Indices faced many economic data, which were weak, but indices ignored all that & closed in new multi-year highs & near high of the day. How we close, determines strength of any market.
S&P 500 closed @ 1372.18
Internals were :
UP volume led by 1.20 to 1 in NYSE & 1.76 to 1 in Nasdaq
Advancing stocks led by 1.05 to 1 in NYSE & .93 to 1 in Nasdaq
New 52 wk highs were in the lead, 164 in NYSE & 76 in Nasdaq
VIX closed down 1.26% @ 17.96
Stocks which closed $ or more included AMZN,
CMG,PCLN,AAPL,GG,SLW,NTES,LVS,BIDU,
GOOG,BWLD,MA,V......
AH ER :
FSLR Down 7.99%
PANL Down 6.52%
AH Futures UP
AH Asian Markets UP
AH Oil UP
AH Gold Down
About market, in order to understand the changing profile of this market, we need to look @ RSI first, which is 67.11 in Dow, 72.63 in S&P 500 & 74.43 in Nasdaq. In recent past, small correction of 1% happened when RSI exceeded 80. Looking @ current RSI, there is more room to run. Also IF we look @ RSI of leading stocks like AAPL RSI @ 84.13, PCLN RSI @ 84.28, MA RSI @ 82.44. Indices & leading stocks mirror each other in RSI trend. Currently, stocks RSI are leading indicator.
BLOG does NOT give buy or sell.
Saleem
11 comments:
SALEEM
Hello
As always RSI comments put me focusing on what I always ignore--thanks
APPLE is amazing run--$$$
Copper is stil in the doldrums.....COP and TOT are still good to me
J Cramer says LVS is best buy here! and Kellogg are buy here
V best to all
C
Hi C,
RSI is a good tool, i always keep in-focus.
Base metals are lagging big-time.
Saleem
Saleem
Why is amazon still getting so many knocks
I was looking to buy --down a buck
Is it safe to buy here?
thanks
C
Hi C,
When AMZN is down, it is a good gift.....
Saleem
SALEEM
thank you
C
Sold all the holdings this morning.
SWC
RVBD
CNQ
RIMM
The market seems to be holding pretty well but I have a feeling that correction may be around the corner. All good news is already factored in.
Good luck Everyone.
Saleem - LEN is off the hook. Good entry $$$$$
Thanks
Paramjeet
Hi Paramjeet,
Thanks for your note re LEN.
Economic good news will keep coming, that is how great bull market evolves.
But, it is important to be comfortable with market.
Saleem
SALEEM
boy market is getting pounded
Whoa
Hi C,
S&P 500 down 3 points after being UP almost 175 points..that is definitely NO pounding.
Bought MS......
Saleem
Saleem
MS is a v good one--congratulations a winner IMHO
So is JPM
YOU should do well
I go some RIG!!!
Peace
Hi C,
Thanks for your vote of confidence in MS.....i like this one a lot.They got facebook business$$$
Good luck with RIG.
Saleem
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