Indices closed UP.
S&P 500 @ 2081.44, high 2083.42, low 2066.11
RSI @ 55.78
CMF @ 0.145
Internals were :
UP volume led by 1.29 to 1 in NYSE & 1.50 to 1 in Nasdaq
Advancing stocks led by 1.72 to 1 in NYSE & 1.44 to 1 in Nasdaq
Net new 52 wk highs were leading by 142 in NYSE & 34 in Nasdaq
VIX Down 6.50% @ 14.68
Oil @ $44.78
Gold @ $1295.80
Stocks which were UP 2% or more included CMG JCP SBUX
CTRP AMZN LVS COH LNKD NFLX YELP VDSI
ZG WYNN.....
AH News...YELP UP 4.42%, AIG Down 3.25%
CY Down 4.83%
AH Futures Mixed
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, TAPE was strong and closed @ high of the day, Nasdaq closed UP after slumping for a week, it also closed above 50 DMA. Internals of the market was positive all over. May has started on a very good note and should be a good one for a change. Rotation is very much in vogue on a day to day basis. Conviction needs to be very high as most stocks are near high of the year.
BLOG does NOT give buy or sell.
Saleem
5 comments:
Hi Saleem,
Starting to regret my no-VRX decision. It is acting quite well today.
Stocktrader
Hi Saleem,
Bought MTH @ 33.49
This homebuilder's earnings and call was the start of the major decline in homebuilders last week. When I was actually listening to the call though, I thought it was an overreaction from MTH's stock price perspective given I thought the management was being conservative in guidance and proactive in action.
I think valuation is very reasonable here, and you could argue the worst of the damage is done in stock price terms.
Stocktrader
Hi Stocktrader,
Good luck with MTH.
VRX is only up $9 from historic low RSI only 45 and CMF improving big time $$$
Saleem
Hi Saleem,
I actually wanted to sell BAC yesterday, but was locked up for one more day. Unfortunate price action today makes any switch difficult.
Stocktrader
Hi Stocktrader,
TAPE is improving ...maybe it will give you some idea what to do.
Saleem
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