Thursday, April 11, 2013

Indices closed UP .09% to .42%....NICE !!!!

Indices managed to closed green.

S&P 500 @ 1593.37, high today 1597.35

RSI @ 67.28

CMF @ 0.308

Internals were :

UP volume led by 1.70 to 1 in NYSE & .86 to 1 in Nasdaq

Advancing stocks led by 1.59 to 1 in NYSE & .98 to 1 in Nasdaq

Net new 52 wk highs were leading by 368 in NYSE & 158 in Nasdaq

VIX Down .97% @ 12.24

Oil @ $93.51

Gold @ $1564.90

Stocks which were UP 2% or more included HMC,JCP,
COH,KORS,LULU,PCLN,FFIV,FSLR,SPWR...

AH Futures Down

AH Asian Markets Mixed

AH Oil & Gold Down

About market, internal picture is mixed @ best.I was not expecting A / D line to be so weak today. In any bull market near highs it is important to be fixated on internals to get a handle on any imminent weakness. Please take this as a negative divergence after such a strong run yesterday. Comfort level needs to be very high @ this juncture. Monitor your stocks TAPE for relative strength or weakness. As long you are making money overall then your strategy is a sound one.

BLOG does NOT give buy or sell.

Saleem

2 comments:

stocktrader_1996 said...

Hey Saleem,

Sold PFPT @ 16.861. It's shown some pretty toppy action in the last 3 days so I'll sit back for now.

I wonder if this market decline is another headfake or the start of something serious? The averages are barely down but some stocks are really getting hit.

Stocktrader

Stocks100 said...

Hi Stocktrader,

I do not see much catalyst from earning reports...thus a pause or lower move in indices.

Nasdaq & S&P 500 are showing weakness......Dow 30 can be masked easily.

Internals are negative by 2 to 1...that is the real picture.....

Saleem