Indices closed UP.
S&P 500 @ 2033.66, high 2034.45, low 2022.31
RSI @ 61.51
CMF @ 0.307
Internals were :
UP volume led by .65 to 1 in NYSE & 1.64 to 1 in Nasdaq
Advancing stocks led by .86 to 1 in NYSE & 1.02 to 1 in Nasdaq
Net new 52 wk highs were leading by 38 in NYSE & by 9 in Nasdaq
VIX Down .47% @ 14.98
Oil @ $45.89
Gold @ $1172.80
AH ER .....IBM Down 4.87%, FLEX UP 6.7%
AH Futures Down
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, TAPE showed its resilience by closing @ high of the day despite weak data out of China, Nasdaq only 15 points away from taking out 200 DMA. This TAPE has all the hallmark of slowly building its momentum towards new all time high. VIX gave up digit 15 which was a big resistance before. Buy & hold strong stocks as we build momentum in this market, it is far from being over.
BLOG does NOT give buy or sell.
Saleem
3 comments:
Hi Saleem,
Bought BAC @ 16.21
Good, steady earnings here replaces my previous MS pick in financials. The huge deposit base and mostly domestic exposure puts them in a position to benefit nicely as the US economy chugs along and rates start to tick up. The chart is poised for breakout on any good news.
Stocktrader
Hi Saleem,
Added to FDX @ 152.83 with the small bit of cash I had left.
I really like the setup here fundamentally and technically. Rumors today are that the TNT acquisition in Europe will be approved without conditions, and recent price rises by all package carriers are driving profitability. Seasonally this is a good time for FDX/UPS and the chart says it has rested enough and can make a second leg higher. Valuation is still attractive.
Stocktrader
Hi Stocktrader,
Good luck with BAC & added FDX.....
Saleem
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