TAPE was under pressure due to Ukraine situation but managed to close UP.
S&P 500 @ 1878.61, high 1884.06
RSI @ 56.38
CMF @ 0.163
Internals were :
Down volume led by 1.03 to 1 in NYSE 7 1.19 to 1 in Nasdaq
Declining stocks led by .95 to 1 in NYSE & 1.40 to 1 in Nasdaq
Net new 52 wk highs were leading by 112 in NYSE & 30 in Nasdaq
VIX UP .38% @ 13.32
Oil @ $101.94
Gold @ $1290.60
AH ER :
BRCM Down 2.06%, V Down 4.48%, KLAC Down 5.52%
MSFT UP 2.51%, CRUS UP 3.83%, BIDU UP 4.55%
AH Futures Mixed
AH Asian Markets Mixed
AH Oil & Gold UP
About market, despite Ukraine tension market ended UP, that is a major indicator of where indices wants to go. VIX was barely up which is another sign that near term TAPE goes higher. Earning reports are being rewarded or punished based on "real trend" which is a sign of maturity in TAPE. Not every beat is being rewarded IF guidance is downbeat. My read tells me that Friday is looking better than Thursday.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
What do you think I should do with GM? Although I think there's potential for upside based on some of this recall resolution and abating of headlines, the earnings outlook was a bit more muted than I expected. It is still fairly cheap, especially on next year's earnings.
Stocktrader
Hi Stocktrader,
GM has been oversold & is due for an oversold bounce @ least.
Auto sector is hurting all over...i am not sure that they will be the leading sector going forward......
Saleem
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