Markets staged a solid rally led by Nasdaq which was the biggest % gainer.....
Almost 4 to 1 lead of advancing stocks in NYSE & Nasdaq....
Almost 10 to 1 lead of UP volume on NYSE & 14 to 1 on Nasdaq....
Only 15 new lows in NYSE & 42 new lows in Nasdaq......we are almost ready to make 0 new lows...
We are awfully close to taking out 50 DMA on Nasdaq followed by S&P 500 then Dow....
Many sectors participated in this rally except Gold stocks......
VIX closed @ 40.80..lowest close in a long long time......
Once we take out 50DMA...we will enter overbought condition....so plan your strategy accordingly....check out the RSI range on a one year chart for index or stocks...
This is a major UPTURN.....so select your stocks with good/improving fundamentals !!!!!
BLOG does NOT give buy or sell.
Saleem
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