Markets staged a deeply oversold rally today....
Internals were strong for day 1 of rally.....both advancing stocks & UP volume led by convincing ratio....
New lows also declined by 50% from yesterday...
Give full credit to China for its well defined pro-active approach to stimulating their economy for this rally.....
Today's rally cut the deep gloom which is being perpetuated by in-your face TV interviews about what IS wrong with everything 24/7.....
Most sectors participated in this rally except GOLD stocks & pure Potash plays due to LOWER pricing...
It is ironic that perpetrators of doom CNBC...its parent GE became a $5 stock today..it must be KARMA @ works.....what you do to others will come back @ you also in a strange way????
More economic data @ 830 AM......
AH Futures after factoring fair value Down slightly..
AH GOLD UP $6.20
BLOG does NOT give buy or sell.
Saleem
Wednesday, March 4, 2009
Have we seen the low in this bear market...probably !!!
Markets are firming UP against bleak data on jobless picture....
Nasdaq as expected IS lifting "most boats".....
Nasdaq remains the strongest index so far UP 2.5%..while other indices are tagging along for the ride with 2% gain......
CHINA IS the reason for confidence building move in markets..they DO KNOW what they are DOING for their economic revival...there is NO CONFUSION about their 8% GDP growth.....
GOLD UP $2.80...
OIL UP HUGE $3.70...I guess we will all start to use Gasoline again....
Most stocks are UP while gold stocks are taking a breather....
If we close "near HIGHS" technicians & shorts will take notice !!!!
BLOG does NOT give buy or sell.
Saleem
Nasdaq as expected IS lifting "most boats".....
Nasdaq remains the strongest index so far UP 2.5%..while other indices are tagging along for the ride with 2% gain......
CHINA IS the reason for confidence building move in markets..they DO KNOW what they are DOING for their economic revival...there is NO CONFUSION about their 8% GDP growth.....
GOLD UP $2.80...
OIL UP HUGE $3.70...I guess we will all start to use Gasoline again....
Most stocks are UP while gold stocks are taking a breather....
If we close "near HIGHS" technicians & shorts will take notice !!!!
BLOG does NOT give buy or sell.
Saleem
Tuesday, March 3, 2009
Nasdaq fighting back by closing above bear low....
Nasdaq briefly dipped below closing bear low but fought its way back to close well above bear low......Nasdaq intraday low was never touched......
Nasdaq index is giving lot of HOPE that this index can give support to the entire market.....only time will tell......
President Obama is TRYING to lift investors/traders spirit by telling them to buy stocks based on current PE ratio & to look long term.....will this "sage of CHANGE can CHANGE investors psychology to the bullish mode"...AGAIN only time will tell.....
Today's tape was not bad considering BB testimony & selling into close.....
Following stocks were among the green @ close :
PMCS,NVDA,RIMM,AAPL,AGU,POT,FSLR,ISRG,BIDU,
KGC,GG,DSX,GERN.
Futures after fair value are Down as follows:
Dow <59>
S&P 500 <8>
Nasdaq <9>
GOLD UP $3.50....
BLOG does NOT give buy or sell.
Saleem
Nasdaq index is giving lot of HOPE that this index can give support to the entire market.....only time will tell......
President Obama is TRYING to lift investors/traders spirit by telling them to buy stocks based on current PE ratio & to look long term.....will this "sage of CHANGE can CHANGE investors psychology to the bullish mode"...AGAIN only time will tell.....
Today's tape was not bad considering BB testimony & selling into close.....
Following stocks were among the green @ close :
PMCS,NVDA,RIMM,AAPL,AGU,POT,FSLR,ISRG,BIDU,
KGC,GG,DSX,GERN.
Futures after fair value are Down as follows:
Dow <59>
S&P 500 <8>
Nasdaq <9>
GOLD UP $3.50....
BLOG does NOT give buy or sell.
Saleem
Nasdaq hanging above intraday bear low....
