Sunday, June 22, 2014

S&P 500 heading above 2000......

S&P 500 is all set to take out 2000.....which will be another milestone.

Iraq & Ukraine cannot stop S&P from doing what it wants to do.....

There is tremendous inflow of money into equities as per CMF which is @ multi year high of 0.590..

SOX is sitting @ multi year high, RSI @ 78.08 which is after a mini pullback....

RSI in S&P 500 @71.09 which can easily go to 80.....so no need for panic selling ....

VIX @ 10.85 after hitting 7 year low of 10.34 also telling us that equities are the place to be.....

This is one of the strongest bull market which i have seen & i see no reason that it is ready to change direction......

YES.. those 1 to 2 day pullback may occur but it will be bought by traders & fund managers who have missed this incredible run......

There is rotation going on .....benefit from it......

Do not overthink this TAPE, this is the most uptrending market with gradual moves......any TAPE which moves up gradually is a safe bet......

BUT many traders pay attention to noise on CNBC & are talked out of their position with "old rules".....

This market is teaching all of us to sit tight & go with the flow & not worry too much about RSI as rotation takes care of those things......

IF you are diversified in many sectors, it is time to enjoy this TAPE.

Good luck with your "conviction & long term approach"

Time is on your side......give it time & trade will work out, give it time & your investment will give you great return.

BLOG does NOT give buy or sell.

Saleem

6 comments:

stocktrader_1996 said...

Hey Saleem,

What do you think of NXPI? I think it might be the right combination of fundamentals and technicals coming together, but I haven't followed it really closely for a few years now.

Stocktrader

Stocks100 said...

Hi Stocktrader,

NXPI has been a strong performer and liked by many analyst.

Saleem

stocktrader_1996 said...

Hey Saleem,

Sold AXLL @ ~47.12 avg.

With all the housing materials warnings, I think I'll wait on the sidelines on this name until after earnings, especially as it trades near 2014 highs.

Stocktrader

Stocks100 said...

Hi Stocktrader,

Good luck with Proceed from AXLL.

Saleem

Stocks100 said...

Hi Stocktrader,

Was regretting my sale of MU...
But bought MU @ $31.92...

Sold OWW @$8.65

Sold GRPN @$6.37

Saleem

stocktrader_1996 said...

Hey Saleem,

Good luck ahead of earnings tonight! :)

Stocktrader