12:50pm
Good Afternoon. Today we are seeing a very uneventful day and I have personally struggled to stay at the computer to pay close attention to the action. The bulls have kept control away from the bears and while I feel we still have much downside risk, I can’t keep speculating that the bears will do something when the bulls have proven they have the control. Jobs data comes out this week and I expect it to be terrible based on the hints over the past week. However, the market doesn’t seem too concerned with that right now.
Many China stocks are up and I’m doing research on a few and adding to my watch list. I’m adding to Gilead (GILD) per my recent article. I also added to GoIP Global (GOIG) this morning when the stock was under some pressure.
The most action today in my portfolio has been based around Sirius XM (SIRI). Shares continued the sell-off today down to support levels around $.84. I have been accumulating on the way down but was hesitant to add at support levels until I saw some stronger buying. I didn’t expect us to sell-off this quickly but the quicker we sell-off, the bigger the bounce we will see and have seen today. I don’t like to make predictions as much as I prefer to react to what is happening. If you had been in chat or following my stocktalk on SeekingAlpha, you’d realize I started accumulating around $.86 again as more aggressive buying came in. I trimmed my position by selling some shares into strength over $.90. I believe we need to create a new support level in the $.90 range before we can make a sustainable push over $1. I have little doubt that this will happen relatively soon.
Outside of that, I’m back to twiddling my thumbs. I’m running some small trades here and there but nothing significant. Let’s hope for some activity in the final hour. Thanks for reading Kudrna’s Stock Market Blog. Good luck out there.
Mike
At the time of publication, Kudrna was Long GILD, GOIG, and SIRI but positions can change at any time.
