Indices had a major breakout today.
S&P 500 @ 1587.73, high today 1589.07
RSI @ 65.62
CMF @ 0.319
Internals were :
UP volume led by 3.44 to 1 in NYSE & 7.08 to 1 in Nasdaq
Advancing stocks led by 3.12 to 1 in NYSE & 3.78 to 1 in Nasdaq
Net new 52 wk highs were leading by 304 in NYSE & 156 in Nasdaq
VIX Down 3.74% @ 12.36, 52 wk low is 11.05 reached on March 14, 2013
Oil @ $94.64
Gold @ $1558.80
Stocks which were UP 2% or more included RDN,EBAY,
COH,AAPL,EXPE,PCLN,FB,CMG,PANW,LNKD,
RVBD,CRUS,GMCR,LRCX,MU,SNDK,CIEN,
FNSR,C,MS,GS,IBN,QIHU,BIDU,QCOM,
MGA,WYNN.......
AH Futures Down
AH Asian Markets UP
AH Oil Down
AH Gold UP
About market, IBD is changing its market outlook tonight to "market in confirmed uptrend". Internals were strong which is a very good sign @ breakout in S&P 500. This TAPE is very difficult with different stocks taking center stage.IF you are in them then you are happy otherwise you are stuck with your pick. Today was the first day in months when technology stocks were strong. IS tech the new leader going forward only time will tell.Based on RSI there is room to for more upside, BUT after 70 it is going to be tough.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
This week's rally has been so vicious to the upside--it seems like there is too much energy versus the nice, slow constructive rallies we had in prior months.
That said, there are many stocks that look interesting here, but I fear what bargain-hunting now might look like once the market pulls back some. For instance, CLF seems like a buy here, but if the market pulls back 1-3%, where is CLF?
Stocktrader
Hi Stocktrader,
CLF & TCK are buys after pullbacks which should be here in days.
BUT i love my dogs..added 10% BBRY @ $13.87...which i deem as very safe after this pullback.....
Good luck with your ongoing analysis.
Saleem
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