Higher highs of 09 for all indices AGAIN...NICE !!!!

Indices are still going UP & making new highs......

There IS tremendous buying power which comes in whenever market is down.....

As we ARE coming UP from the biggest downturn since depression......market MAY surprise all of us including me......

RSI @ 76...is normally considered "overbought"..BUT....who knows when this market will become "really overbought"...I guess... we are on the flip side of OVERSOLD in March of 09....

If we look @ history of RSI in S&P 500....

RSI is @ HIGHEST level in last 4 months @ 76

RSI is @ the HIGHEST level in last 12 month @ 60+

RSI is at average level in 3 years currently @ 40+ highest being 80+ from Jan to April of 07....

RSI is at average level in 5 years currently @ 40+ highest being 80+ in 04 & 07.....

IF...we are going to follow RSI interpretation of last 3 to 5 years...there IS lot of room to RUN higher in S&P 500.....so S&P 500 1250+ is NOT out of reach sometimes in the next 12 months.....

BUT...there is always pullbacks.....it MAY not happen when I or anyone else is expecting it BUT it will happen......

Gold UP $7.60

Oil UP 19 cents

Canadian $ down slightly 10 tick lower against US$...it closed @ highest level yesterday...exchange rate is 1.0666 to buy 1 US$......

In my portfolio :

Bought SU.... biggest fully integrated Oil company in Canada..it completed the purchase of PCZ only yesterday....

Portfolio is SOL,RVBD,SU.....

@ 12.28 following are strong in my watch list :

RIMM,STP,MRVL(breakout today),SLW,POT,
LULU,IGT,WYNN,MA,BIDU,LVS,ISRG,GG,
GS....

BLOG does NOT give buy or sell.

Saleem