Indices closed near high of the day.
S&P 500 @ 1578.78
RSI @ 56.40
CMF @ 0.304
Internals were :
UP volume led by 4.19 to 1 in NYSE & 3.33 to 1 in Nasdaq
Advancing stocks led by 4.01 to 1 in NYSE & 3.27 to 1 in Nasdaq
Net new 52 wk highs were leading by 239 in NYSE & 104 in Nasdaq
VIX Down 6.32% @ 13.48
Oil @ $89.18
Gold @ 1408.80
AH ER :
AAPL Down .54%, VMW Down 5.87%,PNRA Down 6.34%
JNPR Down 6.39%, CREE Down 7.44%
YUM UP 4.46%, BRCM UP 5.82%
AH Futures Down
AH Asian Markets UP
AH Oil & Gold UP
About market, TAPE followed Europe lead in moving UP as data worldwide was mostly weak. There is speculation that on May 2nd ECB will cut interest rates to stimulate European economy, same is being talked about China. When easing starts anywhere stock market takes off. US markets have been the-best performing in developed world. IF European markets takes off it will be an added boost to US stock market.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hey Saleem,
Poor durable goods numbers and the commodities are flying. It certainly seems like this market is impervious to bad news, and we look to be in that "rotating bull trend" again where a different sector takes the lead for the day.
It is difficult to be anything less than full bull here. I will likely unwind some of the hedge on any pullback.
Stocktrader
Hi Stocktrader,
European markets yesterday gave a big clue for another leg in this bull run.
Being 100% in bull mode is a good idea.
Saleem
Hey Saleem,
Sold the TZA I could (2/3rds of it) @ 38.50. I just don't see the point for a hedge at this time--the overall market action is too constructive and there's a potential for a large catchup rally on the $RUT. I'll sell the rest tomorrow.
Stocktrader
Hi Stocktrader,
Good move in getting out of 66% of TZA......
TAPE is healthy.....for a move UP $$$$
Saleem
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