Indices closed mixed after being UP @ open.
S&P 500 @ 2098.48, low 2096.04, high 2110.19
RSI @ 50.42
CMF @ 0.003
Internals were :
UP volume led by 1.12 to 1 in NYSE & 1.27 to 1 in Nasdaq
Advancing stocks led by 1.25 to 1 in NYSE & 1.00 to 1 in Nasdaq
Net new 52 wk highs were leading by 20 in NYSE & 33 in Nasdaq
VIX Down .72% @ 13.76
Oil @ $60.50
Gold @ $1218.20
Stocks which were UP 1% or more included AKS RAD VDSI
FEYE GG YY YHOO FB MU JKS FSLR YNDX BRCM
JDSU GMCR SPLK X ABX SLW AEM CSOD......
AH ER ...NTES UP 5%, VIPS UP 6.83%
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold Down
About market, TAPE continues its meandering approach as its tries to adjust two new reality, first US$ weakness, secondly interest rate picture. TAPE is trying to discount potential impact from those two changing picture. There is a saying "never short a dull TAPE"....Internals improved from yesterday. Follow your list of strategic buying, as we may come out of this indecision by blasting UP.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hi Saleem,
Sold IACI @ 72.63 avg. Upon further reflection, I'm not sure my thesis could play out as expected.
Stocktrader
Hi Stocktrader,
Good luck with your strategy.
Saleem
Hi Saleem,
Wow! With today's gains, the market charts went from scary to looking like they're on the verge of a breakout. I guess that speaks to how tightly wound we were/are.
Stocktrader
Hi Stocktrader,
When internals improved yesterday, i had a feeling that upside is a bigger probability.
Saleem
Hi Saleem,
Bought AAL @ 48.627.
It looks like oil is stabilizing or retreating, and the massive buyback program and valuation should provide support even if their markets are not perfect. There is a lot of trepidation ahead of the integration of the US Air reservation system this summer, and I think that presents good opportunity as people are nervous during this traditionally difficult merger of systems.
Stocktrader
Hi Saleem,
Part of my strategy this summer will be to look for companies with large buyback programs. It tends to lift stocks despite a possibly sluggish trading environment. AAL, AAPL, GM, CF are among those I know are substantial. I'll be doing more work to identify others.
Stocktrader
Hi Stocktrader,
Good luck with AAL, and with new possibilities.
Saleem
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