Indices were looking toppy today, by close weakness was obvious to everyone. Volume was higher today.
S&P 500 high today was 1333.47, closed @ 1318.45.
Low today was 1313.60.
Technically, today MAY have established a short term TOP.
On a positive note, we did not closed near low of the day.
RSI closed @ 66.49
CMF @ 0.407, giving a picture that money MAY be coming out.
Internals were :
Down volume led by 1.93 to 1 in NYSE & 2.00 in Nasdaq
Declining stocks led by 1.03 to 1 in NYSE & 1.26 to 1 in Nasdaq
New 52 wk highs were in the lead, 225 in NYSE & 90 in Nasdaq
Oil closed @ $99.70
Gold closed @ $1726.70
Stocks which were UP 1% or more included OTEX,RVBD,AMZN,
GG,MPEL,TSL,JCP,CIEN......
AH ER / News :
SBUX Down 2.13%
CLF Down 2.90%
JNPR Down 8.09%
RVBD Down 13.77%
KLAC UP 3.74%
ELX UP 5.93%
AH Futures Mixed
AH Asian Markets UP
AH Oil UP
AH Gold Down
About markets direction, easy money has been made. It will take lot of skill to make money going forward. February may not be too kind to us. Try to work with less exposure. Once we had 5% pullback then increase exposure. In case you are keeping track, we had a pullback of 1.49% today, factoring high to low of the day.
BLOG does NOT give buy or sell.
Saleem
14 comments:
Saleem
Cramer said matual funds will step in to preserve it's gain till the end of the month, if that is truth, we should be ok
UP
Very choppy market
Great for day traders
I wanna get some apple
and re-buy SCCO
bets to all
I sold rimm at 16.91, I just think this market is up a little to high and I just wanted to book profit.
Hi Up,
Great daytrading market.
Bought AMZN.
Despite RVBD disaster, my portfolio should be OK.
Saleem
Hi Bert,
Always good to book profit....you can always buyback RIMM....
I am staying put for now as Prem Watsa new RIMM board member increased his stake to 5.12%..higher than founders of RIMM.
Saleem
SALEEM
are you thinking of buying RIMM here??
I was looking at AMAZON as buy here --but it is up $1.69 may be at a high?
best to you
C
Hi C,
I am already overweight in RIMM my largest position.
AMZN i paid $193.01.....great trading stock & showing renewed technical strength.
Saleem
Hi C,
RIMM is currently 34.27% of my portfolio.
Saleem
Yeah, I just might buy RIMM back, I just felt like I needed to book profit.
Hi Bert,
Good luck with your new buy.
Saleem
I was wondering what you think of Amazon? it will release earnings on Tuesday, do you think it will be a beat? I am going to wait and see, I think they just might release bad earnings, because of all the Kindle Fires they have sold, you know they loose money when they sell them and will get the money back through content sales. What is your take?
Hi Bert,
The problem with earnings are that IF they can BEAT expectations.
AMZN has managed street much better than most companies.
Q4 is AMZN best Q.....
SO..i am rolling the dice for a 777.
Saleem
Hey Saleem,
Swapped a bit of WPRT for OCZ right at close. I'll post my portfolio positions after your Friday evening post.
Stocktrader
Hi Stocktrade,
Switching between strong stocks to get more shares of OCZ.....
Good luck.
Saleem
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