Market has corrected deeply and is getting close to 50 DMA....we have corrected 4.3% in S&P 500 already..RSI has tumbled to 44.15......
This is a normal correction in a "strong bull market"....
Gold Down $35.30
Oil Down $2.38
Canadian $ taking it on the chin..Down 1.43 cents @ 97.59
Portfolio is AGU,FFIV,BIDU,SOLF,WYNN.....
Most stocks are down....
VIX UP 13.71% @ 22.97
BLOG does NOT give buy or sell.
Saleem
6 comments:
Saleem,
It seems that RSI still worked even in "strong bull market". We have to be careful when RSI>75 and be aggressive when RSI <45.
Do you think it will recover a bit at the end of day? Thanks.
Michael
Hi Michael,
The way i see that IF you are positioned right..you will benefit when market turns.....sometimes it is not about today but for next leg UP.....
YES..RSI is a great tool.....right now it is giving me all the reason to stay put......
I am sure that next leg is UP......
Saleem
Saleem,
Well, it is not low of the day and Dow Jones stays above 11000. Will this be any significant?
We are still up a lot. Hopefully, we don't need to give up all our gain. I am still staying put.
Michael
Hi Michael,
Some stocks were turming UP like MOS & AGU...@ least they should be green on Wed....
RVBD,SLW chart looks good...
Dow is awfully close to 50 DMA...i expect S&P 500 to hold 50 DMA @ close Wed......
Saleem
Saleem,
Do you plan to make any adjustment to your portfolio like you normally did when market turns south. I got FFIV, SOLF, BIDU, AGU... Thanks.
Michael
Hi Michael,
I am not planning any change in my portfolio based on today's TAPE.
Actually one should be ready to add beaten down stocks IF market close positive on Wed.....
This pullback was "healthy"...
Saleem
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