All indices made another higher highs.
S&P 500 went to 1266.73, closing @ 1257.08
RSI closing @ 57.89, during the day it came close to 60.
Internals of the market were as follows :
UP volume led by 3.62 to 1 in NYSE & 3.55 to 1 in Nasdaq
Advancing stocks led by 3.46 to 1 in NYSE & 2.30 to 1 in Nasdaq
New 52 wk highs were in the lead, 112 in NYSE & 59 in Nasdaq
VIX closed UP .51% @ 27.66
Oil closed @ $100.99
Gold closed @ $1734.50
Stocks which closed UP 1% or more included M,RIMM,RVBD,
CNQ,CLF,COH,SNDK,MGA,CMG,TCK,GS,FCX,AGU,SU,
VMW,FFIV,CRM,JCP,MS,C,ARUN......
Reason for my major sell was to lock profit.
S&P 500 has gone UP from 1158.66 to 1266.73 in a straight line, a gain of 108.07 points or 9.33% in six trading days..this sharp move UP needs rest, as its overbought.
CMF is RED in all indices......
Many of the proposals about EU meeting is well known to markets & has been the catalyst for this huge move.
Once we have gone through another base building, then this rally should resume. Any rally should be used to lighten up to lock gains or to prevent further losses.
Ironically, Jimmy the Cramer is saying sell sell sell again after his last week sell sell sell...so he is directing traders to sell who were out of this rally as per his previous sell sell sell....no wonder he calls his show "entertainment"
AH Futures Down
AH Asian Markets Down
AH Oil & Gold Down
BLOG does NOT give buy or sell.
Saleem
23 comments:
Good Morning Saleem
Frontline FRO is splitting in 1/2
Yeks --says due to low tanker rates--no kidding
Futures look green
I bought Amzn at $197 go amazon
C
Hi C,
Good luck with AMZN.
Saleem
Hey c,
My timing was unbelievably horrible on the FRO sell. I literally almost ran out of time selling it on Friday--I think it executed with about 5 seconds left in the trading day! I wish I'd found reason to just wait.
There is a small amount of solace in knowing my thesis for holding had merit, but I've moved on...
I like flat opening days because the truly good stocks show themselves :).
Stocktrader
Hey Saleem,
I took my profits this morning on GLNG--the candlesticks show almost no accumulation despite the nice run from my $38.81 entry a couple weeks back. I've found this to be dangerous in the past.
Now I have a little dry powder :)
Stocktrader
Stocktrader
Dry powder is GOOD
My position in MCD is very good
break out mode --- JMHO ----say happy meals...
Aslo BGS is minting me $$
Good luck in positioning your buys
C
Hi Stocktrader,
Good move of booking profit in GLNG.
Saleem
Hey Saleem,
My dry powder was quickly deployed! Bought COH at $63.70--I really like the price action recently and today also.
Stocktrader
Hi Stocktrader,
COH is definitely among "stronger stocks"
Good luck with COH.
Saleem
Saleem
If market acting like the past 2 trading sessions, market will be down more before we close. Thought?
Stocktrader
COH is good....RSI is good
with a price target of $72..
C
SALEEM
Any thoughts as to why BIDU and AMZN are behaving badly??
C
Hi Up,
Market is behaving "better" than what i thought...so far so good.
Saleem
Hi C,
Nasdaq is "weak" today...that is why most large caps are down....
Saleem
Saleem,
I trust your day is going well thus far! You have been a truly warrior in this market turmoil since you keep fighting and wining. Your timing was right with selling more than half of your portfolio.
CLF is looking good lately.
PCLN seems weak. It might break to the down side?
BIDU is not holding well.
Michael
Hi Michael,
Thanks for your compliment !!!
I try very hard to understand TAPE which is very difficult.
PCLN has not behaved well since earnings...BIDU is so so.....
That is the reason, as to why i am not adding in PCLN & BIDU.....
Easy money has been made, now it will be TOUGH.....
Saleem
Hi C
I keep hearing China grow is slowing down, maybe that is the reason it doesn't behave well. But in the other hand, U>S is getting better, so I think it is better to buy our stock instead of Chinese
Up and all
BIDU
is an aggressive stock
It is very easy to get it on the wrong side and feel the down side pain.
As for China BIDU is best of breed for China stocks.
I would think that China will stimulate consumption and keep pumping it economy......We sold our tiny house there at a huge profit as my wife said time to sell... Yes, China had a real estate bubble.... China is a power house but it is impossible to time it correctly..
I agree with Saleem, easy money has been made in this current market?
Hoping for some Europe news that is positive to propel US higher.....
Stocktrader
Finally
GNK is up $7.80
C
AMZN is a great buy here, i am going to get some
UP
Amazon is on sale
wow
my price was $$$197
what a share price drop
C
Saleem
AG is rally, is that mean we are at the end of this massive rally since dogs always get in late before the storm
Hey c,
GNK is doing nicely today--it is a very hard stock to figure out, but I'm comfortable with my half position currently (although it moves twice as fast as other stocks anyways!).
Stocktrader
Hi Up,
NO..market should move higher by year end....it needs to digest huge gains....
AG stocks have been among the-weakest group..nice to see life in it.
Saleem
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