S&P 500 has been UP five straight trading days, it is UP 4.90% or 65.80 points.
Technicians are looking @ 1420 as resistance, which is less than 11 points away.
Resistance are made to be broken or taken out when there is enough momentum.
RSI @ 53.55 which leaves room for further gains
There could be further buying pressure as month end is approaching
Many traders including hedge funds are not participating in this rally due to fiscal cliff issue....
By the time "fiscal cliff is resolved" market may be lot higher
We also may face the performance issues as end of November approaches.
All in all "trend is your friend"
YES..Indices may react to ongoing issues like Greece / EU or Fiscal Cliff every so often..but trend is upward for now.....
Black Friday / Cyber Monday Sales are another bullish factor....
Many stocks in different sectors are on the move now, big gains can be made in many stocks IF patience is exercised......
SO...get back into doing research for picking "new stocks" where gains may be "above the charts"
IF you want to evaluate your stock picks compare it against major indices on a weekly basis.
BLOG does NOT give buy or sell.
Saleem
10 comments:
Hey Saleem,
I made a few moves this morning to take some profits on slower movers/less robust stories and enter some of my better ideas. I sold TM at 86.60 after a great run and PRU at 51.47 ahead of large resistance and market/bond sensitivity. I added PFPT at ~10.95 average and am looking to add to STLD on more dip.
Stocktrader
Hi Stocktrader,
TM was & is a great performer..green today...
Good luck with PFPT & future "buy on the dip"
Saleem
S
be happy today
AMAZON is doing real fine!
So to is APPLE up!!!!!!!!!
looking at PSEC yield 11%
Market may close green
C
Hi C,
I like your OPTIMISM about close....
Green is always good....
AMZN has been a winner lately.....AAPL looking very good especially after Collin Gillis saying its going below $500????
Saleem
Saleem
Did you mean $500 or $600 for price target
lots of news about retail sales
may push stocks in that sector a lot higher
like TJ MAX and HD , LOWES and Amazon
good for you
C
Hi C,
Sorry the analyst is Barry Ritzholz..saying below $500
http://finance.yahoo.com/blogs/daily-ticker/apple-could-fall-below-500-share-barry-ritholtz-135257198.html
Here is the link..
Saleem
S
analyst are all over the place on apple:
Citigroup restarted coverage of Apple share PRICE:
(NASDAQ:AAPL) on Monday with a buy rating and a price target of $675, even as the firm’s analyst Glen Yeung also pointed out what he said were potential weaknesses of the stock that have come into focus recently.
Gotta love the hype
C
Hi C,
Citi analyst is carrying AAPL nicely today....
Saleem
S
Hurray
Up $16 smackers today
I should have bought more shares at $553
Still got shares at $647
So $675 prices target works for me
Take a look at SDRL a double divided may push stock price 3 smackers! and you get double dividend
C
Hi C,
I am not into any dividend stocks, my focus is "fast growth"....
Saleem
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