Markets were on a roll AGAIN......
Volume was heaviest in Nasdaq.....
Volume was heavier in Dow & S&P 500...
Internals were strongest in a long time.....
New 52 week HIGHS were highest in many months...
VIX closed @ new low.......
BUT......
MSFT & AMZN are READY to spoil this party?????
How much can these two companies Bad ER CAN cause damage ????
Before I answer that ....let me look @ RSI on major indices after close today....
Dow 71.05
S&P 500 70.91
Nasdaq 75.02
Nasdaq & Dow has highest RSI in last 4 months.....S&P 500 looks like close to highest level in last 4 months......
So ....what RSI reading MEANS......
It is telling me that this market is NOT ready to roll over ...... a pullback @ open for sure and MAY be a close LOWER on Friday..so RSI can come a little LOWER......I do NOT expect more than 4% pullback from HOD to LOW in this selling...which could be MAX 2 to 3 days......
CMF has been very strong..so we MAY get buying support even on Friday.......
As I have said MANY times...KNOW your stocks well...so you know where it IS in its trading range.....If in this selling on Friday ..your stocks is near support..then there is no reason to PANIC.....
So.... study the fundamentals & KNOW the support..trust me ..every stock has support point in a strong market...
AH Many ER were good SPWRA,PMCS,BIDU to name a few......
AH Futures are Down...
AH Nikkei is UP 1.26%....
AH Oil,Gold,Silver,CAD are all Down.....
Just remember...Markets are going UP to higher highs because ECONOMY is getting better..that will NOT change......
PS....was late in posting because I had to analyze many things for Friday......
BLOG does NOT give buy or sell.
Saleem
2 comments:
Great Blog
Good analysis
looks like a red day
I may cover my GE call if GE nose dives.
If APPLE puls back it is a buy--get some--Smile
my BMY keeps rolling-good
GS is doing well
shippers are strong
Hi C,
We MAY go green..lucky 13 day for Nasdaq....
Good luck with your loot of the day $$$$
Saleem
Post a Comment