Not only S&P 500 went above "much dreaded" resistance of 1130..BUT it closed well above @ 1142.71...please note that normally "major resistance is breached" but by close it falls below in first attempt......so technically this IS "very significant" when we breeze through a major resistance....
I am sure Doug Kass who announced the "top in this market" two trading days ago does not feel good @ today's close......
Guy Adami told all his "loyal bearish followers " that we are @ the top end of the range & he remains "firmly bearish"..well he is used to feeling betrayed by this market since March 09....he was given a "special leave of absence" to deal with this ongoing trauma....
SO..tomorrow Fed will speak..and to the surprise of "bearish camp" he will neither do or say anything new..which should fuel this rally further.....
Internals of the market were strong & new 52 wk highs keeps expanding.....
AH futures Down
AH Asian markets UP
AH oil & Gold Down
BLOG does NOT give buy or sell.
Saleem
4 comments:
Saleem,
I was on the side line last week, so I am now behind and will keep stay on the side line. I will wait for better opportunity. You were right about market direction. Good luck this run up.
Michael
Hi Michael,
Sometimes comfort level is more important when you are not sure.
Think of Doug Kass who was "shorting this market on Thursday" now that is 360 degree wrong....
So staying on the sidelines is not so bad until you are ready & confident.
Saleem
Good MOrning to all
Wow what a bullish day it was!
APPLE on a break out now $300 coming right up.
I am looking at the following on a pull back:
3m, abt, clx, cl, ecl, gis, hnz, k, nst, kmb, pny pg, at
These pay a divi and have up ward potential too.
Any one care to comment on these picks??
Any thoughts are appreciated.
I am selling one og my losing Mutual Funds as it is a laggard and in this market to be down seems inplusable to me
Best regards to all
thanks in advance for any comments
Hi C,
Do not know any of the stocks you listed......
Go with any strong stock & do not wait for pullback...strong stocks are making new highs.....
Good luck with your selection.
Saleem
Post a Comment