INDU has not changed much from yesterday. There is no increasing selloff, so it’s a good sign that the uptrend may stay. Based on overall market condition, I have reentered PMCGX after the blackout period is over. My current asset allocation for this 410(k) is 60% cash, 20% PMCGX and 20% TEFTX.
Tag Archives: Market
SINA and SOHU jumped
Chinese internet stocks jumped over 5% contrasting to the rest of market. It’s fueled by possible consolidation in China’s major internet players. SOHU closed higher too.
PMCGX back in 1998 level
PMCGX has followed the overall market and resumed its ascending. Currently, it’s in overbought condition indicated by both RSI and Stochastic. As we can see from prior history, the overbought or oversold condition could stay there for a while. I do plan to close or at least to square some money off the table next week as our 401(k) plan will have a week of black out period when the plan is to be adjusted with a few changes. As we all knew from history such as Enron debacle, black out period could be very risky although the mutual funds are much more diversified in this regard. One company imploding would not make a fund to plummet.
QQQQ went wild
Here’s the quote from Reuters.
NEW YORK, Feb 15 (Reuters) – A number of erroneous options trades executed by Citigroup Inc. (C.N: Quote, Profile, Research) on derivatives market The Pacific Exchange may have caused a small late-morning jump in the Nasdaq Composite Index on Tuesday.
There were a number of erroneous trades of options on the exchange-traded fund Nasdaq 100 (QQQQ.O: Quote, Profile, Research) (“quad-Q”) during morning dealing, according to Dale Carlson, vice president of corporate affairs at the Pacific Exchange.
Danielle Romero-Apsilos, a spokeswoman for Citigroup’s corporate and investment bank, said the erroneous trades were executed by Citigroup and that they occurred at 10:57 a.m. on Tuesday.
CHN
CHN finally reached 35 and closed above 35 yesterday. It has reached my target at 35 and hit my exit limit order set long time ago. 35 is the major resistence level. It’s likely it will pull back. I’m still long-term bullish at CHN and will seek opportunity to get in again. The exit came right before the announced dividend and capital gain distribution date ($3.5701 per share), but I think the market should already factor it in price, so I didn’t cancel the exit. After the ex-div date, the price would adjust to around 32.