Another day another strong close with gains upto 2%...
Volume was very heavy....
Market internals were stronger than close...
New 52 wk Highs expanded big time 340 in NYSE & 147 in Nasdaq....
Gold closed @ all time HIGH...yes it did....intraday was higher before but close was lower than today......
Canadian $ closed @ its highest level in almost a year 93.91 cents US for 1 CAD......
SO...where we go from here ???
Here is the RSI numbers for indices after close :
Dow 71.03
Nasdaq 74.01
S&P 500 72.89
Last time RSI went to 76+ area before correction........in all indices......
So take it for whatever its worth.....
I have started my defensive strategy already as I sold covered call in POT....Oct $95..I got $5...so IF called I make $4.50 per share......
I DO have selling strategy in my entire position.....which MAY be done by Friday......
Good luck in your OWN comfort level......I am making decision based on my OWN comfort level....
Like others..I have NO clue where this market is heading...BUT locking profit seems to be IMPORTANT for me.
BLOG does NOT give buy or sell.
Saleem
Hi Saleem,
ReplyDeleteAsian markets on fire tonight! wow!
BDI -16 trending negative
Market is getting frothy????
Thanks for all your hard work!
Best Regards
Hi Standards,
ReplyDeleteWorld markets are strong.....
I will take advantage by selling some equities......
Markets CAN stay FROTHY for a long time...same way it stayed weak for a long time.....so we have to find balance with whatever metrics we use...for me it is all about RSI.
Saleem
SALEEM
ReplyDeletethanks for your humble tazke on teh market
With so much oficating going on it is fantastic to find real value from you and you provide your beliefs wirth no hidden agenda
J the Cramer say market is frothy--If that is so we should do the contrary? ^-^
ANy way I am making up for my losess form last year
I stayed with my mutual funds I only sold the Morning star funds with 3 stars and swaped out! Phew moved a lot into bond funds
Peace to all and Good luck....
Today looks real green with APPLE to $260--yes you heard it from me. The iPhione in China is almost a done deal look out 40 million phone sales
Hi Madmax,
ReplyDeleteMy agenda in life & BLOG is to stay truthful....I am an open book..what I write IS what i think.
IF i see REASON to change ..i never hesitate.....
It is NEVER about what I think..but what market MAY be telling me throught its TAPE.....
As a strtaegy...i never fight for the last $.....because it MAY not be there in the end????
Good luck in your OWN independent actions because you are a long term investor and i AM a swing trader...BIG difference !!!!
Saleem
Hi All,
ReplyDeleteA wise man said "Take what the market gives you"
Longs - buy late, sell early
Short - sell late, buy early
The market will punish those who try for the last dollar.
ok, I'm off my soapbox
Have a great weekend.
Hi Standards,
ReplyDeleteWise quote is pretty good...
Nobody knows where market or stocks are headed in the short term.
Saleem
SAleem
ReplyDeletethanks all for your comments
Sold my POT at $97.05 nice trade.
I did not wnat to be greedy.
Market is strong but turned red now!
GE and my GS are still on fire GE volume has been way high climatic buying IMHO But it is a 4 bagger for me.
CHU is still climbing up!
Good luck Mr Standards
Peace
Hi Madmax,
ReplyDeleteThanks for your feedback!!!
Good trade in POT.....
GE & CHU are long term hold type of stocks......
Saleem