Seems Mar 16 was the low as the U.S. averages have relentlessly marched upward fooling me and most non Wall-Street portfolio managers.
Oil stocks recovered touching year highs but has since sold off all those gains since Apr 5.
The U.S. averages rallied all but 3 days from Mar 17 to Apr 5 going from S&P 1250 to 1330 until last week when unofficially GOOG puked last Thur dropping 41 points or 7% on poor guidance.
The best performers during these weeks were Silver rising from 33 to 42, SINA from 108 to 142, and BIDU from 125 to 149.
This afternoon after the close, WYNN appears to have exceeded guidance with the performance of their Macao casinos. IBM may have missed. On tap for Wed after the close, AAPL.
Tuesday, April 19, 2011
Wednesday, March 16, 2011
Japan nuclear problem spinning out of control, U.S. Markets down 1-2%
After an opening gap down, U.S. markets recovered to near unchanged in the opening 80 minutes, but when five minutes later, a quick thrust down put us below the morning lows, it was all over. All sectors closed in the red.
DIA down 2.04%, SPY down 1.95%, QQQQ down 1.89%, IWM down 1%.
NYSE Breadth was 22 to 7 negative. 138 issues (mostly short ETFs or bond ETFs) reached new 50-day highs.
Apple dropped 15.42 to 330.01. The Japanese will need money to rebuild their nation and they'll sell everything to acquire Yen. You can bet they'll need at least $500 billion USD given all the infrastructure damage.
Best performing ETF was the DPK (Triple Short Developed Markets), up 5.34 to 47.41. The Ultrashort Japan ETF via the EWV was up 3.09 to 42.36. The Triple Short QQQQ via Proshares (SQQQ) up 2.04 to 30.57.
Couldn't hide in precious metals. SLV down .37 to 33. GLD down .84 to 135.40.
Currency markets, FXY made a new high up 1.46 to 123.71. The USD broke below its 52-week low against all major currencies today.
DIA down 2.04%, SPY down 1.95%, QQQQ down 1.89%, IWM down 1%.
NYSE Breadth was 22 to 7 negative. 138 issues (mostly short ETFs or bond ETFs) reached new 50-day highs.
Apple dropped 15.42 to 330.01. The Japanese will need money to rebuild their nation and they'll sell everything to acquire Yen. You can bet they'll need at least $500 billion USD given all the infrastructure damage.
Best performing ETF was the DPK (Triple Short Developed Markets), up 5.34 to 47.41. The Ultrashort Japan ETF via the EWV was up 3.09 to 42.36. The Triple Short QQQQ via Proshares (SQQQ) up 2.04 to 30.57.
Couldn't hide in precious metals. SLV down .37 to 33. GLD down .84 to 135.40.
Currency markets, FXY made a new high up 1.46 to 123.71. The USD broke below its 52-week low against all major currencies today.
Tuesday, March 15, 2011
U.S. Markets gap down 2.5% at open but steadily ramps up to limit losses
With the world literally watching minute by minute on the potential nuclear meltdown story in Japan, U.S. markets recovered their opening gap losses to finish down 1.2%.
All the major U.S. averages closed below their 50-day moving averages and I sold almost every long position (97%) in friends' retirement accounts and converted into cash (U.S. Dollars). The aggressive accounts have a starter 20% net short position.
NYSE Breadth was 23 to 7 negative. Only 78 issues closed at 50-day highs.
Ironically, the worst sector was precious metals. SLV down 4% to 33.61, GLD down 1.8% to 136.27. In a market with no buyers, there is no safe place to hide except cash.
The best triple short ETF was the Direxion Developing Markets (DPK) up 2.44 to 42.07. Yesterday's EMV initially had a 15% gain at the open but closed only with a 12 cent gain to 39.27. How's that for volatility.
Railroads was the second best sector via RA up .64 to 17.05.
All the major U.S. averages closed below their 50-day moving averages and I sold almost every long position (97%) in friends' retirement accounts and converted into cash (U.S. Dollars). The aggressive accounts have a starter 20% net short position.
NYSE Breadth was 23 to 7 negative. Only 78 issues closed at 50-day highs.
Ironically, the worst sector was precious metals. SLV down 4% to 33.61, GLD down 1.8% to 136.27. In a market with no buyers, there is no safe place to hide except cash.
The best triple short ETF was the Direxion Developing Markets (DPK) up 2.44 to 42.07. Yesterday's EMV initially had a 15% gain at the open but closed only with a 12 cent gain to 39.27. How's that for volatility.
Railroads was the second best sector via RA up .64 to 17.05.
Japan drops 7.5% on Mon, U.S. markets holding their breadth
With the world hoping there's no nuclear meltdown of the power plants in Japan, everyone is essentially watching.
While the U.S. markets steadily dropped for the first 2 1/2 hours, the decline was limited to 1.5% before rallying in the final 3 1/2 hours to cut the losses to .5% on the averages.
