Indices closed near best level of the day.
S&P 500 closed @ 1418.13
RSI @ 68.57
Internals were :
Down volume led by 1.10 to 1 in NYSE & 1.87 to 1 in Nasdaq
Declining stocks led by 1.27 to 1 in NYSE & 1.45 to 1 in Nasdaq
New 52 wk highs were leading by 126 in NYSE & 51 in Nasdaq
VIX closed UP 4.24% @ 14.02
Oil @ $95.97
Gold $1623.00
AH Futures Down
AH Asian Markets UP
AH Oil & Gold UP
About market, there was conflicting report about ECB action with Germany being not so fond of potential solution. TAPE is telling me that ECB may prevail. TAPE certainly is extremely constructive based on close, which was @ the highest point.
BLOG does NOT give buy or sell.
Saleem
9 comments:
SALEEM
GOOD MORNING TO YOU!
Market is strong PM
APPLE will leed us up! Up $6 in PM
J CRAMER likes 3M, HON, Wells Fargo he will offer more buys all week
I may sell SCCO as it is 8% below my buy point--what do you think sell it?
As for Europe we seem to be on ignore ECU!
C
Hi C,
I don't know SCCO TO give opinion.
Saleem
Hey Saleem,
It looks like another melt up day as portfolio managers continue to get longer and longer. I'm starting to feel the need for a better pullback. A close on the highs again today might make me more cautious.
Stocktrader
Hi Stocktrader,
Good time to book profit.
Saleem
Hey c,
What do you think about dry bulk right now? Bottom? The ones I know, GNK, DRYS, and NM look ok/good chartwise.
Stocktrader
Hey Saleem,
I like the chart of MNST right here. It was a conference call I listened to, and I think the street took it too negatively. Add on the AG investigation that drove it down more, I think it could see resurgence. I am looking to see if I can make an add by selling a laggard.
Stocktrader
Stock trader
Hello
Dunno if Drys bulkers are safe here
Certainly can not go much lower in price!
That said the world is not selling and buying as much
So profits are hurting --My SFL, I sold all expecting a larger sell off--when is the question--J Cramers says way to much fund managers chasing the high flyers like APPLE etc........they are driving the market up to new highs
My suggestion is open a tiny position in a DRY BULKER and get more in a down turn. Nibble some
Hope this helps
C
Hey c,
I agree, the amount of world trade at the moment is very low. Doesn't that mean as things improve, the $BDI can move up? I might be too sour on the dry bulkers longer term to try a trade here, but it's an interesting idea. For now, I'll keep a closer eye on them.
Thanks for your input! :)
Stocktrader
Hi Stocktrader,
Do not follow MNST.....
Saleem
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