Indices closed near high of the day.
S&P 500 @ 1953.72, high 1953.93, low 1939.29
RSI @ 69.10
CMF @ 0.578
Internals were :
UP volume led by 4.16 to 1 in NYSE & 1.95 to 1 in Nasdaq
Advancing stocks led by 2.78 to 1 in NYSE & 1.70 to 1 in Nasdaq
Net new 52 wk highs were leading by 180 in NYSE & 73 in Nasdaq
VIX Down 12.02% @ 10.61, low today 10.57 new 52 wk low..all time low 9 .36
Oil @ $105.97
Gold @ $1272.70
Stocks which were UP 2% or more included
WUBA LULU OWW RAD
GG YELP EXPE LNKD AMZN
KOG LVLT SPLK X SLW AEM DATA
CSOD WLT MLNX....
AH ER , JBL UP 1.74%, RHT UP 5.1%
AH Futures UP
AH Asian Markets UP
AH Oil & Gold UP
About market, Fed statement & conference call gave lot of confidence to bulls that interest rates will remain low for many years going into 2016. S&P 500 @ all time high @ close, while Dow & Nasdaq are all set to make record highs on Thursday. Conviction & patience is the key to get maximum return in this bull TAPE.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hey Saleem,
I'm getting the urge to buy some commodity stocks for the first time in a while. It certainly seems like economic activity is structurally increasing.
Stocktrader
Hey Saleem,
It's almost like the bull market is just starting, where we'll start having sustainable 3+% growth instead of the sluggish growth we've seen since the recession. It's a little too early to call this totally, but if it does happen, the market has much more upside.
Stocktrader
Hey Saleem,
I wonder if the dry bulk shippers look good here. I might pick up some DRYS.
Stocktrader
Hey Saleem,
Ended up buying some DRYS @ 3.51 while I was out for a bit. I'm not positive this is the right move, but the chart looks constructive.
Stocktrader
Hi Stocktrader,
YES we are going to have steady improvement in economic picture..
Gradual improvement is more bullish for this bull.
Good luck with DRYS,gold,silver looking very strong...
Saleem
Hey Saleem,
I actually like the BALT chart even better, but either will do I'm sure.
I've been looking more at these stocks this morning, and there's not been any chatter for a while, and the $BDI is really low. These might be ready for a serious breakout if things do start turning better for them...
Stocktrader
Hi Stocktrader,
Thanks for highlighting your thesis for shippers and BALT in particular.
Saleem
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