Indices are shooting higher & higher on a daily basis.
This is making many technicians bearish, Carter Worth saying "this is it"
Internals of the market :
UP volume lead by 1.16 to 1 in NYSE & 1.11 to 1 in Nasdaq
Advancing stocks led by 1.03 to 1 in NYSE & .80 to 1 in Nasdaq
New 52 wk highs were in the lead, 163 in NYSE & 99 in Nasdaq
VIX closed UP @ 18.63
Oil closed @ $99.84
Gold closed @ $1741.20
Stocks which were UP 1% or more included COH,OTEX,LEN,FIO,AAPL,
LULU,VMW,BIDU,BWLD,
CRM,V,TSL,JCP,VECO,
CRUS,ARUN,WPRT....
AH ER :
NUAN Down 13.33%
LNKD Down 9.01%
AH Futures Down
AH Asian Markets Mixed
Oil & Gold Down
About Market, there is some crack in the internal of this market, Nasdaq decliners were in the lead when it was stronger than other indices.RSI is in deeply overbought territory. Nasdaq RSI @ 80.81 could spell pain for bulls. VIX was UP today again. My recommendation, book profit & reduce exposure. No need to be smarter than market.
BLOG does NOT give buy or sell.
PS...on Friday, there is only one closing post around 6 PM. I am available for comments during trading hours.
Saleem
24 comments:
Hey Saleem,
I noticed the poor breath on the NASDAQ also, which is a warning sign. AAPL being such a large component and being up so much skews the overall print.
I'd love to buy some APKT and/or RVBD on some dips :).
Stocktrader
Stocktrader
YOu may get your wish this morning
looking down to me in Pre market buy buy
How much APKT or RVBD would you buy??
Have a great day
C
Hi Stocktrader,
This is the second negative read in Nasdaq internals on UP day....?
Good luck with your buys.
Saleem
Good Morning Saleem
Direction of the market is down so far
have a good day
Hey c,
I'd buy normal position sizes. I have approximately 40% cash right now, so likely four stocks available for purchase. I will be looking near close for at least 1-2.
Stocktrader
Hi C,
YES...down is more painful than UP.
Saleem
SALEEM
AMAZON is oh so strong today
Up on a down day
C
Hi C,
AMZN is @ same price as 14 months ago......Dec 2010 same price????
Saleem
Saleem
Do ya think we should get some more CNQ?
thanks
Hey Saleem,
I can't believe both RVBD and APKT are up today when I'm trying to buy low...just my luck!
I guess good stocks are good stocks no matter what :).
Stocktrader
Hi C,
CNQ is on fire sale......I am @ my max in terms of exposure in current encironment.
Saleem
Hi Stocktrader,
This is a very tricky market, it surprises the best of us.
Saleem
Hi Stocktrader,
RVBD is trading @ the same level as Oct 2010...17 month low?
APKT trading @ June 2010..21 month low?
Saleem
Hey Saleem,
Patience is difficult right now when I see so many stocks popping higher. Probably the biggest reason I'm not getting in now is that the $VIX keeps creeping higher still today.
Watching carefully...
Stocktrader
Hi Stocktrader,
YES..VIX UP 11%.....& futures are all negative.
Saleem
Hey Saleem,
The market looks firm here--bought APKT $33.26, looking for others.
Stocktrader
Hi Stocktrader,
S&P 500 found support @ 1337.35....it is 5 points above lows....nice strength.
Good luck with APKT.
Saleem
Hey guys:
here is a thought:
DRONE PROGRAM. I read this week the FAA is issuing Certificates to operators for domestic United States surveillance. There has got to be a lot of money in those manufacturing those drones and the ones operating them.?? a buy??
market is bottomed
Buy some stock now
Hey Saleem,
Bought MU at 7.948.
Looking closely at MET, FCX, CLF. If RVBD pulls back more, I'm interested there also.
I also think the Volcker rule might get watered down, so some of the banks with big markets desks are interesting too.
Stocktrader
Hi Stocktrader,
Good luck with MU & other potential buys.
Saleem
SALEEM
I bought some FCX, at $44.88
I could not resist
I am still waiting for apple to pull back
I guess not today
Regards
C
Hi C,
good luck with fcx,
saleem
Hey Saleem,
Added KOG at $8.90 and RVBD at $27.67. I am fully invested again.
Stocktrader
Hi Stocktrader,
Good luck with your chosen KOG & RVBD....
Saleem
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