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:
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
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
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