Monday, June 6, 2016

Indices UP .49% to .64%....NICE !!!!

Indices closed UP.

S&P 500 @ 2109.41, high 2113.36, low 2100.83

RSI @ 63.10

CMF @ 0.189

Internals were :

UP volume led by 3.17 to 1 in NYSE & 2.10 to 1 in Nasdaq

Advancing stocks led by 2.28 to 1 in NYSE & 2.43 to 1 in Nasdaq

Net new 52 wk highs were leading by 217 in NYSE & 83 in Nasdaq

VIX UP 1.34% @ 13.65

Oil @ $49.69

Gold @ $1247.40

Stocks which were UP !% or more included
CNQ CMG JKS KGC SBUX UA
CTRP SPLK SPWR PCLN QRVO LULU
AUYNFLX CSIQ YHOO SINA DNKN SU CHK
SWN TK SSYS RIG FEYE WB BABA YELP FSLR
AMCC CIEN OLED AAL TCK SLW CRUS DATA MS
ZG AGU TRIP MLNX......

AH ER...AXLL UP 7%, ALXN Down 10.52%

AH Futures Down

AH Asian Markets Mixed

AH Oil Down

AH Gold UP

About market, TAPE was strong from open, Fed chief gave a further boost when she highlighted strength in economy and need to raise interest rates sometimes without mentioning month, that was enough assurance to traders that everything is moving in right direction in US. Indices closed near high of the day with strong internals. New all time high is in sight as we closed @ the highest level of 2016.

BLOG does NOT give buy or sell.

Saleem




3 comments:

Stocks100 said...

Hi Stocktrader,

Added 150% KGC @ $4.94

Saleem

stocktrader_1996 said...

Hi Saleem,

Good luck with more KGC.

I was wrong to make portfolios changes yesterday even though it made me feel better about my remaining holdings.

I am very nervous about the implications in the jobs report. I know people don't want to make too much about one report, but I think the revisions make the other months look worse too, so this can be labeled a trend somewhat. Also, I think there are structural changes taking root in the economy which are inevitably leading to lower jobs and spending.

I have been worried for months/years about how software and robotics is changing the needs of companies for actual workers. In the past three years, we saw both the benefit of increasing hiring as the economy recovered from the shocks of the crisis, as well as the new industries hiring aggressively, leading to fantastic job growth for many consecutive months. I think now we are in a stage where mature companies are cutting jobs for efficiency reasons, and new industries have accomplished many of their fast ramp goals. Add this to the increasingly muted world growth prospects and we may have a very sluggish economy for a long while.

I am more nervous about our medium to long term prospects than I have been in a while, but recognize that the stock market may not follow this muted path, especially if money becomes even easier and companies find more ways to focus on their small pockets of growth initiatives and continue to cut costs/jobs.

More than ever I think it is important to do the homework and watch the technicals on individual names.

Stocktrader

Stocks100 said...


Hi Stocktrader,

It is very healthy to be nervous with stock market, specially @ elevated levels.

In any situation, it is important to book gains as they have a tendency to evaporate very quickly.

Jobs report may not be the catalyst for slump but overbought is, where we are heading.

World is going through technological changes which has shifted job requirement, but it is adjusting nicely to changes in labor demand.

Good luck with your own thesis, for every seller, there is a buyer.

Saleem