Ben Bernanke masterfully deflected any conclusion that easy money is going away anytime soon. Indices closed near high of the day.
S&P 500 @ 1496.94
RSI @ 48.65
CMF @ 0.193
Internals were :
UP volume led by 2.53 to 1 in NYSE & 1.62 to 1 in Nasdaq
Advancing stocks led by 2.00 to 1 in NYSE & 1.49 to 1 in Nasdaq
Net new 52 wk highs were leading by 22 in NYSE & 9 in Nasdaq
VIX closed Down 11.16% @ 16.87
Oil closed @ $92.63
Gold closed @ $1615.50
Stocks which were UP 1% or more included HLF,SODA,
KORS,M,AAPL,EXPE,PCLN,HMC,LEN,BIDU,
LNKD,GG,AEM,SLW,V,GMCR,LRCX,SNDK,
MON,NVDA,MS,FCX......
AH ER :
FSLR Down 11.00%
PCLN UP 3.76%
AH Futures Mixed
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, TAPE reacted positively to Ben Bernanke assurance of business as usual. I am personally not adding anything @ this stage, quite content to keep my existing position which is 54% exposure. You have to decide on your own comfort level which determines exposure. It is important to have a green close on Wednesday to confirm that TAPE has turned. Quality of close needs to be evaluated. There is too much volatility lately, @ the same time many stocks are looking vulnerable.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
I agree with much of your market analysis. Although I am still fully invested and bullish for individual stocks and the long-term outlook overall, this particular episode in the market seems different and may warrant more caution than we've been accustomed to this year. Even today's rally saw many of my high growth stocks end flat to down.
Stocktrader
Hi Stocktrader,
Internals were fading yesterday, look @ new 52 wk high list. lowest in a long time.
Neutral @ best is my posture lately.
Saleem
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