Indices closed UP despite some weak data.
S&P 500 @ 1569.19
RSI @ 64.08
CMF @ 0.425
Internals were :
UP volume led by 1.82 to 1 in NYSE & 1.75 to 1 in Nasdaq
Advancing stocks led by 1.72 to 1 in NYSE & 1.29 to 1 in Nasdaq
Net new 52 wk highs were leading by 362 in NYSE & 186 in Nasdaq
VIX Down 3.42% @ 12.70
Oil @ $97.23
Gold $1595.70
Stocks which were UP 1% or more included JCP,RDN,
EBAY,TIF,MOS,CMG,CLF,LRCX,GMCR,NVDA,
AEM,IBN.....
About market, S&P 500 closed @ the highest level ever. Next target is 1576.09 which is intraday highest number. TAPE is strong enough to make series of new all time highs. It is important to stay with few good ideas & give it time to work out.
Next post on Sunday by 2 PM
Enjoy your long weekend with family & friends.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
It was a nice week with the portfolio gaining 0.86% versus the S&P's 0.79%. Big gainers on the week included BSFT (+5.3%) and PANW (+3.8%) with four others 2+% while notable losers were BAC (-3.0%) and CRUS (-3.0%). Here's the current portfolio:
Primary positions: BAC SPLK PFPT AXLL PRU CSOD RDN
Secondary positions: MRIN STLD PANW BSFT CRUS FDX APWC
Cash: ~0%
I made fewer moves this week selling MS and SODA, trimming FDX, buying RDN, and adding to PFPT and MRIN. I feel pretty good about the portfolio now and even the laggards this week of BAC and CRUS I feel can do better. It is interesting how every week the troublesome "watch" stock performs well--PANW was last week's and did great.
The market continues to shrug off any bad news and we have finally hit new all-time highs in the S&P as the economy slowly creeps better. I expect this string of new highs to continue, especially as there is still some wall of worry including issues in Europe, China, or upcoming earnings, all of which seem ok to me for now.
The first days of the quarter traditionally bring inflows so I'm looking for a nice start and then slower trading as we look towards earnings the following week. Even though we may see cautiousness ahead of the key earnings due to warnings we've had from FDX, ORCL, and CAT, I think these are isolated stories and heavily factored in so I expect mostly positive reactions to earnings.
Overall, I think there's risk in overthinking here. Sticking with the good stocks should see continued progress into newer highs.
Hope your weekend went great! We had a nice time with family over for brunch/lunch today.
Stocktrader
Hi Stocktrader,
I am glad that you are back to your winning ways by beating S&P 500.
IF TAPE needs to correct it starts during earning season.....that is my view.
I stayed home which is the way i like 98% of the time.....i am deeply resented as a recluse..but it is all about #1......
Saleem
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