Markets are relentless in moving UP gradually........
Volume picked UP today in all indices...suggesting that some well known bears are covering their shorts.....before they lose their own short........
Bears must not be happy @ all...i guess they all need to give 10 more TV interviews to tell everyone how their short position has MERIT.... convince @ least 1 listener to PANIC........what they FAIL to understand that traders/investors are SMARTER than BEARS.....they know that this IS a very STRONG tape.......
52 week HIGHS took another leap UP to 221 in NYSE & 112 in Nasdaq......
RSI in major indices are as follows @ close :
S&P 500 68.52
Dow 67.13
Nasdaq 70.31
Above numbers are NOT overbought reading.....80+ IS
AH Futures are MIXED
AH Nikkei is UP 1.09%
AH Gold is UP $3.70 to $1010.00
AH Silver is UP 10 cents to $17.10
Canadian $ closed @ highest level in 11 months against US$..it takes 93.34 cents US for 1 CAD...
Many stocks were in "bull mode" like POT,RIMM,AAPL,BIDU,AGU,IBN,GG,SLW,HL,GSS,
TSL,AUY,SPWRA,SOHU,JASO,X......
This Option Expiry COULD be a big trouble for naked call writers...it could be a financial disaster for them & put buyers?????
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hi Saleem,
You are correct. This market is not overbought. The trend is still up until the magical moment when the herd changes direction. Thought I saw that sell signal a few weeks ago but got faked out.
Best Regards
Hi Standards,
RSI & sentiments are my two guidelines..IF we are overbought/oversold.....
RSI is easy to see which is a technical indicator where range changes based on market conditions.
Sentiments are TOUGH to read....most people read put/call ratio OR bull/bear ratio...BUT i focus on major players sentiments like Prechter,Rosenberg,Roubini..who gets lot of TV coverage..plus lesser loud mouth like Adami & non-Cashin.....
When they turn bullish....i will reduce my exposure by 50%.....
Saleem
SALEEM
again good prediction --NOT over bought
GE is on FIRE and is GS and AAPL will not stop till $200 mark my words
J THE pumper Cramer did one heck of a sales job on APPLE last nights show---buy buy etc
Tankers are jumping up BDI is still showing a down trend
GNK up .71 cents at 11AM
Go tankers and FRO is up a buck!
M
Hi Madmax,
I am glad that you are rolling in dough in GE,AAPL,GS.....
I am just listening to Jim Cramer on internet.....
Saleem
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