Indices closed near high of the day.
S&P 500 closed @ 1472.63, high was 1473.96 which was awfully close to 52 wk high of 1474.51.
RSI @ 64.47
CMF @ 0.321
Internals were :
Down volume led by 1.41 to 1 in NYSE & .98 to 1 in Nasdaq
Declining stocks led by 1.19 to 1 in NYSE & 1.53 to 1 in Nasdaq
Net new 52 wk highs were leading by 149 in NYSE & 85 in Nasdaq
VIX closed down .96% @ 13.42
Oil closed @ $94.24
Gold closed @ $1683.20
AH ER EBAY UP 1.30%
In my portfolio :
Sold KORS
Portfolio is APKT,CF,JCP,TCK,YUM
Exposure 65%
AH Futures Down
AH Asian Markets UP
AH Oil & Gold Down
About market, S&P 500 missed making new 52 wk high by 55 tick. Thursday could be the day for new 52 wk high in S&P 500. We are near high end of this trading range. Booking profit is highly desirable. IF we break to the upside, it should be a fast ride near 1500. Round number generally becomes resistance point.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hi Stocktrader,
Bought BAC & doubled my position in APKT.....
Saleem
Hi Stocktrader,
Sold CF & Bought YHOO...
Saleem
Hey Saleem,
Nice buy on BAC--I'm surprised at the reaction today so far, but the day is young still and overall the earnings power should continue to improve with the improving economy.
I actually made my FFIV call over APKT--something about that company bothers me, but so far every time I think the stock might break down it rallies to new highs!
I'm still holding CF because I really believe in lower commodity costs for them coupled with massive cash flows for stock buybacks. A lot of analysts have been lukewarm on the stock recently though, so I wonder how it will look going forward.
As for YHOO, I can't get my head around their potential upside so I'm missing out, but clearly Marissa Mayer is the real deal! :)
Stocktrader
Hi Stocktrader,
Thanks for your analysis on APKT & YHOO.....
APKT has surprised me big time with its positive technical action..it is working to break out AGAIN.....
BAC has been stellar in its UP move...
YHOO has been a solid performer & i do not see it changing anytime soon....
Saleem
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