Indices closed UP.
S&P 500 @ 2061.72, high 2065.05, low 2039.74
RSI @ 59.63
CMF @ 0.187
Internals were :
UP volume led by 6.55 to 1 in NYSE & 2.10 to 1 in Nasdaq
Advancing stocks led by 4.02 to 1 in NYSE & 2.06 to 1 in Nasdaq
Net new 52 wk highs were leading by 133 in NYSE & 3 in Nasdaq
VIX Down 8.67% @ 14.85
Oil @ $42.17
Gold @ $1260.90
Stocks which were UP 1% or more included JKS CNQ BIDU
LULU CTRP LNG PCLN AAPL AMZN FB NFLX CSIQ
EXPE SU EBAY RIG AMCC AAL SLW AEM MGA
MS GS VRX ZG AGU TRIP
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold Down
About market, TAPE was strong thanks to bullish news on Oil production freeze from Russia & Saudi Arabia ahead of weekend meeting in Doha, Qatar, Oil @ new 2016 high. Nasdaq closed above 200 DMA which is a sign of technical strength. Booking profit must be in focus as we have travelled far in this run, i have reduced my allocation from my hyper trading mode and may reduce further.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
Well, this is a tricky spot for me. I am only 39% exposed right now, but am outperforming the market anyways (+1.3% despite the huge cash drag). Do I go on a buying spree now or wait for my favorites again? I think the market direction is still higher, but hate the feeling of seeing prices cheaper the next day...
Stocktrader
Hi Stocktrader,
I know your issue, now or later......
Market is very tricky all the time.....us mortals have to accept what is given or not given...
I have reduced about 25% from my very high allocation ( highest in last 3 years)......still more than double when i started the year......
When i sell anything, i will only buy IF something is really really attractive...otherwise i intend to reduce my allocation further.....
Reason.....market is getting frothy NOW.....
Good luck to you in dealing with allocation issue.
Saleem
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