Indices closed mixed.
S&P 500 @ 2095.84, high 2098.62, low 2083.24
RSI @ 54.89
CMF @ 0.030
Internals were :
UP volume led by 2.04 to 1 in NYSE & .77 to 1 in Nasdaq
Advancing stocks led by 1.69 to 1 in NYSE & .85 to 1 in Nasdaq
Net new 52 wk highs were leading by 72 in NYSE & 47 in Nasdaq
VIX Down 1.94% @ 13.67
Oil @ $53.29
Gold @ $1192.60
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold UP
AH ER INTC UP 3.18%
About market, TAPE is looking extremely vulnerable, IF you monitor internals of this market, it is simply very weak. I have a strong feeling that we are on the verge of rolling over in a big way, it is important to "preserve capital" or capitalize on this weakness. I am looking to exit more of my exposure and may position for downside and sit back and watch how it goes. S&P 500 almost touched 50 DMA today, lower lows are never good "technically speaking"
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
I was going to comment last night but ran out of time finishing up last touches on taxes. I think stocks are just very quiet ahead of earnings, and that is being misinterpreted as sluggish or vulnerable to breakdown. The very reasonable RSI and holding of chart support yesterday led me to that conclusion.
I think we are on the verge of a larger breakout after resting for 4+ months, with the bailout point below yesterday's low.
Stocktrader
Hi Stocktrader,
I always monitor internals which has been a good guide for most part....
Today's TAPE is extremely encouraging..thus i am back @ MAX exposure with buying LULU @ $67.52 which catapulted to #1 spot in my portfolio.....
Saleem
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