NYSE Breadth was 19 down for every 11 up. Only 99 issues closed at 50-day highs.
Obviously the Ultrashort Japan ETF (EWV) was the top performer up 5.11 to 39.15.
Agriculture led by SMG up 1.25 to 57.16.
Warren Buffett reared his ugly head buying out LZ as it moved up 29 pts to 134.68. The move drove the rest of the chemical sector higher as NEU rose 15.39 to 146.
The U.S. averages are holding above the 50-day moving average. Although at this hour, the futures are showing 2% declines for the U.S. markets. Japan is expected to drop more at the open but until we see a close below the 50-day, we've either wisely or stupidly held our longs. I'm worried about prematurely getting shaken out and have the market rocket higher. We can only take it day by day and see what the closing price says.
While the U.S. markets steadily dropped for the first 2 1/2 hours, the decline was limited to 1.5% before rallying in the final 3 1/2 hours to cut the losses to .5% on the averages.
NYSE Breadth was 19 down for every 11 up. Only 99 issues closed at 50-day highs.
Obviously the Ultrashort Japan ETF (EWV) was the top performer up 5.11 to 39.15.
Agriculture led by SMG up 1.25 to 57.16.
Warren Buffett reared his ugly head buying out LZ as it moved up 29 pts to 134.68. The move drove the rest of the chemical sector higher as NEU rose 15.39 to 146.
The U.S. averages are holding above the 50-day moving average. Although at this hour, the futures are showing 2% declines for the U.S. markets. Japan is expected to drop more at the open but until we see a close below the 50-day, we've either wisely or stupidly held our longs. I'm worried about prematurely getting shaken out and have the market rocket higher. We can only take it day by day and see what the closing price says.
Monday, March 14, 2011
Partial snapback bounce, but an 8.9 earthquake in Japan
SPY up .71%, QQQQ up .54%, DIA up .5%, IWM up .41%
Late Thursday night, a magnitude 8.9 earthquake struck Japan as a wave of water literally erased a couple of cities on the northern island. While the U.S. market shrugged off the news then, its now three days later, and we'll have to see if Friday was simply the calm before the storm.
On Fri NYSE Breadth was 18 to 12 in favor of the bulls. Only 77 issues closed at 50-day highs.
Food was led by SJM up 1.18 to 71.40
Late Thursday night, a magnitude 8.9 earthquake struck Japan as a wave of water literally erased a couple of cities on the northern island. While the U.S. market shrugged off the news then, its now three days later, and we'll have to see if Friday was simply the calm before the storm.
On Fri NYSE Breadth was 18 to 12 in favor of the bulls. Only 77 issues closed at 50-day highs.
Food was led by SJM up 1.18 to 71.40
Thursday, March 10, 2011
Longs eat Crow, U.S. markets drop 1.8%
Feels like a buyers strike and that's not good for long holders. IWM down 2.6%.
NYSE Breadth was 26 to 4 negative. Only 64 issues (mostly bond etf's) made 50-day highs.
GMCR was the big winner up 18 to 61.71 on news it will enter a a joint venture with SBUX to sell its products in stores. SBUX rose 3.43 to 39.97.
If this is the start of a correction, the best performing sector has to roll over and die. Well today's 3.64% drop in the XLE (Energy ETF) wasn't what longs ordered.
There was no safe place for longs as every sector finished in the red.
The E-mini S&P Contract is currently one point above the February lows. For the longs to have any chance, they must defend that line by Fri and Mon's close.
NYSE Breadth was 26 to 4 negative. Only 64 issues (mostly bond etf's) made 50-day highs.
GMCR was the big winner up 18 to 61.71 on news it will enter a a joint venture with SBUX to sell its products in stores. SBUX rose 3.43 to 39.97.
If this is the start of a correction, the best performing sector has to roll over and die. Well today's 3.64% drop in the XLE (Energy ETF) wasn't what longs ordered.
There was no safe place for longs as every sector finished in the red.
The E-mini S&P Contract is currently one point above the February lows. For the longs to have any chance, they must defend that line by Fri and Mon's close.
Wednesday, March 9, 2011
Markets do nothing and holding their breadth
IWM down .4%, QQQQ down .39%, SPY down .14%, DIA up .02%.
NYSE Breadth was 16 down for every 14 up. 228 issues made 50-day highs.
Coffee (JO) up 1.61 to 78.21.
Utilities was the top performing sector via the XLU up .33 to 32.82.
HMOs led by AGP up 1.33 to 59.90.
Railroads led by RA up .82 to 16.33.
NYSE Breadth was 16 down for every 14 up. 228 issues made 50-day highs.
Coffee (JO) up 1.61 to 78.21.
Utilities was the top performing sector via the XLU up .33 to 32.82.
HMOs led by AGP up 1.33 to 59.90.
Railroads led by RA up .82 to 16.33.
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