S&P 500 is sitting @ 1416.81, RSI @ 55.81...these numbers are demonstrating resiliency of this TAPE.
BUT many stat this week will show impact of Sandy like ISM & Jobs report. How market react to these numbers will show either a "rational TAPE" or "irrational reaction"...that is left to be seen.....
Republican & Democrats are staying true to their TV addiction & NOT paying attention to the job @ hand...
Next two weeks could be "painful" due to Fiscal Cliff "propaganda overdrive".....each claiming to "care about US citizens & economy"..reality is "they care for their politics only"
Back to normal trading facts for December, there are 40% bullish & 30.5% bear. Bear reading is interesting as it has stayed the same in last 14 weeks....
In the last 20 years, S&P 500 has gained in 16 years for the month of December......
Historical indicators are telling us that IF IF we can IGNORE politicians, December has a very good chance of hitting 1470 area.......
BUT .....the good news is.... many stocks are making new 52 wk highs every day......
It may be WISE to block all the NOISE & concentrate on making money on the bullish side.....
It is becoming a stock pickers market.......
I will stay on track to evaluate individual stocks & not worry too much about broader indices or politicians....
I will continue my sell & buy based on relative RSI......have learned with many jolts that "euphoria" about your picks is not "good for your financial health"...lesson...leave the last $ for someone else......
Good luck with your homework about picking good stocks.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
Great vision to see through the noise and focus on individual stocks. It seems to me that even though most people can feel what the final terms of the fiscal cliff resolution will look like, politicians' public acceptance of these compromised terms is far off. That said, there is always opportunity in uncertainty, although it is often the hardest move to take advantage of that.
Looking towards another week of surviving the drama...
Stocktrader
Hi Stocktrader,
"opportunity in uncertainty".....that IS the right phrase for how Wall Street operates.......
I think we move UP on Chinese Data....
Saleem
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