ECB lit the fire in markets by saying "they may charge money on deposit"...a negative return concept, NOT an original idea as Switzerland has charged money from depositors to keep their money for many decades.
S&P 500 @ 1597.59, high today 1598.60
RSI @ 59.72
CMF @ 0.262
Internals were :
UP volume led by 3.20 to 1 in NYSE & 3.30 to 1 in Nasdaq
Advancing stocks led by 3.17 to 1 in NYSE & 3.07 to 1 in Nasdaq
Net new 52 wk highs were leading by 252 in NYSE & 91 in Nasdaq
VIX down 6.21% @ 13.59
Oil @ $93.99
Gold @ $1467.60
Stocks which were up 2% or more included EBAY JCP AUY
YHOO RDN DNKN EXPE PCLN LEN FB PANW,
LNKD V CRUS JDSU SPWR MS
AH ER :
KOG Down 2.12% ADNC Down 2.50% LNKD Down 10.16%
AH Futures Mixed
AH Asian Market Mixed
AH Oil Down
AH Gold UP
About market, Market took Draghi commentary as willing to do anything to help European economy. TAPE was strong today & made new all time highs in S&P 500. Friday is all about jobs report, consensus has shifted lower to 140K job growth. IF we come @ even 120K it will be taken as acceptable & market may continue with its momentum. Anything lower than 120K TAPE may pause & reset. As we know by recent history, any weakness may be another buying opportunity.
BLOG does NOT give buy or sell.
Saleem
10 comments:
Hey Saleem,
I'm expecting a weak number, maybe 80-100k. I really don't think it matters for the market though. The fact that few people are losing jobs (see 5-yr low jobless claims) is as much a positive for confidence as few new jobs is negative. Overall this is creating an acceptable balance where we muddle through the effects of the sequester and the healthcare changes on hiring. This reset lower sets the stage for growth in the second half as the market is predicting with this bull run.
Beyond this macro view, there's some growth companies/industries really accelerating right now, and other well-run companies are cutting out costs to make a leaner, profit-focused machine when things get better.
I think this is a great opportunity to be involved when others doubt so much.
Stocktrader
Hi Stocktrader,
Job growth is important for US economy.
Below 100K market may pause & digest this low number.
BUT..this bull run is telling us that "everything is on the right track"
Saleem
Hey Saleem,
Wow! Feels good to be wrong! :)
Underlying strength showing back up in the numbers and revisions.
Stocktrader
Hi Stocktrader,
Happy days are here again.
Keep an eye on RSI & booking profit should be focus now.
Good luck$$$$$$
Saleem
Hey Saleem,
Sold SRPT @ 32.10 after it rebounded some in recent days but I realize I'm not comfortable with biotech picks versus my usual tech/industrial/materials/financials.
Stocktrader
Hi Stocktrader,
Good to prune especially when they have recovered some in a good TAPE.
Good luck with repositioning.
Saleem
Hi Stocktrader,
Sold JCP.....
Saleem
Hi Stocktrader,
Bought KOG @ $7.92
Saleem
Hey Saleem,
Good luck with KOG. The earnings were a bit disappointing, but I think most of that was already priced in. Going forward we could see gains from steady (instead of the fears of falling) oil prices and the possibility of a takeover.
Stocktrader
Hi Stocktrader,
Thanks for your feedback on KOG....
Sold HMC & added more AUY @ $12.07...
not having good luck with buying price......
Saleem
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