Nasdaq went below closing low of November but not intraday low.
Gold down $27... But gold stocks are UP
Oil up 41 cents...
@ 1.00 PM following are green in my watch list :
PMCS,RIMM,NVDA,IPI,KGC,V,TKC,ICE,CCJ,
ABX,MA,BIDU,VLO,FSLR,ISRG,SNE,AAPL,
AGU,POT,GG,DSX.
BLOG does NOT give buy or sell.
Saleem
Gold down $27... But gold stocks are UP
Oil up 41 cents...
@ 1.00 PM following are green in my watch list :
PMCS,RIMM,NVDA,IPI,KGC,V,TKC,ICE,CCJ,
ABX,MA,BIDU,VLO,FSLR,ISRG,SNE,AAPL,
AGU,POT,GG,DSX.
BLOG does NOT give buy or sell.
Saleem
Monday, March 2, 2009
Nasdaq Still above intraday or closing bear lows....
Markets have no buying interest as new administration is struggling with clarity about current economic mess.....everything is up in the air in terms of resolution of banking issues or economic challenges.
President Obama needs to boost confidence of consumers & investors..instead of being wrapped up in political fight for changes on day one......based on current economic upheaval Obama should focus on getting the economic job done FIRST and DELAY all the CONTROVERSIAL changes in health care/taxation @ this stage... prudent TIMING is everything ....
Nasdaq is the lone index still hanging above lows????
Advance decline ratio now hitting extremes seen NEAR lows......
In NYSE declining stocks were leading by 15.79 to 1
In Nasdaq declining stocks were leading by 6.53 to 1.....
Down volume on NYSE were leading by 50.27 to 1
Down volume on Nasdaq were leading by 31.83 to 1
Down volume indicator is most extreme which I have observed.....sign of total CAPITULATION...????
BLOG does NOT give buy or sell.
Saleem
President Obama needs to boost confidence of consumers & investors..instead of being wrapped up in political fight for changes on day one......based on current economic upheaval Obama should focus on getting the economic job done FIRST and DELAY all the CONTROVERSIAL changes in health care/taxation @ this stage... prudent TIMING is everything ....
Nasdaq is the lone index still hanging above lows????
Advance decline ratio now hitting extremes seen NEAR lows......
In NYSE declining stocks were leading by 15.79 to 1
In Nasdaq declining stocks were leading by 6.53 to 1.....
Down volume on NYSE were leading by 50.27 to 1
Down volume on Nasdaq were leading by 31.83 to 1
Down volume indicator is most extreme which I have observed.....sign of total CAPITULATION...????
BLOG does NOT give buy or sell.
Saleem
Nasdaq less than 20 points from closing bear low...
Nasdaq is getting closer & closer to November bear low......
AIG,Warren Buffett remarks are causing this new wave of selling....
Dow is well below 7000 ..currently @ 6827.81..down 235.12.....
S&P is also hitting new lows again......lower than previous intraday lows back in November....
Gold is fighting back is now near flat.....
Oil is taking a huge hit Down $4.43.....
Most stocks are down .....
Closing numbers will be very significant in terms of where we are......especially on Nasdaq !!!
BLOG does NOT give buy or sell.
Saleem
AIG,Warren Buffett remarks are causing this new wave of selling....
Dow is well below 7000 ..currently @ 6827.81..down 235.12.....
S&P is also hitting new lows again......lower than previous intraday lows back in November....
Gold is fighting back is now near flat.....
Oil is taking a huge hit Down $4.43.....
Most stocks are down .....
Closing numbers will be very significant in terms of where we are......especially on Nasdaq !!!
BLOG does NOT give buy or sell.
Saleem
Sunday, March 1, 2009
This market has humbled all players..short or long???
This IS the-most difficult market for those born after depression.....
It seems that their is NO end in sight for this SHARP/SWIFT downward leaning market......
