Market has been UP six weeks in a row.
S&P 500 sitting near 52 wk high @ 1418.60.
This week volume has been slowest & second slowest of the year.
RSI @ 68.59
CMF @ 0.178
VIX @ 5 yr low @ 13.45
Fed is releasing minutes of last meeting, comes out on Wednesday......
IF we look @ all of the above reality, market could come under pressure from Wednesday ON.....
Many are skeptic about this rally from get go & are not participating but shorting.
I think that we make new highs for couple of days, then a reset time for TAPE.
I personally have removed 42% of my equity from market as of Friday.
I always monitor RSI, Internals & sentiment.
Sentiment is quite confident, which scares me.
How you play this market is entirely your decision but, nothing goes UP in a straight line ever.
I am expecting volatility to jump this week, which should be obvious based on TAPE & VIX.
In projecting gains for S&P 500, we may be looking @ 1450 Max in the short term, which is a gain of 31 points or 2.19%......you have to factor risk / reward which is tilting more towards risk currently.
I intend to be in the market, but may book gains as it occurs.
We do not have profit until we book it, by selling.
There is a reality of correction, which is looming large. Keep a close focus on RSI & VIX.....they may tell you more than any pundit.
Good luck with your OWN strategy.
BLOG does NOT give buy or sell.
Saleem
17 comments:
Hey Saleem,
I think it is only Fed minutes from the last meeting that come out this week. Based on the fact they did nothing, discussion of possible QE steps could be a positive actually?
Stocktrader
Hi Stocktrader,
YES..you are correct..it is only release of minutes from last meeting.
I will correct my BLOG.
Thanks !!!
Saleem
SALEEM
I know that you are bust celebrating and I wish you the best
As for market sentiment ---right on --agreed
For the FED Reserve it is al about Jackson Hole which may mean QE3, the minutes pushing the market is a non even????
IMHO it is all about Jackson Hole!
Lets see--this may be why the market has been so resilient.
PS:
You have some good stock picks and if the market is willing I may get some EXPEDIA too
VBTA
C
Hi C,
Thanks for your note.
Yesterday was very hectic, came home around 1030PM..with friends from 8AM.
Market does what it wants to do....sometimes it anticipates events like Jackson Hole & may give verdict "against common wisdom"
Anyway..that is what makes a market...stay tuned ..always be ready IF Pundits are wrong.
Saleem
SALEM
thanks for your reply
I am so old that 10:30PM wipes me out....
I can not do it any more--congratulations on a good time
I got some EXPE this AM--GO EXPE--yeahaw
What is up with APPLE up again wow!!!
SOLD SDRL except a core position of 50 shares.
SFL is a rocking today -- Sold all of that except core shares
VBTA
C
Hey Saleem,
Nice note on LVS today!
"Macau August growth trending better than expected, says Nomura
Nomura reports that gaming revenues in Macau are trending well above expectations for the first 19 days of August due to a recent surge in gaming volume. The firm's checks indicate that mass traffic remains strong for the summer, and the firm expects Las Vegas Sands' (LVS) stock to react positively as long as its mass growth is in-line with or ahead of the market. The firm remains constructive on Las Vegas Sands, MGM (MGM), and Wynn Resorts (WYNN) over the longer term."
Stocktrader
SALEEM
LVS is showing you the love
Awesome up 4.2%
C
Hi C,
You are our "frequent trader of this BLOG"......
YES LVS is showing good strength.
AAPL rocks $$$$$
Saleem
Hi Stocktrader,
Thanks for your post about LVS.
Looks promising for gaming.
Saleem
Hi C,
Good luck with EXPE....
Saleem
Hey Saleem,
Bought some MCP at 10.0878. The major reason was the oversold conditions, but I think we could see catalysts upcoming including rare-earth mining shutdowns in China due to pollution and potential M&A talk in the sector.
Stocktrader
Hi Stocktrader,
MCP has been trashed from to $60...
Great Risk / Reward.....
Saleem
Hey Saleem,
I am really surprised SWKS is not moving more with AAPL spiking like this, but I think ADNC's strength is attributable. They license their chip technology to AAPL--almost like free money when AAPL uses it.
FIO keeps surprising me--it feels like it could stall out any second. I am, however, mentally prepared for the pauses in a good story.
Stocktrader
SALEEM
Hello
I thinks APPLE has MOJO going for it now!!
THis always happens on new product launch
buy the news--I see $700 coming
Best regards to all
C
Hi Stocktrader,
FIO is coming out of a long downtrend...thus its UP move is not surprising on Great ER / Guidance.
Saleem
Hi C,
AAPL has crossed as "the most expensive stock EVER"..market cap wise.
Saleem
SAELLM
APPLE was neck and neck with EXXON
so we are passed that hallmark
So we are in new territory--most expensive stock market cap wise--that is huge!!!!!!!!!!!!
J Cramer is again saying buy at least one share and enjoy the ride up
WhooHou
Glad we sold BIDU is it down $3 smackers
C
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