Indices are in a strong uptrend, which should take them to new 2012 highs.
Monday is month end, which should trigger buying by institutions.
All indices are 3 days away from making new 2012 high.
SO..there is a very good chance that 2012 highs may be here, before much dreaded jobs report.
Many pundits are fearful of this jobs report, i say, we are going higher based on technical strength.
SO...jobs report is a fundamental event & market is displaying "technical strength"...technical strength always trumps fundamental weakness......SO BE BOLD.....
This earning season has a "dual personality", sometimes bad is good or bad is very bad..it all depends IF there is a "short covering or not"......
My bet with earning season has a perfect 0-6 record, but it is not forcing me to sell, as i believe in their fundamental business trend, technical can take a back seat.
After we make series of new highs, it may be time to book gains & reduce exposure. I generally do not have this problem of booking gains, as most of my bets are off...so it is wait & wait scenario....who knows how it will end.....hopefully BETTER.
RSI in major indices are :
Nasdaq 56.29
S&P 500 57.47
Dow 58.36
As you can see that, resistance in the past, have been near 70 area, so watch out for that.
SO..it is another week of "happy traders"
Hoping, that we all get ahead, with this rally.
Good luck with your OWN strategy & market analysis.
PS....I am starting 6th year for this BLOG, this BLOG came into existence on April 15th, 2007. I have enjoyed sharing & interacting my thoughts with many visitors. Currently, there are 300 visitors on a daily basis, this is quite gratifying.
BLOG does NOT give buy or sell.
Saleem
12 comments:
SALEEM
300 viewers per day
Congratulations--awesome!
market is up and down needs more direction
TAL is up again, SFL may go to $15 think about it
COH confounds me? CNQ is is a stealth mode up tiny amount every day
ETP is looking good with the buy out of SUN--may reflect on CNQ positively--I hope
C
VBto all
Hi C,
Thanks for your feedback.
Close is what matters....
Good luck with your chosen ones.
Saleem
SALEEM
Get some apple on this weakness
IMHO--it is a buy
Hi C,
I need to sell something to buy anything.....115% is my current MAX exposure.
Saleem
Saleem
It is funny when stock like AMZN was down and we chase it just like a hawk, but now when it get back into it's uptrend, we don't even mention it anymore
Got some CLF at this level since big support is at 58, risk is low.
HELLO UP
I did not follow CLF
does it have some MOJO to make it run up???
As for AMOZON it got burned on it, so for me it is learn and run away--the AMAZON buy was pre earning purchase, IMHO--so sorry no longer on my radar
I like GS here and maybe some APPLE support is $550-If we hit that or near it I may get more...
Have a good en to all!!!!!!!!!
Hi Up,
AMZN is certainly on my radar, BUT unable to buy as i am @ my max exposure.
CLF should be a good one..perfect price......
Saleem
C
If you look at chart of CLF, it stuck inside of a trendline. Low is at 58+ and high is around 75. So I think buying here is sound, risk is 3 points and upside 13 points. So you do the math.
Problem about AAPL is it had a big run up since DEC. and correction is here, plus seems like funds are playing AMZN as an alternate to aapl
Hey Saleem,
Look at MS go today--what a strange performer in the last week.
Chinese PMI later tonight--even a "miss" at ~53.0 would be greeted positively?
The market technicals make me very nervous here...
Stocktrader
THanks to all for your comments
C
UP
May be I am stupid, but I am not dumb
Looking at the chart for CLF I see nothing but pain
it brook the all trend lines and is below the bottom,
Bollinger trend line
It has met the bear price target of $62 , so maybe I need a class 101 in chart reading, it seems like a short chart to me, not a buy at all
Sorry I am dense I guess
C
Hi Stocktrader,
IF you are "very nervous", then you should book any gains you have...this will reduce exposure / vulnerability to any down draft....
BUT.. i do not see any selling pressure YET....
Saleem
Post a Comment