All Indices closed near HIGH of the day.......
Another week of DIRE predictions came & GONE......
NOW "genius on CNBC predicting next week as TROUBLESOME"
So..please give me more troublesome week so we can enjoy going HIGHER......
Market internals were way more stronger than close...here is the stat :
UP Volume led by 6.93 to 1 in NYSE & 7.15 to 1 in Nasdaq
Advancing stocks led by 4.24 to 1 in NYSE & 2.86 to 1 in Nasdaq
There were 98 new 52 week high in NYSE & 31 in Nasdaq......
Internals have been stronger than close 2 days in a row......sign of great technical strength...
In my portfolio :
Bought GSS a profitable Junior gold miner paid $3.14
Portfolio is GSS,POT,SOL,RIMM......
VIX closed Down 6.79% to 25.26
Next post 10 AM Saturday when I will post a list of buy rated stocks.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Saleem,
It seems that you are the only one who is right so far. I am on a MBA program with an AACSB accredited school. I just asked my finance professor who is managing a large hedge fund if the market will continue going higher or not. He said that it is at the reflection point and will go down soon. Thank you very much for your hard work and a wonderful blog. I enjoy reading your assessment of the market every day. Thanks.
Michael
Hi Michael,
Thank you so much for your appreciative note.
Fear & Greed rules stock market all the time.....I have my own way of finding my way through those extremes.....
When fear is high market goes UP and when greed is high market goes DOWN......
For me it is MORE important that my BLOG readers understand market direction FIRST...then pick their stocks.....
It is much more comforting to see that I am getting the market direction right since March...which IS a long time in our nano-second world of trading.
Sentiment,RSI are TWO important tools in my analysis......Sentiment is the tough one to gauge by most.
BLOG purpose is to sift through many "simplistic conclusions about markets" it never WORKS.....
Finance professor is among thousands who got this market wrong.
I use CNBC pundits critical analysis to PROVE ..what a waste of time they are.....they have no sense of direction or conviction except very few who are drowned by bears.....
Now you know why I do not have CNBC in my channel lineup since Jan 09...I have to go internet to see what they are upto daily by watching video of Fast Money & Art Cashin...my two contrary indicators...
Keep learning about markets and keep improving your own trading techniques.....
Nothing wrong in making a decision ..if it does not pan out..learn from it !!!!
Saleem
Michael
We can all learn form Saleem
He has a very calm and level head....
I learn all the time and I am old and semi retired.
I believe that the market direction st is up. Try tracking five interesting stocks every day.
Like GE, GS, MRK, APPL. S, DSX for example! you can have diversity and get a sense of market direction your self.
My APPLE is up 100% GS is a break even.
good luck
Standards i got 1000 GE lest see how it works out. This will be an interesting play looking for $18 -$24
Cheers to all we had a strong green close on Friday
Hi Madmax,
Thanks for your kind words.
I am happy that AAPL & your portfolio is doing well.
GE should do well if you stay put for about 2 years......
Saleem
Hi All,
IBD changing their tune. Trend now under pressure. Same technicals I'm observing. We'll soon find out. GE is a solid bet. I got called at 14, then missed the buy opportunity at 13.29, so I sit on the side lines and wait. If the market corrects, then I'm back in. Otherwise I'm collecting interest on my cash account till opportunities arise.
Best Regards
Standards
Do not be to conservative++ think about all the money on the side lines and the economy is getting better
GE should pay us to wait and the RSI is low and the trend line is UP
Cheers
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