Indices came to life on upbeat earning reports. Many research firms were dead wrong about the state of technology.Japan impact was highly exaggerated & PC demand falling off the cliff was wrong also.
Dow made a new high of the year , 2nd time since Feb high.....
S&P 500 is only 13.72 points away from making a new high...
Nasdaq is only 38.01 points away from making a new high.
Nasdaq internals were super strong with UP volume leading by 6.20 to 1
Internals all over were strong by upto 5 to 1...
New 52 wk high were in solid lead in all indices....
All in all Nasdaq strength has completely changed its technical picture from weakest to strongest ..all in one trading day.....
VIX closed @ 15.07 Down 4.8%.....looks ready to SLUMP in the morning to new lows
RSI in all indices still has lot of room to run..it ranges from 57.22 to 60.80....
AH ER were greeted as follows :
AAPL +3.15%
QCOM +5.19%
FFIV +12.49%
YUM +5.74%
CMG <3.20%>
AH Futures are UP as follows :
DOW +48
S&P 500 +7
Nasdaq +22
PS...Futures were incorrectly shown in CNBC earlier ?
Futures are pointing to new highs in all indices, generally new highs begets series of new highs....
AH Futures Oil,Gold,Silver UP
BLOG does NOT give buy or sell.
Saleem
8 comments:
Saleem,
So what will be your take with the current change in the technical view? Will you change to be aggressively investing or still in wait and see mode. Thanks in advance for your comment.
Michael
Hi Michael,
As per my BLOG..technical condition of Nasdaq has changed from "serious distribution" to "strong accumulation"...this happened only yesterday....
Japan "triple crisis" had me cautious also..which is NOT a bad thing to do when one wants to see evidence of its impact.....
All i did is moved 90% of my funds to "non Japan impact" type of stocks like LULU,BIDU & POT....
What kept me 90% exposed was my FAITH in RSI..which was saying BUY.
Based on AAPL conference call...there is NO Japan factor @ all in their business.
SO..yes one should be aggressive until RSI turns overbought into 80...
Many stocks are within fractions of 52 wk high...that is the stock to buy in this upswing.....
Saleem
GOOD MORNING TO YOU
Saleem
WOW what a market
Earning are still coming in strong
Should we buy APPLE ????
POT and BIDU are up some today
thanks for your good sense on the market-good analysis
Best to all
Hi C,
Thanks for your feedback.
AAPL ER was stellar....
It is a good buy.....
Saleem
SALEEM
I bought 100 APPLE at $353.50
Let us see if I made the right decision
Hi C,
AAPL will do well for you....
Saleem
Saleem,
Good morning. I purchased APKT this am. I see the S & P going to 1400+ on this run. GLTA.
Hi Victor,
Good luck with APKT..it is highly volatile..BUT..direction is UP.
Market TAPE has strong BULL characterstic.
Saleem
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