Indices closed UP.
S&P 500 @ 2013.43, high 2016.50, low 1994.01
RSI @ 59.40
CMF @ 0.182
Internals were :
UP volume led by 4.97 to 1 in NYSE & 1.86 to 1 in Nasdaq
Advancing stocks led by 3.44 to 1 in NYSE & 1.88 to 1 in Nasdaq
Net new 52 wk highs were leading by 44 in NYSE & 26 in Nasdaq
VIX Down 5.33% @ 17.42
Oil @ $49.63
Gold @ $1144.30
Stocks which were UP 1% or more included BABA NXPI
NFLX YHOO SWIR TWTR RAD CNQ COH LVS
WYNN LEN JKS CSIQ FSLR SPWR CMG SU
YNDX SNDK AMCC CY AAL GMCR X
SBUX MCD CCJ Z TRIP MLNX.....
AH ER...AA Down 4.81%, GPS Down 5.87%, RT Down 7.88%
AH Futures Down
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, TAPE continued its march towards higher highs, S&P 500 is above 50 DMA alongwith Dow, Nasdaq is next to conquer, its only 31 points away. Tonight IBD is changing its markets outlook to " market in confirmed uptrend " Dow has been UP 5 days in a row. When VIX reaches 15 area, market will be @ fair value. Rotation needs to be in focus as first mover stocks need a rest.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hi Saleem,
Sold XON @ 36.00 to take profits.
I really don't trust the speculative biotech stocks yet. It seems like there's a lot better options for institutional money right now given the reflationary environment.
Stocktrader
Hi Saleem,
Bought GM @ 32.90
I kind of hate myself for buying after such a run, but valuation and momentum appear to be working here along with a nice buyback and dividend support. GM is the beneficiary of the Volkswagen problem as well as lower taxes for auto sales in China (I think I heard +20% YoY during Golden Week). The stock seems off today in profit taking only and therefore could be a good entry point.
Stocktrader
Hi Stocktrader,
Sold BABA $68.80
Good luck with GM...
Saleem
Hi Saleem,
I'm looking for maybe a strong close and Monday morning for BABA. I hope to trim my overweight around $72, but may keep the standard position size. I'm too enamored with the prospects of a fully-connected China.
Stocktrader
Hi Stocktrader,
Bought TSLA @ $221.34
All technical trading..no FA
Saleem
Hi Saleem,
Good luck with TSLA. The trade is too tricky for me here, but you have had a great track record in both TSLA before and your recent pickups.
Stocktrader
Hi Stocktrader,
Thanks for your generous comment.
All i am doing is following RSI for each trade.
Saleem
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