TAPE staged a high volume reversal & closed UP.
S&P 500 @ 1842.98, high 1844.02, low 1816.29
RSI @ 47.13
CMF @ -0.012
Internals were :
UP volume led by 1.76 to 1 in NYSE & 1.46 to 1 in Nasdaq
Advancing stocks led by 1.56 to 1 in NYSE & .90 to 1 in Nasdaq
Net new 52 wk lows were leading by 0 in NYSE & 96 in Nasdaq
VIX Down 3.10% @ 15.61, high 17.50
Oil $103.75
Gold $1300.30
AH ER INTC UP 1.53%, YHOO UP 6.84%
AH Futures UP
AH Asian Markets UP
AH Oil UP
AH Gold Down
About market, TAPE made a huge reversal around 1PM & closed near high of the day. Dow closed above 50 DMA which is a good sign for market direction. We also got confirmation of this rally with back to back higher close. Chinese Q1 GDP came in @ 7.4% vs expectations of 7.3%. This is another reversal news from China. We are all set to make further UP move with S&P 500 heading above 50 DMA.
BLOG does NOT give buy or sell.
Saleem
5 comments:
Hi Stocktrader,
Added 40% OWW @ $7.45.
Saleem
Hey Saleem,
Nice one. You're at pretty high exposure now, right?
Stocktrader
Hi Stocktrader,
Highest in 12 months.....
It feels right despite UP & Down moves...
Saleem
Hey Saleem,
Even though we are up quite a bit, this rally doesn't feel great and you can feel the doubt about its staying power today. I think this is a great sign! The other recent rallies we've had have been off to the races rallies where everyone thinks for sure its the bottom--this time you can tell people are still skeptical, which may actually make it the real bottom.
Stocktrader
Hi Stocktrader,
Traders confidence has been shattered with steep plunge in high beta.......
TAPE internal is very healthy....this will build from here....
Saleem
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