German data was the real catalyst today plus hope for US deal is keeping the market place humming.
S&P 500 closed @ 1427.84, high today was 1434.27
RSI @ 61.05
CMF @ 0.208
Internals were :
UP volume led by 2.36 to 1 in NYSE & 3.87 to 1 in Nasdaq
Advancing stocks led by 2.10 to 1 in NYSE & 2.42 to 1 in Nasdaq
Net new 52 wk highs were leading by 99 in NYSE & 58 in Nasdaq
VIX closed Down 2.99% @ 15.57
Oil closed @ $85.79
Gold closed @ $1709.60
Stocks which closed UP 2% or more included LULU,KORS,JCP,
APKT,RIMM,POT,CRUS,AAPL,EXPE,LVS,BIDU,DNKN,
CLF,GMCR,JDSU,ARNA,NVDA,X,STLD,CCJ,SINA,
MS,KOG......
AH Futures UP
AH Asian Markets UP
AH Oil & Gold UP
About market, as RSI in S&P 500 has reached 61.05, it is time to plan trading strategy as we head higher or go on overdrive on Fed statement or deal. The way i will do, is monitor my individual stocks RSI if they are above 60 & see IF they are vulnerable to profit taking or to be sold for other lagging value. This is strictly a trading approach nothing to do with bullish bias i have for near term.
BLOG does NOT give buy or sell.
Saleem
5 comments:
Hey Saleem,
I might be a little late to the party, but I'm looking at the financial space as they tend to do better in rising rate environments. Targets include BAC, JPM, PRU, and AIG.
Stocktrader
Hey Saleem,
Actually, I have so many ideas in my head right now...TM back in play with the yen weakening against the dollar despite the Fed news.
Stocktrader
Hey Saleem,
Trimmed a little GGC at 45.07 due to the upcoming uncertainty regarding the merger/purchase transaction. Bought some ELOQ at 18.00 with the cash.
Stocktrader
Hey Saleem,
I sold the rest of the GGC at 44.816. I'm just not sure how this pending transaction will play out so I'd like to play it safe for now. Additionally, GGC is up a lot this year so it is susceptible to tax gain selling. The transaction uncertainty is the bigger motivating factor however.
Stocktrader
Hi Stocktrader,
Was out, just got back......Good luck with your financial ideas..i like JPM the-most.
Good luck with re-allocation.
Saleem
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