Indices are making higher highs & closing near high of the day & in decent volume.
@ close indices were UP .07% to .26%, this with Greece overhang & Ben Bernanke warning about US deficits to become troublesome in 15 yrs.
S&P 500 closed @ 1347.05
Internals were :
UP volume led by 1.12 to 1 in NYSE & 1.26 to 1 in Nasdaq
Advancing stocks led by 1.30 to 1 in NYSE & .87 to 1 in Nasdaq
New 52 wk highs were in the lead, 145 in NYSE & 85 in Nasdaq
VIX closed Down .51% @ 17.67
Oil closed @ $98.41
Gold closed @ $1748.40
Stocks which closed UP included AMZN,RVBD,RIMM,
OTEX,CMG,CLF,LULU,AAPL,WPRT,VMW,FFIV,QCOM,
BWLD,APKT,MA,JCP,JDSU,CRUS,ARUN,OCZ......
AH ER :
DIS Down 1.42%
NTGR Down 1.97%
PNRA Down 2.82%
Open UP 5.01%
BWLD UP 16.75%
AH Futures UP
AH Asian Markets UP
AH Oil & Gold UP
About market, it is making higher highs which is extremely bullish, RSI ranges from 69.45 in Dow to 78.72 in Nasdaq, while S&P 500 @ 73.94......80+++ is a very high probability.
BLOG does NOT give buy or sell.
Saleem
11 comments:
Fishing for a top?
Saleem,
What do you think about this?
2011 - 2012 Comparison
Here's a quick review of year-to-date 2012 market action:
- Trading volume is anemic (YTD daily average is only 750 million shares, about 30% lower than previous years).
- Market breadth is weak (the percentage of stocks above their 10-day SMA and the number of 52-week highs is not keeping up with rising prices).
- Sentiment is heating up
- The market is shrugging off bad news
- Momentum is strong
Isn't that exactly what we saw in early 2011? What happened once momentum was broken?
The point is it is true that the bear is much faster than the bull.
Hi Debude,
YES...most of the point is true.
BUT.....it can be explained with 4 yrs of retail traders giving up on this market.
2012 ...could be first year when retail traders may come back to the market.
I think slump from 2008 caused major shift away from stocks.....
As Europe is coming to "reset", we could be on the verge of biggest bull market on a long term basis.
My conclusion...go with the flow...never fight the TAPE.....
Sometimes overthinking may deprive of big gains.
Saleem
SALEEM
The market is way strong--I can see us travel north all year with some bumps in the road
There is a lot on money in Bonds and MM funds and on the side lines.
Looking at AMAZ today looking strong in pre market!!!!
Your RIMM is looking good! MCD is amazing still going higher.
C
Hi C,
Yes..inflow is strong as evidenced by CMF.....much more to come....
RVBD has been strong since ER...
Good luck with your buys.
Saleem
Thanks, Saleem,
You have a point on go with the flow.
SALEEM
Get some copper
Amazing play today UP!!! FCX SCCO....
GNK is up again -- I have held that one for so long--yeks
Hi C,
Base metal will be my next focus...maybe by end of this week...
FCX is flying$$$$$
Saleem
Hey Saleem,
Sold OCZ at $9.51 (was 2nd largest position also). The secondary overhang seems too large given the run its had--time for a break I think. Also, I might lighten up others by the end of the day.
Stocktrader
Hi Stocktrader,
Smart move in booking "huge gain"..
Good luck with rest of the "gain sales"
Saleem
Hey Saleem,
Sold my WWWW at ~12.87 average. Something has bothered me about it since I saw all the Super Bowl Ads for competing sites. I think the barrier to entry might be too low, and the stock action is poor and will likely get really hurt if the market pulls back.
Stocktrader
Hi Stocktrader,
Booking profit works.WWWWW had a good run......
Saleem
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