Tuesday, March 12, 2013

Indices closed mixed......

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:

stocktrader_1996 said...

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

stocktrader_1996 said...

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

stocktrader_1996 said...

Hey Saleem,

Also bought some SODA @ 49.995 based on better-than-expected consumer spending and remaining above key technical support.

Stocktrader

Stocks100 said...

Hi Stocktrader,

I am glad you are out of CRUS which is behaving poorly...

STLD is a very good buy.

Saleem