Indices were sharply UP and closed near high of the day.
S&P 500 @ 2062.14, high 2064.08, low 2030.61
RSI @ 53.62
CMF @ -0.130
Internals were :
UP volume led by 5.52 to 1 in NYSE & 4.92 to 1 in Nasdaq
Advancing stocks led by 3.38 to 1 in NYSE & 2.97 to 1 in Nasdaq
Net new 52 wk highs were leading by 201 in NYSE & 55 in Nasdaq
VIX Down 11.91% @ 17.01
Oil @ $48.79
Gold @ $1208.50
Stocks which were UP 2% or more included MU NXPI TSL
SWIR LEN YY YELP TWTR YHOO LNKD BIDU FB
AAPL BABA LULU WUBA COH JKS CSIQ EXPE
CMG EBAY FEYE FSLR SPWR YNDX ARUN
SNDK AMCC CIEN NFLX GMCR SPLK X
STLD CCJ DATA CSOD CNQ Z AGU
TRIP MLNX......
AH ER BBBY Down 3.71%
AH Futures Mixed
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE confirmed this uptrend and internals were strong. Tonight IBD is changing its market outlook to "market in confirmed uptrend" lately IBD has been telling its subscriber to get out @ low and buy after major turn has happened ?. On CNBC tonight, Mark Cuban made the most prophetic statement on Fast Money when asked about his best trading idea, his reply "IF you have to ask me for ideas to trade, then you shouldn't be trading".....lot to pay attention to that concept. Many traders pay too much attention to CNBC for their ideas, instead of doing their own homework and sticking to their plans. Yes .. we are going higher towards new highs in indices, stay with your idea & exposure.
BLOG does NOT give buy or sell.
Saleem
22 comments:
Hi Saleem. Thanks for your posts, I really enjoy and continue to learn a lot from them. I want to know why the CMF is still negative when the market is up so strong? Is it because people do not believe in this rally and don't participate? Also, just for future reference where can I find the daily CMF beside your post?
Hi Make money,
Appreciated your interest in my BLOG content. CMF is net negative when there is skepticism about early stages of rally.
CMF is available @ www.stockcharts.com go there and click gallery and put ticker of SPX
I use CMF and RSI which is my most reliable indicator for buying, selling and market interpretation. It is available whole day anytime during and after trading hours.
Good luck!
Saleem
Hey Saleem,
I really like FB's recent acquisitions and it definitely seems like they have a good plan for the future based on those. It's a shame they are so huge already--it keeps me from investing except for certain oversold times. I'm still considering though...
Stocktrader
Hi Stocktrader,
FB is an excellent hold @ current prices, they are always thinking ahead and making good acquisition.
Saleem
Hey Saleem,
Sold nearly half KSS @ 60.942.
Based on M's strangely sluggish numbers, I thought it best to trim after the large gains.
Stocktrader
Hey Saleem,
Added to SPLK @ 57.602.
Time to increase exposure to one of my favorite story stocks. Q4 should be fantastic.
Stocktrader
Hi Stocktrader,
Good luck with more SPLK.
Saleem
Hey Saleem,
Time to buy GLD. Nice move with EGO I think.
Stocktrader
Hey Saleem,
Sold ETN @ 65.885.
Despite great management, I think the failure at the 50 DMA puts the stock on hold for now.
I might sell WLK too.
Stocktrader
Hey Saleem,
Did sell WLK @ 59.593.
A renewed fall in oil prices could put earnings at risk.
Stocktrader
Hey Saleem,
Bought a bundle of GLD @ 117.04.
Stocktrader
Hey Saleem,
Sold AKS @ 5.38.
Despite preannouncing great earnings, the stock has reacted poorly. It was time to dump and rethink.
Stocktrader
Hi Stocktrader,
Nice move with bundle of GLD..ultimate insurance for crazy market.
Saleem
Hey Saleem,
Sold NXPI @ 79.736 to take profits.
I think this could be a case of "sell the news" on earnings.
Stocktrader
Hey Saleem,
Added to GLD @ 116.989.
GLD is now 29.3% of the portfolio. In retrospect this seems a bit much, but I wanted enough GLD to make an impact if I was correct. Either way, I think the downside in GLD is limited, so that makes the overall risk characterized by dead money rather than loss.
I still have roughly one position size available in cash for an opportunistic purchase in the future.
Stocktrader
Hi Stocktrader,
GLD is a good idea on price action.
US$ UP and Gold UP..not suppose to happen?
Saleem
Hey Saleem,
US$ is getting very hurt today--down against even the euro. It could spark a massive bout of profit taking early next week.
Stocktrader
Hi Stocktrader,
Canadian $ is @ a new low today against US$...5.5 years low..
Yes it is lower against other currency.
Saleem
Hey Saleem,
Sold PANW @ 126.674.
If we are going to get some profit taking, PANW is vulnerable. A *lot* of these beta stocks' charts are showing negative MACD divergences.
Stocktrader
Hi Stocktrader,
Booking profit is JOB 1.
Saleem
Hey Saleem,
I get that feeling that I was too hasty and made too many big moves on a Friday. We'll see how things look Monday. At least GLD is acting well, and I have cash available for two buys.
Stocktrader
Hi Stocktrader,
Monday is another day for strategy 2015.
Saleem
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