Nasdaq was slightly down @ close.
S&P 500 closed @ 1507.84
RSI @ 74.46
CMF @ 0.541
Internals were :
UP volume led by 1.85 to 1 in NYSE & .80 to 1 in Nasdaq
Advancing stocks led by 1.43 to 1 in NYSE & 1.23 to 1 in Nasdaq
Net new 52 wk highs were leading by 273 in NYSE & 155 in Nasdaq
VIX closed Down 1.92% @ 13.31
Oil closed @ $97.57
Gold closed @ $1660.80
Stocks which were UP 1% or more included AAPL,CSOD,HMC,
M,GG,LEN,JCP,COH,CLF,STLD,SLW,ECA,KOG,GS,IBN,FCX..
AH ER:
BRCM Down 1.10%
AMZN UP 8.89%
AH Futures Mixed
AH Asian Markets UP
AH Oil & Gold UP
About market, Dow & S&P 500 continue their technical move UP to higher highs. Doug Kass making his prediction that January will see highs for the year & then market will fall 7%. He loves coming on TV & makes outlandish predictions which are generally off the mark in reality. It is the attention he craves & never accounts for his flip flop. I believe that 2013 is shaping to be a very good year for bulls.
BLOG does NOT give buy or sell.
Saleem
5 comments:
Hey Saleem,
Sold AXLL (formerly GGC) @ 53.56 on expectations of a pause in housing and a needed rest for the stock.
Sold PANW @ 56.31 on competitive concerns following a competitor purchase by CSCO.
Stocktrader
Hi Stocktrader,
Good rationale behind sale.
Also booking well earned profit is never bad.
Saleem
Hey Saleem,
I'm surprised the ADP jobs number was sub-200k still (and who knows what the government component will be). I expected a better rebound after sluggish hiring in Nov/Dec due to fiscal cliff fears and the standoff in Washington. Even the +192k ADP number was based off a revised down 30k December number, so we really only had net +162k private jobs reported. Maybe companies are still ramping up the hiring plans after they breathed that sigh of relief because otherwise there are more serious problems at hand.
Stocktrader
Hi Stocktrader,
Sorry being late in replying, had stepped out for chores.
YES..your analysis is accurate in terms of interpretation of ADP numbers......BUT it is important to factor January 2013 environment where politicians are NOT impacting decision making.....
I firmly remain super-optimistic for 2013..that is where my focus is.
Saleem
Hey Saleem,
I, too, am still highly optimistic on 2013--I'm just surprised we didn't see the strength in jobs for January.
I still think the market sells off today after the Fed due to lack of fresh upcoming catalysts. Although, given the month-end "marking up" we usually see, I'm not sure if it can really get that deep despite many stocks acting poorly today already.
Stocktrader
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