Nasdaq was UP again, while other indices were slightly lower.
Internals were slightly negative.
I am sure lot of traders are "surprised" by the strength of this market. When RSI goes to 30 area either in indices or stocks, it means we are deeply oversold & uptrend will start from nowhere. Like before, this uptrend caught majority in either short position or were out of the market.
Here is RSI of indices @ close :
S&P 500 62.98
Dow 63.74
Nasdaq 64.82
If you ask me, even today investors,traders & hedge funds are playing catch up. We have lot of buying left in this market. YES..we may pullback for a day sharply on news like bad jobs report due Friday or negative news out of Europe, but this uptrend remains in tact.
I feel, we have a very good chance of reaching 80 RSI in this move by end of July. When a strong bull market develops it is fast & furious, just the way it is unfolding.
Here is RSI in many popular names as of tonight :
APKT 58.62
SINA 62.43
AAPL 63.57
RVBD 65.12
BIDU 67.29
TZOO 67.36
NTES 69.09
AMZN 72.41
NFLX 73.27
LULU 76.72
MPEL 77.59
CMG 78.45
As you can see, many stocks are still attractive relative to others.BUT..this is a MOMENTUM market & high RSI can become higher. A diversified approach will work.
AH Futures UP
AH Asian markets mostly lower
AH Oil,Gold & Silver UP
BLOG does NOT give buy or sell.
Saleem
10 comments:
S
NEws that we can use
J Cramer screamed that APPLE is going to $400 BUY!!!!!! SLow money also reiterated a buy for apple.
J Cramer sid we need to buy smoke stack stocks
DE MMM CAT AA F EMR HON CMI DD PPG
so their you have it,
It is 80% in DC going to 95% today--Yeks
vey best to all
Hi C,
I thought Jimmy the cramer is off on vacation...it was an old show ?
Saleem
S
J Cramer did taped the show
I guess he just loves APPLE to much
Smile>>>>>>
Fast Money is the one that claims APPLE to $400
remember apple has iPhone 4 coming and iPad 3 coming and maybe an apple tv!
Any way his advice is OK, IMHO
I just like to share what I think is valuable information.
Have a good one
Hi C,
AAPL is loved by millions around the world.....
Sep should be a good time for AAPL.
Saleem
S
TZOO is awesome
WOW up $2.50 already
I smell $77 smackers......
EVEP is to $60...
I am considering pulling the trigger on T--RSI is 62, Target is 48 ---thoughts
Best to all
Hi C,
I do not follow T.
Saleem
S
I think that APPL is starting a breakout!1 wow looking good maybe we do get to $375 --$400???
Out TZOO made it to $76.80
thanks so much for your replies and blog....
Sane help in a sometimes insane world-thanks
Hi C,
Thanks for your feedback. mucg appreciated.
AAPL behaving well lately.
TZOO next challenge is $84....
Saleem
S
Sir
Do you think that BIDU has enough juice to get to m purchase pice of $152.70??
the market is zinging a lot higher.
the very best to all
C
Hi C,
YES..BIDU should get higher than your price...this is a "major bull run"...many boats are being lifted !!!!
Saleem
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