Indices ended green & in record territory again.....
S&P 500 @1563.23
RSI @ 70.06
CMF @ 0.302
Internals were :
UP volume led by 2.84 to 1 in NYSE & 2.22 to 1 in Nasdaq
Advancing stocks led by 2.00 to 1 in NYSE & 2.12 to 1 in Nasdaq
Net new 52 wk highs were leading by 360 in NYSE & 218 in Nasdaq
VIX Down 4.48% @ 11.30, it hit new six year low today @ 11.05...
Oil @ $93.03
Gold @ $1590.70
Stocks which were UP 1% or more included RDN,
EBAY,JDSU,CIEN,FNSR,MU,SNDK,FSLR,
C,KOG,GS,AEM,ECA,ZNGA,SU,LEN,
LULU...
AH Futures Mixed
AH Asian Markets Mixed
AH Oil & Gold UP
About market, another positive TAPE. Now S&P 500 needs to conquer its all time high which is two points away on a closing basis.There is too much chatter about how good this TAPE is & going straight to 1600 in S&P 500, i am getting extremely uncomfortable with this euphoric talk & going straight UP comments. Complacency is never good & TAPE needs to be closely monitored. We are setting up for a pullback with pundits getting over confident.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hey Saleem,
Game changers for BAC and MS. I'm trying to carefully think about how/if I can position there for the future.
Stocktrader
Hi Stocktrader,
Fed stress test results are extremely comforting for BAC & MS.....
Good luck with your decision.
Saleem
Hey Saleem,
I ended up trimming some from both PFPT and PANW to buy a full position in BAC. I feel like the spotlight might be shining its brightest on security stocks right now, so I thought it wise to trim some exposure to that area (besides the fact that PANW is really acting poorly given all the good news).
I think the buyback from BAC and its breakout to fresh 52-wk highs can propel the stock even further. Even though I also like MS here, its a little more difficult for me to understand the earnings impact of the capital allocation besides just "good", so I'll have to do more work on it and at the same time try not to get overexposed to financials.
Stocktrader
Hi Stocktrader,
Excellent move into BAC which is making new 52 wk high today.....lot more to come.
Saleem
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