Wednesday, August 24, 2011

Indices closed UP three days in a row....NICE !!!!

Indices were UP.88% to 1.29%. Today's close was the-most impressive as it closed near high of the day.

This market has been extremely difficult to read as it turns on a dime on no news, as we are rallying in anticipation of Ben Bernanke speech...are we to expect sell on the news or rally into higher ground...that we have to wait to get the answer. I always accept TAPE as it rolls out..so far so good for a change.

AH AAPL was the big news, this is a great buying opportunity as Steve officially exits the scene. This expected news was a big hangover on AAPL stock price....

Steve Jobs who is a living genius deserves our prayers in his fight with "pancreatic cancer".....

AH AAPL range was $350.00 to $376.26..last trade $357.02 down $19.16

The other news was GOLD...Down $104 in a day on rumour of "margin increase" which turned out to be true AH...Now you have to dish out $9450 to buy $175,700 worth of gold......This was a "much needed correction" which clears overbought condition... RSI in GLD after close is 55.86 from 85 area in most of August...... 

In this gold correction GLD lost only 7.13% after gaining 55.69%.....so please no sympathy for two days of pullback....

Internals of the market were as follows :

UP volume was 3.42 to 1 in NYSE & 2.85 to 1 in Nasdaq

Advancing stocks led by 2.26 to 1 in NYSE & 1.97 to 1 in Nasdaq

New 52 wk HIGHS were in the lead ...27 in NYSE & 49 in Nasdaq...what a nice change in technicals of this market.

BUT BUT VIX is still too high ..closed down only 1.02% @ 35.90......this need to be in 20 to get all  clear ...

AH Futures Down

AH Asian Markets UP

AH Oil UP

AH Gold UP $8.50 @ $1765.80..it was as low as $1744 AH..when weak hands got out on margin news......

AH Silver UP

BLOG does NOT give buy or sell.

Saleem
at

13 comments:

  1. charlieAugust 25, 2011 at 4:07 AM

    With the resignation of steve jobs does apple look attractive to you? BEST OF LUCK IN YOUR RECOVERY!!!!

    ReplyDelete
  2. cAugust 25, 2011 at 4:11 AM

    S

    Good MOrning

    APPLE is a super bargin here

    Get all you can on this drop
    the question how low will it go
    best of luck to all

    Saleem
    Keep feeling better!

    ReplyDelete
  3. Stocks100August 25, 2011 at 4:42 AM

    Hi Charlie,

    YES..AAPL is a strong buy.

    Thanks for your note about my health...feeling better.

    Saleem

    ReplyDelete
  4. Stocks100August 25, 2011 at 4:43 AM

    Hi C,

    Thanks for your note about my health...getting better daily.

    Saleem

    ReplyDelete
  5. cAugust 25, 2011 at 6:11 AM

    HELLO TO ALL

    APPLE is the talk of the day

    WOW what action for the stock

    I still say buy the dip today

    Any comments appreciated!
    C

    ReplyDelete
  6. cAugust 25, 2011 at 7:03 AM

    Saleem

    AUY is green!!!

    Awesome

    with gold down yesterday
    I felt it still had lower to go

    Yes
    thanks for your thoughts

    ReplyDelete
  7. Stocks100August 25, 2011 at 7:16 AM

    Hi C,

    Gold stocks have their own technical picture..different than GLD....

    AUY is strongest based on technicals.

    Saleem

    ReplyDelete
  8. cAugust 25, 2011 at 7:37 AM

    Saleem

    I bought 50 shares of APPLE

    lets see if I am correct about the direction..

    ReplyDelete
  9. Stocks100August 25, 2011 at 7:45 AM

    Hi C,

    I bought AAPL in pre-market.
    Also bought AMZN & BIDU...i must be feeling good about something...my health !!!!

    Saleem

    ReplyDelete
  10. cAugust 25, 2011 at 7:55 AM

    Saleem

    I too almost got some BIDU

    AMZN is feeling some pain right now

    Best of luck to you

    Apple is already making you $$$$$#

    hurray

    ReplyDelete
  11. Stocks100August 25, 2011 at 8:08 AM

    Hi C,

    $362 i paid for AAPL.....

    AMZN & BIDU should close strong !!!!

    Saleem

    ReplyDelete
  12. cAugust 25, 2011 at 9:04 AM

    S

    WOW you got apple art an awesome price

    OUTSTANDING!!!!!!!!!

    I felt that APPLE may be a falling knife....
    Once burnt twice shy

    C

    ReplyDelete
  13. stocktrader_1996August 25, 2011 at 10:24 AM

    Hey Saleem,

    Unbelievable relative strength in AAPL today--great sign and it might even turn positive before the Nasdaq--I wouldn't have even considered that a possibility last night.

    Still 100% in stocks and loving the commentary on Fast Money today--everyone is negative, especially on BAC!--makes me happy with my investments :).

    Waiting for the market reaction to BB tomorrow--disappointment = what market move?--maybe that will truly determine our next direction.

    Stocktrader

    ReplyDelete