SATURDAY the DOW and S$P 500 down 0.8%, and NASDAQ - 1.75% so much for the tech stock rebound.... the NASDAQ, allowing for the up of 0.5% o/night Thursday down 1.25%
PLANS FOR MONDAY 1. sell tech stocks which I am holding - SHL and another two small additions from thursday (not mentioned previously as I intended to sell them monday anyway after a second thoughts)
2.IAG, MQA, WBC - my recent thoughts have been to sell even strong upward trending stocks if the US markets drops over - 1% ??.... so hold these stocks..... I have lowered my fairly aggressive bids to purchase more of IAG and MQA....
3. placed short bids on four tech. stocks, with stopped short bids lower than Thursdays close, in anticipation of a big drop in this sector, 2 bites per stock....I am not sure what CMC MARKETS will do with these bids as the last time I did something like this I ended up with my sell price lower than I had bid ???
regardless of o/night Friday in the US, imo the outlook still remains positive - some snippets from Bloomberg -
"Concern earnings growth is too slow to justify U.S. equity valuations sent the Nasdaq Composite Index to its biggest decline in two week"
"Losses were heaviest in technology companies that have posted the biggest gains of the five-year bull market. Facebook Inc. (FB), which doubled in 2013, and Netflix Inc., which almost quadrupled, slid more than 5 percent. The Nasdaq 100 Index dropped twice as much as the S&P 500, repeating a pattern of bigger losses that has occurred almost every time U.S. equities have fallen this month. Components in the Nasdaq Composite trade for 34.5 times reported earnings, double the valuation of members in the S&P 500."
"The Thomson Reuters/University of Michigan final April index of sentiment rose to 84.1 from 80 a month earlier, topping the median estimate of 83 in a Bloomberg survey of 63 economists. The index averaged 89 in the five years before December 2007, when the last recession began"
"Some 15 S&P 500 members reported earnings today. Of the 239 companies that have released results this season, 75 percent have exceeded analysts’ profit estimates, while 53 percent have beaten sales projections, data compiled by Bloomberg show.
"Analysts predict the benchmark’s constituents will collectively report a 3.4 percent increase in first-quarter profit."