Every technical indicator HAS failed near any minor resistance point?
Everytime technical outfit like IBD inserts "markets in confirmed rally"...immediately we get an instant correction in markets?
Which means whenever we buy when technicals are showing improvement a new selling wave comes from nowhere......reasons are always a REHASH of what is ailing this economy for almost 8 months...
On June 5th 2008 Nasdaq was @ 2549.94 highest point in last 52 weeks.....today we are @ 1377.84 a drop of 1172.10 points or Down 45.97%...we are only 61.72 points from intraday low of 1316.12 on Nov 20th, 2008.....
Based on the weakness in the markets...there has been some buying near lows which is the reason that new lows are staying around 300 in NYSE & Nasdaq.....
The only LOGICAL approach MAY work is to buy beaten down or corrected stocks which are working...like Gold & Techs......
Small exposure MAY not be a bad idea as we test NEW LOWS in all indices......
Politics & slumping economic Numbers are the real culprit for this RENEWED downtrend......
There IS imminent hope that we are hitting the low point in economic picture as articulated by Ben Bernanke,Jean Claude Trichet as they are predicting recovery in 2010.
China on Friday is still insisting that 8% GDP growth is still on track for 09..in Q4 China hit a low point of 6.8% GDP....
Canada Central bank Governor is even more optimistic that growth will return in 2nd half of 09??....IF US stimulus takes its effect.
Most investors/traders are hurting which includes Warren Buffett..who is also hopeful for 2010.
Those who have 2 years horizon will do well if they buy near lows & WAIT for economy to TURN...
Tech stocks so far are showing sign of life..as they are NOT hitting new lows with indices....so it MAY be the SAFEST place to assign some capital......
This week will be a real test of markets support.....HOPEFULLY it will find support NEAR these levels....as markets are overdue to look beyond current numbers....markets are trying to digest how bad we will get before we get better.
BLOG does NOT give buy or sell.
Saleem
It seems that their is NO end in sight for this SHARP/SWIFT downward leaning market......
Every technical indicator HAS failed near any minor resistance point?
Everytime technical outfit like IBD inserts "markets in confirmed rally"...immediately we get an instant correction in markets?
Which means whenever we buy when technicals are showing improvement a new selling wave comes from nowhere......reasons are always a REHASH of what is ailing this economy for almost 8 months...
On June 5th 2008 Nasdaq was @ 2549.94 highest point in last 52 weeks.....today we are @ 1377.84 a drop of 1172.10 points or Down 45.97%...we are only 61.72 points from intraday low of 1316.12 on Nov 20th, 2008.....
Based on the weakness in the markets...there has been some buying near lows which is the reason that new lows are staying around 300 in NYSE & Nasdaq.....
The only LOGICAL approach MAY work is to buy beaten down or corrected stocks which are working...like Gold & Techs......
Small exposure MAY not be a bad idea as we test NEW LOWS in all indices......
Politics & slumping economic Numbers are the real culprit for this RENEWED downtrend......
There IS imminent hope that we are hitting the low point in economic picture as articulated by Ben Bernanke,Jean Claude Trichet as they are predicting recovery in 2010.
China on Friday is still insisting that 8% GDP growth is still on track for 09..in Q4 China hit a low point of 6.8% GDP....
Canada Central bank Governor is even more optimistic that growth will return in 2nd half of 09??....IF US stimulus takes its effect.
Most investors/traders are hurting which includes Warren Buffett..who is also hopeful for 2010.
Those who have 2 years horizon will do well if they buy near lows & WAIT for economy to TURN...
Tech stocks so far are showing sign of life..as they are NOT hitting new lows with indices....so it MAY be the SAFEST place to assign some capital......
This week will be a real test of markets support.....HOPEFULLY it will find support NEAR these levels....as markets are overdue to look beyond current numbers....markets are trying to digest how bad we will get before we get better.
BLOG does NOT give buy or sell.
Saleem
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