeks where we likely would have dropped even lower on the walk-backs, and signifies institutions are stepping up to the plate finally to absorb the selling instead of hitting sells on any pop. I like this action and look for it to continue this shortened week before we may hit some snags again after G-20 and the December jobs report.
Holdings: CSOD SAIL TENB VRNS AVLR SEDG AMRN VICR GTLS SWN PRNB TRIL NIU, cash 0.0%
Stocktrader
Hi guys,
I am really shocked today with the high growth tech action. I thought last week's gains in many of those stocks signaled a good year end, but the declines today are brutal and seemingly without a specific catalyst--rates and oil are both down and semis/housing got really bad news recently. You would think companies showing growth would get some flows but instead they are in freefall.
Stocktrader
Hi Stocktrader,
TAPE needed " fear & shock " which it is getting today......
There is a very good chance that, this is the last hurrah for bears......
Saleem
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