Indices shrugged off many economic data from EU & US & closed higher.
S&P 500 @ 1658.78
RSI @ 73.34
CMF @ 0.369
Internals were :
UP volume led by 2.02 to 1 in NYSE & 1.81 to 1 in Nasdaq
Advancing stocks led by 1.20 to 1 in NYSE & 1.32 to 1 in Nasdaq
Net new 52 wk highs were leading by 495 in NYSE & 265 in Nasdaq
VIX UP .31% @ 12.81
Oil @ $94.30
Gold @ $1396.20
AH ER / News :
M UP 2.49%
TSLA UP 8.44%
CSCO UP 8.77%
Stocks which closed green included EBAY
PANW YHOO DNKN POT GOOG PCLN
BAC JCP HMC M BIDU FFIV LNKD MA V
JASO SPWR GMCR ZNGA LRCX MU BRCM
C SNDKQCOM MON NVDA SBUX MCD CCJ
SINA MS MLNX Z GS IBN FCX......
AH Futures Mixed
AH Asian Markets Mixed
AH Oil & Gold Down
About market, market internals were weak while indices closed higher & @ record level. TAPE had the feel of being TIRED & looks like needs regrouping & rest. It is CRITICAL to book any profit which you have.Focus should shift to laggards & avoid high beta @ this stage.
BLOG does NOT give buy or sell.
Saleem
5 comments:
Hey Saleem,
Bought FCX @ 31.45 on continued Fed stimulus, positive outcome to merger, and bottom in copper.
Stocktrader
Hey Saleem,
Interesting about CSCO--I couldn't think of a single company in my universe I'd like to buy based on the CSCO news even though I cover a lot of tech. A lot of CSCO's great numbers is just CSCO taking share from everyone smaller.
Stocktrader
Hi Stocktrader,
FCX is near low as Copper & Gold taking a hit...good move.
YES CSCO execution was flawless & is positioned to beat again...UPOD is a good idea .
Saleem
Hey Saleem,
Palladium is really outperforming other metals and SWC got a $15-$17 price range initiation from Wells Fargo today yet it can't seem to get any traction. I'm looking for some gains by tomorrow else I may have to think something is wrong.
Stocktrader
Hi Stocktrader,
It is all about fund flow in metals sector....lot of selling in this sector which may bring a floor & strong bottom.
Saleem
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