Indices turned UP on a dime, after profit taking yesterday.
Did you notice, that nobody was panicking about Ben Bernanke today?
Internals were:
UP volume led by 2.49 to 1 in NYSE & 2.17 to 1 in Nasdaq
Advancing stocks led by 2.04 to 1 in NYSE & 1.32 to 1 in Nasdaq
New 52 wks were in the lead, 148 in NYSE & 79 in Nasdaq
VIX tumbled 6.35% @ 17.26
Oil closed @ $108.84
Gold closed @ $1722.20
Stocks which closed UP 2% or more included CNQ,MS,RVBD,
LULU,GES,COH,WYNN,LVS,CLF,SNDK,FIO,GG,VMW,
VECO,JDSU,FNSR,C,BZH,M,MGA.....
AH Futures UP
AH Asian markets UP
AH Oil & Gold UP
About market, most trader may not realize, that we are making new closing highs every other day including today. Market strength is judged by how we close, never lose sight of that.It is OK to play market technician, but do not take your conclusion seriously.
This market is beyond analysis by majority. Watch CNBC & see how bearish predictions are proven by market forces. Doug Kass, Robert Prechter have repeatedly tried to call a TOP, we all know how that has panned out.
Please go with flow of TAPE & do NOT panic @ intraday reversals, these will happen repeatedly. So far we have NOT gone down more than 15 points in S&P 500.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Saleem
Your Blog speaks like J the Cramer!!!!!!
He ranted that 14,000 is in the cards He said the bubbles are all gone. Dividends are up and more buy back than ever.
The economy is in slow recovery, so up we go. It may take a few years to get back to low employment numbers but they are coming..
Cramer said buy FCX, EXC and a new one BGCP .. He like REITS to.
So we all love your blog! me too, cool beans
C
Any way , real estate is making a slow come back in USA
Hi C,
Thanks for your "enthusiastic feedback"
TAPE is NOT difficult to read, but majority is "overthinking" & looking for slump which may not come soon......
NOW..making money is another thing, there we need a good dose of luck.....some get it, most DONT????
Saleem
An article on shipping I wanted to share with all of you.
http://www.cnbc.com/id/46598543
Bought STEC, RVBD, SWC and MS (momentum play ) yesterday.
RVBD on the breakout already.
Thanks Saleem for your stock picks.
Good Luck All.
Paramjeet
Hi Paramjeet,
Thanks for your feedback!!!!
RVBD is slated for a breakout @ $30.41 with a target of $35.01...my target is $44....
Good luck with your picks.
Saleem
What's up with RIMM. Tremendous volume up in the last 30 min before close.
Something brewing up for a weekend news.
Hey psrajpal,
A lot of heavily-shorted stocks with a takeover possibility, like RIMM, will squeeze into a Friday close as shorts don't want the event risk. There may also have been some leaked rumor of course, but the action itself isn't highly unusual.
Stocktrader
Hi Paramjeet,
RIMM TAPE is ready to DEFY all the know it all two bit analysts...they are the same one saying buy, buy, buy @ $150..now @ $13 saying sell, sell, sell with $8 to $12 target....now you know why they remain analysts instead of a hedge fund manager.....
Saleem
Post a Comment