Indices exploded UP on optimism about budget deal.
S&P 500 closed @ 1426.19
RSI @ 53.06
CMF @ 0.051
Internals were :
UP volume led by 31 to 1 in NYSE & 13.49 to 1 in Nasdaq
Advancing stocks led by 6.10 to 1 in NYSE & 4.10 to 1 in Nasdaq
Net new 52 wk highs were leading by 85 in NYSE & 40 in Nasdaq
VIX tumbled 20.69% @ 18.02
Oil closed @ $91.82
Gold closed @ $1675.80
Stocks which were UP 3% or more included CRUS,JCP,TCK,KORS,
APKT,AAPL,M,EXPE,
NFLX,AEM,GG,SLW,
LVS,CLF,MU,FNSR,
X,STLD,SINA,QIHU,
KOG,FCX......
About market, they are still negotiating in Senate & IF they have an agreement, then voting process will start. House is expected back on New Year around noon to take centre stage. Like everyone else, i am hoping to see this circus comes to an end, but i have a funny feeling that we have not heard the last from this self-serving group of grown-ups.
Technically we are looking healthy as all indices are above 50 & 200 DMA. Let us all hope that our trading or investment is not held hostage by politicians. Nobody had factored "politicians" as a variable in investment thesis or analysis.
Happy New Year to all BLOG visitors.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hey Saleem,
It looks like our patience will be finally rewarded!
I am still thinking about swapping AAPL out for a different kind of beta stock, maybe a financial or industrial. I'm just having a hard time figuring out AAPL's potential upside, and generally it also does more move slowly than other beta plays mostly due to its size.
Stocktrader
Hi Stocktrader,
AAPL is UP 3% in pre-market.....
AAPL may be a good stock to keep now....support has been tested & selling is done.....
Good luck with your decision.
Saleem
Hey Saleem,
Sold AAPL 551.80 and bought ETP at 44.37. Given the reasons above and the fact that I hold CRUS also, I felt selling and diversifying was a fine idea. I bought ETP because of the 8+% dividend and the fact that dividend taxes barely rose, better than the expectations of many.
Stocktrader
Hi Stocktrader,
Good luck with ETP....
I bought YUM.....
Saleem
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