Indices raced to higher highs before profit taking took hold..@ close Dow was green other indices lost barely .28%....this is significant because pullback was pretty mild considering we had a major run in all indices..it was nice to see that S&P 500 went to 1148.59 while closing @ 1139.78....
RSI in S&P 500 is @ 66.87.....
Internals were negative as heavy selling took hold...
AH Futures UP
AH Asian market Mixed
Oil & Gold UP
BLOG does NOT give buy or sell.
Saleem
6 comments:
SALEEM
gOOD MORNING!!!!!!!!!!!!!!!
Market looks red--dunno if a self off is in hte cards we are in lofty territory right now--
APPLE is in deed making a run to $300-if J Cramer is correct we will see $350 by xmass?
I am geting some Ford and was cosindering some Heinz--need lots of katchup on my bergers--smile
No I sold my losing mutual fund and wanted a divi plus some appreciation--Ford prefereds offers both..
what a upsee dasiy market
Best regards to all
Hi C,
I think we will be OK by close...
It is the morning after FED....
Market has gone UP in straight line for 10 days....needs a morning coffee break....
Good luck with F....it drives America !!!!
Saleem
SALEEM
thanks for your positive take on Ford--it is a long shot--i like the divi and love the Ford recovery story.....
Here is a news clip on over bought stocks--Apple is at the top of the list!--yeks.
At the open today, 313 of the 500 stocks in the S&P 500 were trading in overbought territory (more than 1 standard deviation above their 50-day moving averages). Below are the stocks in the index that are the most overbought.
In the screen below, the right side of the dark red zone represents 3 standard deviations above the 50-day moving average, and many of these names are trading right at this level. Qwest Communications (Q) is the most overbought stock in the S&P 500 at the moment, trailed closely by Travelers (TRV), CenturyLink (CTL), Oracle (ORCL), Discovery Communication (DISCA), and Forest Labs (FRX). Apple (AAPL) is right up there as well. And big retail names like Kohl's (KSS), Wal-Mart (WMT), and Best Buy (BBY) are also on the most overbought list.
All of these names have clearly had a nice run over the last couple of weeks, but at these levels it's tough to make an aggressive bet on the long side. It's probably worth waiting until they get a little closer to their normal trading ranges before putting on a long trade.
SALEEM
Surprise
APPLE is moving up wow $up over $3 smackers!!!!!!!!!!!!!!!
$390 is going to come today??
Cheers
Saleem,
I was in the ride with AAPL today, in at $283.5 and out at $287. It was a good ride. Now wait and see! I am looking at LVS. It behaves better this morning.
Michael
Hi Michael,
Nice trade in AAPL.....
LVS is slated for a "breakout" @ 32.75 for a target of $35.87....
Saleem
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