TAPE managed to close higher after struggling most of the day.
S&P 500 @ 2039.68, high 2041.28, low 2035.28
RSI @ 68.55
CMF @ 0.520
Internals were :
UP volume led by 1.09 to 1 in NYSE & 1.00 to 1 in Nasdaq
Advancing stocks led by 1.06 to 1 in NYSE & .89 to 1 in Nasdaq
Net new 52 wk highs were leading by 154 in NYSE & 62 in Nasdaq
VIX UP 1.97% @ 12.92
Oil @ $77.94
Gold @ $1163.00
AH ER ...HMIN Down 2.22%, YY UP 3.66%
AH Futures Down
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, TAPE is either digesting its gains to move further UP as evidenced by rising CMF which is @ its highest level since mid July. The other scenario is based on VIX & RSI that we are in the process of topping out and may slump. Chinese stocks are doing well based on improving economic picture in China. FB & TWTR are still struggling & do not look healthy. Watch this TAPE closely as something is brewing.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
Look at BTU go...
When I was considering this for purchase yesterday, I looked at takeover deals as a potential catalyst. I decided BTU wouldn't really be bought, by someone like a BHP for instance (today's rumor), as most of the huge Australian coal miners have such a low cost of production that they don't need anything US.
The only combination with BTU I saw was a potential defensive merger of cheap US assets like CLD or maybe ACI. They could cut costs and production in a smart way. Although this would be good for the industry and the company probably, it would have BTU as the acquirer, and likely wouldn't produce one of those immediate 30% pops, although the street would likely warm to it after digestion. This would give me plenty of time to get in.
Stocktrader
Hi Stocktrader,
Yes BTU was UP today on speculation...
Saleem
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