TAPE was strong & all indices closed UP.
S&P 500 @ 1872.34, 1875.18, low 1859.16
RSI @ 57.13
CMF 0.016
Internals were :
UP volume led by 3.89 to 1 in NYSE & 3.20 to 1 in Nasdaq
Advancing stocks led by 3.24 to 1 in NYSE & 3.20 to 1 in Nasdaq
Net new 52 wk highs were leading by 131 in NYSE & 48 in Nasdaq
VIX Down 3.68% @ 13.88
Oil @ $101.58
Gold @ $1283.80
Stocks which were UP 1% or more included WUBA MU
OWW SWIR OTEX MA BIDU LUV LULU LVS
SINA DNKN SU YUM FFIV FSLR SPWR
INVN YNDX RVBD CRUS BRCM
AMCC CIEN JDSU FNSR SQM
X STLD CSOD Z WYNN
AGU.....
AH Futures Mixed
AH Asian Markets Mixed
AH Oil & Gold Down
About market, TAPE enjoyed a rare bounce & kept most of its gains by close. Many leaders struggled even on a strong day which is an indication of money coming out of previous high fliers. China official PMI came @ 50.3 for March which is better than February 50.2. I still feel that TAPE will struggle as we wait for jobs report on Friday.
BLOG does NOT give buy or sell.
Saleem
8 comments:
Hey Saleem,
Sold DRYS @ 3.24 based on sluggish $BDI and no real earnings catalyst for upside right now.
Stocktrader
Hi Stocktrader,
Good move in selling DRYS....
Saleem
Hey Saleem,
Bought FDX @ 133.75 based on expectations of an improved economy.
Stocktrader
Hi Stocktrader,
Good luck with FDX....price is right !!!
Saleem
Hey Saleem,
In retrospect, I probably should have allocated towards SPLK as it has a potential quick 10% upside, but I didn't want to get too concentrated in software.
Stocktrader
Hi Stocktrader,
SPLK is an "screaming buy"
Saleem
Hey Saleem,
A 1.723M block trade was priced at $70.00 this morning and the stock used that weakness to scream higher. It helps that Macquarie initiated with a buy and $90 PT today too.
I picked it up premarket in my trading account for $70.51 and letting it ride through tomorrow probably, but felt too overweight software in the retirement portfolio to allocate--I wish I'd taken a more careful look.
Stocktrader
Hi Stocktrader,
@ least you picked SPLK in your trading account.
Saleem
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