Indices closed UP after huge gains on Friday.
S&P 500 closed @1394.23
RSI @ 61.53
Internals were :
UP volume led by 1.94 to 1 in NYSE & 2.98 to 1 in Nasdaq
Advancing stocks led by 1.66 to 1 in NYSE & 1.66 to 1 in Nasdaq...yes it IS accurate.
New 52 wk highs were leading, 190 in NYSE & 71 in Nasdaq
VIX closed UP 1.98% @ 15.95
Oil closed @ $92.20
Gold closed @ $1616.20
Stocks which closed UP 2% or more included BIDU,LVS,NTES,TCK,AUY,
KORS,TIF,CLF,FCX,LNKD,
FB,CIEN,COH,ZNGA,MU,JDSU,C......
AM / AH ER :
CTSH UP 10.97%
SOHU UP 17.75%
CYOU UP 18.74%
BSFT UP 21.81%
JDAS Down 7.51%
AH Futures UP
AH Asian Markets UP
AH Oil & Gold Down
About market, TAPE remains healthy with back to back gains & higher highs made & higher close in all indices. It is important to stay engaged with good stocks. This TAPE is strong enough to ride stocks UP. Conviction is important in this "new stable & uptrending environment".
BLOG does NOT give buy or sell.
Saleem
12 comments:
GOOD MORNIG TO ALL
What is IBD's statement on the market?
Good luck to all
I have some cash looking at LLY
C
Hi C,
IBD says "market in confirmed UPTREND"..for a week now.
Good luck with your buy.
Saleem
SALEEM
I got caught with the 3 day trade rule
Now I am frozen -and can only trade settled funds-they say forever--stock exchange rules for making the mistake several times
Yikes
I maust have missed some trade transactions--Gosh
Hi C,
Dont worry, plan your trade when eligible.
Saleem
Hey c,
Oh man! I know all about having those handcuffs on and it is hard. The times I did it, they put me on 3-month restrictions. At first I couldn't understand exactly the rules or thought it wasn't that important. Now I am thoroughly versed and ultimately careful with my trades because I never want it to happen again. I'm sure you'll come back, stronger and wiser! :)
For now, it makes you think a little longer about your trades and strategize versus just reacting. That isn't always a bad thing...:)
Stocktrader
Hey Saleem,
I am absolutely thrilled my plan is working so well. CLF is a great rock for the portfolio! Pun intended :)
Stocktrader
Hi Stocktrader,
YES..CLIFF can see far & wide.
CLF is a winner in the long run.
Market keeps chugging along.
Saleem
Saleem
thanks to all for positive take
Makes me crazy to have a restriction on my 3 day trades they said since I have violated the 3 day rule I am in hold for life
So I amy switch brokers eventually-thanks for kind words
this market keeps giving--BIDU AUY are GREEN
AGNC got a down grade today, by Street --Go Figure
I too like CLF
C
Hi C,
Go with Fidelity, the seems LAX in enforcement.
Saleem
Hey Saleem,
The trade is to go short at close (or just sell out) assuming we close on the highs. Wednesdays are often countertrend days.
I'm not sure what I'll do, if anything. My super small caps could be safer tomorrow as it's more the shortable stocks that feel the countertrend pain.
Also, the fact that we usually re-gap up again on Thursday makes it playing for a very short move, which is always tricky.
Doing some thinking in the next couple hours...
Stocktrader
Hi Stocktrader,
Do what makes you comfortable & ahead in the game.
I am in LAZY mode...do nothing.
Saleem
Hey Saleem,
I ran an errand and did some thinking. I'll probably stay pat also. I didn't buy anything for a short squeeze specifically, so my downside should be contained even on a possible down day (because it didn't go crazy up on the up days).
Stocktrader
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