Indices are all rocketing UP to higher highs.
S&P 500 closed @ 1308.04
Internals of the market were :
UP volume led by 6.14 to 1 in NYSE & 4.53 to 1 in Nasdaq
Advancing stocks led by 3.82 to 1 in NYSE & 3.08 to 1 in Nasdaq
New 52 wk highs were in the lead, 126 in NYSE & 72 in Nasdaq
RSI @ 66.99
Oil closed @ $100.59
Gold closed @ $1659.90
VIX closed @ 20.89, down 5.9%, can we see 19 ?
Stocks which were UP 3% or more included AMZN,CNQ,COH,RVBD,
SCCO,TCK,MGA,FCX,
WYNN,WPRT,SNDK,
PCLN,CRM,TSL,MS,
AMCC,JDSU,CIEN,GS,
FNSR,ARUN,WWWW.....
About market, there is tremendous MOMENTUM in TAPE. Staying with CONVICTION should pay off big time. YES we may see negative day's, but POSITIVE day's will win out in the end.
AH ER :
XLNX UP 7.17%
EBAY UP 2.44%
FFIV UP 7.04%
AH Futures UP
AH Asian Markets UP
AH Oil & Gold UP
BLOG does NOT give buy or sell.
Saleem
9 comments:
Hey Saleem,
WWWW was a nice surprise today--no news and only slightly above average volume = 14+%??? I'd say the market is definitely in bull mode...
Stocktrader
Saleem, Stocktrader
I think financial might outperform this year. We are entering the 4th year of housing bubble. There is a old saying, time could heal wounds. with governments' program to save home owners and banks tight policy on lending, I think bad debts should be winding down. So bank should be profitable again
Hi Stocktrader,
YES..wwww was a huge winner.
If it runs like a bull, it must be a bull.
Saleem
Hi UP,
YES..i agree financial has to be a part of any bull market.
As financials are participating, then it must be a bull market.
Saleem
Hey Up,
I rode BAC all the way up to 6.74 where I sold a couple days ago. I fear the financials have a weight around their necks from the current and future regulations thereby limiting their earnings power even in a great economic environment. I think at this point to get a better returns I'd rather play the good stories in another way, i.e. housing/materials stocks for housing rebound, tech/small caps/consumer disc. for US economic rebound.
Obviously this is just a personal stance...maybe the XLF can outperform these other plays? I do have MET for some pseudo-financial exposure but they recently divested their depository bank to remove some of the regulatory overhang.
Stocktrader
Keep your eyes on jva I like the coffee story
Hi Charlie,
JVA & PEET are coffee plays.
Saleem
stocktrader
If you look at chart, financials are breaking out of it trendline. Actually whole market is breaking out. This is the market I was looking for since September of last year.
Hey Saleem,
I feel like it is really an intuitive time to sell AGU here at the 200DMA and swap into RVBD, but I'm worried about further breakout on AGU, especially with nat gas so low (input cost) and commodities doing well.
What do you think?
Stocktrader
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