Indices reversed & closed down.
S&P 500 @ 1867.63, low 1863.88, high 1882.35
RSI @ 60.68
CMF @ 0.135
Internals were :
Down volume led by 2.56 to 1 in NYSE & 3.14 to 1 in Nasdaq
Declining stocks led by 2.07 to 1 in NYSE & 2.71 to 1 in Nasdaq
Net new 52 wk highs were leading by 75 in NYSE & 110 in Nasdaq
VIX UP 4.23% @ 14.80
Oil @ $100.03
Gold @ $1346.70
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP $10.90 @ $1357.60...this a new 5 month high after touching $1355 on March 3rd 2014.
About market,TAPE was extremely disappointing as it closed near low of the day on high volume, almost opposite TAPE action today. Looks like we may be heading to test support as we made a lower low today. Based on technicals 50 DMA may be the first support in S&P 500 which is @ 1828 area. It may be prudent to have some Gold & Silver exposure. Crimea vote is on Sunday & it looks like a done deal which may further prop up Gold.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hey Saleem,
Swapped DRYS @ 3.56 for YELP @ 88.50.
The $BDI dropped big today and domestic high growth names could come back in favor as investors search for winners in a sluggish global environment. I realize there could be a total risk off scenario, but I think YELP's downside is limited to maybe 5% from here while upside is 10-15%.
Stocktrader
Hi Stocktrader,
Good strategy in switching to YELP...it is showing relative strength.....
Saleem
Hey Saleem,
Trimmed some BAC @ 17.10 for NOW @ 67.26.
I still have enough BAC to be comfortable with my financials exposure, as well as having some additional housing exposure with AXLL.
NOW is establishing itself as a major platform for IT departments. The revenue backlog is currently very large and if it ramps into a platform, it could see massive growth still.
Stocktrader
Hi Stocktrader,
Money flow is strongest in NOW compared to any other high flier...
Good move in NOW...
Saleem
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