As you can tell market is not afraid of jobs report thus closing @ record high...Nasdaq is the only laggard in new high territory after being a leader for months sporting high RSI of 70.......
Lets look @ RSI for major Indices..
Nasdaq 66.05
S&P 500 65.66
Dow 61.73
As I have discussed many times...these are not in overbought territory yet......anything 70+ IS.......which results in pullback to correct as Nasdaq is doing these days....
In my portfolio :
Sold AMZN
Doubled my position in APWR ( wind turbine AE play) average cost $19.18
Bought ASIA @ $27.82 (Tech/ software in China)
Portfolio APWR,ASIA,AUY,IAG,POT,SLW,SOLF,TSL,TC.......
AG is strong as POT made a new 52 wk high.....
Strong stocks included POT,TC,IPI,GS,V,GE,M,LVS,X......
Solar took a temporary well deserved rest as most of them were sporting RSI of 80+++++
AH futures are mixed....
AH Nikkei UP
Hang Seng UP
Singapore UP
VIX closed @ new 52 wk low @ 19.06
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
Schwab says it is prudent to take profits as a correction is overdue. They see movement to defensive stocks. Any FED rate change could cause volatility in the markets. A shift away from commodities is seen.
Best Regards
Hi Standard,
This market is totally different..TAPE is very strong & it is PRUDENT to follow the TAPE not pundits who got it wrong.
Too much negative analysis is being done while market keeps going UP....
Sector rotation hardly last 3 days...so strong sector keeps going up..solar & tech are great example.
Saleem
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