Indices are showing latent strength by not only turning green but closing green for two days in a row.
S&P 500 closed @ 1331.85
RSI @ 50.70
Internals were :
UP volume led by 4.11 to 1 in NYSE & 3.34 to 1 in Nasdaq
Advancing stocks led by 3.66 to 1 in NYSE & 2.56 to 1 in Nasdaq
New 52 wk highs were leading, 99 in NYSE & 72 in Nasdaq
VIX closed Down 1.37% @ 19.45
Oil @ $80.21
Gold @ $1578.40
Stocks which were UP by 1% or more included LEN,
CLF,FCX,SU,MU,BRCM,VECO,JDSU,CIEN,FNSR,
C......
AH Futures UP
AH Asian Markets UP
AH Oil UP
AH Gold Down
About Market, TAPE is showing strength , when backdrop is pretty negative, this is a strong contrary indicator. EU meeting which starts Thursday & goes on till Friday has been written off by all pundits, TAPE is telling us that skepticism is good, as month end buying is giving support. Not only its month end but Quarter end & Six month ends in next 2 days. There is a strong possibility, that EU outcome may not be a factor, thanks to seasonal strength. My suggestion, participate in strength & sell on any weakness.
BLOG does NOT give buy or sell.
10 comments:
Hey Saleem,
A lot of my stocks were red today, as were many of the high growth stocks (see CMG for example). Hopefully this trend reverses--I underperformed a lot on a good up day, although I'm really in most of these stocks for earnings and beyond.
Stocktrader
Hi Stocktrader,
I was slightly UP in my portfolio & little bit UP in CAD......we are talking fractions in % terms.....
Our portfolio did not do well @ all....the only reason i was UP because i sold LEN......
Hopefully next two days..we should do better......
Saleem
Hey Saleem,
I was thinking more about which stocks I wanted to hold into earnings, and will probably sell ETN today. Despite being extremely cheap and paying a nice dividend, it's a stock I'd want to own after earnings, not before. This will free up cash to be able to buy either PFPT or CMI back, both of which I'd like to hold into earnings (although there's a price where PFPT would be less attractive).
I am also watching WWWW for technical weakness. Some of its recent moves are concerning to me, but nothing definitive yet. Possibly it's just a pause after a huge run. Also, CLF and PAY are two other stocks I'm watching/thinking about more.
Looks like we're in for a down start, but lots of news to come today...
Stocktrader
Hi Stocktrader,
It is good to evaluate all stocks based on relative attractiveness / performance / appreciation potential / risk associated.
EU is in focus again......
Saleem
Have a great day you two
C
Hi C,
Hopefully market comes back by close.....
Saleem
Hey Saleem,
Did an ETN for CMI switch.
Stocktrader
Hey c,
Good day to you too! :)
Stocktrader
Hi Stocktrader,
CMI & NAV were both green when i checked.....
Good luck.
Saleem
Hey Saleem,
Some of the big boys getting hammered again: CMG, PCLN, VMW, and PNRA to name a few I've checked.
Stocktrader
Hi Stocktrader,
PE is contracting for most stocks.....
Saleem
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