Indices closed near high of the day again.
S&P 500 closed @ 1314.50, high today was 1315.49
RSI @ 68.69
Internals of the market were :
UP volume led by 1.90 to 1 in NYSE & 2.05 to 1 in Nasdaq
Advancing stocks led by 1.91 to 1 in NYSE & 1.41 to 1 in Nasdaq
New 52 wk highs were in the lead, 177 in NYSE & 78 in Nasdaq
VIX closed @ 19.87 down 4.88%
Oil closed @ $100.39
Gold closed @ $1654.50
CMF in S&P 500 @ 0.492, highest level in five months
IF you look @ internals ratios above, it is NOT as strong as it has been..i am more comfortable when it is close to 3 to 1.
Sentiment in market is extremely EUPHORIC, which is my warning sign.
Market has been UP in a straight line since new year. S&P 500 has gone UP from 1202.37 to 1315.49 a gain of 113 points or 9.40% ....that is a huge move UP in 12 trading days. We all have participated in this move UP. It is PRUDENT to book gains which i did today.
NOBODY can predict market moves, but we all can book profit after huge gains.
Your OWN market prediction should dictate what you should do.
I have done what makes me comfortable.
AH ER :
INTC UP .86%
MSFT UP 2.52%
IBM UP 2.70%
ISRG Down 4.60%
GOOG Down 9.08%
Stocks which were UP 2% or more included RVBD,AMZN,
MGA,MPEL,FFIV,VMW,CRM,APKT,TLM,JCP,TCK,MS,
JDSU,FNSR,CRUS,ARUN,GS......
AH Futures Mixed
AH Asian Markets UP
AH Oil & Gold UP
BLOG does NOT give buy or sell.
Saleem
17 comments:
YUK YUK
Hi C,
How are you.
Saleem
Hey Saleem,
There are a few more stocks I like on a continuing basis in addition to the ones I have. Do you think I should pare back some from all of them (commission hit is probably manageable as a one-time situation), move WWWW to equal weight with the others (although this is by far my highest year-end PT stock), or just continue my current replacement strategy?
Thanks in advance for your thoughts! :)
Stocktrader
Hi Stocktrader,
YES..it is wise to equal weight in WWWW.....
Paring for few weeks is wise..as we had huge move UP already.
Markets needs to digest these gains.
Good luck on your paring & equal weight.
Saleem
i got some AMZN
way over sold here.
C
Saleem
If we are really in the early bull market, maybe market just go sideway for awhile to ease those overbought condition. IMO, too many people wanted to short the market now, and Mr. market tend to say no to them. As wise man said" Too good to be truth"
Hi C,
Good luck with AMZN.....
Saleem
Hi Up,
Risk / reward ratio needs to be monitored all the time.
Currently reward is not that great except for daytrading.
Easy money has been made.
Saleem
Saleem, good morning. When you look at RSI, are you looking at the daily or weekly? Thanks.
Victor
Saleem
In case you don't know, financial like gs, ms and other are breaking it's downtrend line on weekly chart. This is huge
Hi Victor,
RSI..i am looking @ 14 day..5 months chart..as shown in www.stockcharts.com....check under gallery..then click default sharpchart on top left corner...
Hope it helps.
Saleem
Hi Up,
Yes, i am aware of that..that is the reason i have added 3 stocks few minutes ago.
I now have total 5 stocks..85% exposure from previous 140%
Saleem
Hey Up,
I thought the BAC report and 2012 forecast was pretty good and I'd be comfortable with buying that again given the extremely cheap valuation although don't have a place for it at the moment. I am currently looking at some housing-related stocks like LEN/MAS also.
Stocktrader
Stcoktrader
Please consider: MTB, FNFG, NLY,
DD which I own, SCCO which is down today!
Just some stuff to ponder
C
Hey c,
Thanks for the suggestions! :)
Stocktrader
Hey Saleem,
Sold SWC, trimmed APKT, trimmed OCZ, initiated CF, initiated GHDX, added to RVBD.
Stocktrader
Hi Stocktrader,
Rebalancing is always a good idea.
I am back to my below neutral allocation, details coming shortly.
Saleem
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