Monday is the last day of Q2......
Tuesday starts Q3.....
We have 3.5 days of trading this week....
Thursday we close @ 1PM in US trading & Friday is closed.
Tuesday is Canada's independence day & Toronto market is closed.
Canada is open full day on Thursday & Friday.
We may celebrate independence day on both side of the border by making fresh new highs.
There is going to be renewed allocation to equities in Q3 as hedge funds are loaded with cash.
We are entering & creating somewhat overbought condition as RSI is @ 71.14 already.....near 75 it may see a temporary peak & has to digest gains....
Rotation is a reality where sectors take turns, if you are diversified in many sectors then any pullbacks or digestive phase may not matter too much.....
Nasdaq is looking very strong & closed on Friday @ its highest level since 2000.
S&P 500 @ 1960.96, 4 days ago it was @ 1968.17......a visit to 2000 is @ hand......
Normally market support is found either by end of September or early October......but we are not in normal times & TAPE is accelerating to the upside, but it is important to know the history & keep an eye on it.
Stocks are the place to be & many are discovering this by default & are not fully involved in this market.
We may see funds coming into equities @ the start of Q3, which may propel this market into series of new highs.
SO...stay involved with this TAPE as we are looking higher in short term.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hey Saleem,
Bought speculative position in GTAT @ 18.29.
Stocktrader
Hi Stocktrader,
Good luck with GTAT.
Saleem
Hey Saleem,
GM is really bugging me. I was hoping this compensation announcement would stem the negative news flow finally and let investors focus on fundamentals, but I really don't see much in terms of resolution. The valuation is so compelling, but it's hard to make a case for large institutional flows right now.
Stocktrader
Hi Stocktrader,
I think GM is a good hold....little patience may create great return.
Saleem
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