Economic data came in "better than expected" from China to Europe to US & Canada.....
Rally which happened was "NOT a false start" ..as some pundits like you to believe....they must be "under-invested".....
The very fact that when S&P 500 closed above 200 DMA.. AND.. VIX actually shot UP by 3.8% to 30.04..tells me that some traders are leaning on VIX to make some money as they have "missed"this move UP by a long shot......VIX is becoming a vehicle to trade...no more no less...
This rally will be lot more powerful as most traders are on the "wrong side"....
Watch the close.... which will be more telling than open or intraday trade......
Any weakness @ open or intraday will be a "buying/trading opportunity"
This market is "perfect for next best ideas".......
Do NOT get hung up on what you have sold...BUT focus on what you should be buying & making more money than what you COULD with last position......
AH futures are small RED..which IS expected after a huge runUP.....
Oil,Gold are all down AH.....
Many sectors were strong today except Gold & Financials......
Oil MAY be getting "severely overbought"..which MAY affect Solar stocks also as they have gone into "overdrive".....
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
I just noticed something. The first several days of each month buying is in vogue, then the numbers trail off thru options expiration. Then back to buying. Interesting.
Nice up move today, why no financials, odd?
Remember what the media said a week or so ago, sell at the low and short the market! :) too funny!
I believe the sideline money is starting to believe they will get left behind in this rally.
Holding all my positions.
Best Regards
Hi Standards,
Financials are taking a well deserved rest and trying to find support....
BAC went from $2.52 to $15.07 a 498% move UP from third week of Feb to early May...now @ $11.21....
CMF is negative in C & BAC...
It is sector rotation now.....
CNBC is always telling you to take some off the table since March..that is NOT investing it is "chicken/scared trading" ..most of the fast money is buying puts or shorting except Karen Finerman..who does know what she is doing.....
Saleem
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