Indices rested today, only Dow was slightly UP.
S&P 500 @1552.48
RSI @ 66.53
CMF @ 0.242
Internals were :
Down volume led by 1.37 to 1 in NYSE & 1.58 to 1 in Nasdaq
Declining stocks led by 1.42 to 1 in NYSE & 1.45 to 1 in Nasdaq
Net new 52 wk highs were leading by 201 in NYSE & 130 in Nasdaq
VIX UP 6.14% @ 12.27
Oil @ $92.54
Gold @ $1591.70
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, CNBC is spending tremendous air time in telling viewer that correction is here. I totally disagree with this obsession of correction in a strong long term bull market which we have. This bull market is going UP in a slow & steady pace. Sometimes you will get a weak open as a correction, but by end of the day most stocks reverses. Just because Dow has been UP for 8 days which is only 30 stocks out of 30,000 stocks, does not mean that most stocks went UP for 8 straight days, i do not know any stock that went UP for 8 straight days. All i can tell you that this is NOT 1999-2000 market @ all, it is NOT running away @ all. SO keep buying after studying chart & on any morning pullback.Think long term when buying because it is that kind of market.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hey Saleem,
Sold CRUS @ 23.312 based on the potential for lowered estimates still based on AAPL's eroding market share and delayed products.
It may be a huge buy after that, but I'd prefer to sit on the sidelines for now.
Stocktrader
Hey Saleem,
Bought STLD @ 15.18 based on an improving US economy and their key exposures to that, plus hitting a key technical level on this pullback.
Stocktrader
Hey Saleem,
Also bought some SODA @ 49.995 based on better-than-expected consumer spending and remaining above key technical support.
Stocktrader
Hi Stocktrader,
I am glad you are out of CRUS which is behaving poorly...
STLD is a very good buy.
Saleem
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