Indices closed UP.
S&P 500 @ 2202.94, high 2204.80, low 2194.51
RSI @ 68.08
CMF @ 0.111
Internals were :
UP volume led by 1.62 to 1 in NYSE & 1.44 to 1 in Nasdaq
Advancing stocks led by 2.36 to 1 in NYSE & 1.64 to 1 in Nasdaq
Net new 52 wk highs were leading by 253 in NYSE & 346 in Nasdaq
VIX Down 0.08% @ 12.41
Oil @ $48.03
Gold @ $1211.20
Stocks which were UP 1% or more included TWLO WB
TCK NEFF FCX AKS ACIA LULU SBUX JKS TSLA
SINA DNKN YUM CHK SPWR MU CNXN LVS
SLW X M.....
AH ER...URBN Down 10.02%, NMBL Down 12.88%
AH Futures UP
AH Asian Markets UP
AH Oil & Gold UP
About market, TAPE remains in overdrive and all indices made a new closing all time highs, Russell is UP for 13 trading days in a row. Yes there is a rotation going on, some sectors are getting deeply overbought, it is important to book profit and wait for those stocks to digest its gains. Nothing goes UP in straight line forever. Do not forget basic trading technique of booking profit when you have a healthy gain. S&P 500 & Nasdaq are also getting ready to cross 70 RSI, this means a pullback is imminent, Dow @ 73.27 is already overbought. It is irresponsible to say that this rally is going straight up from here.
BLOG does NOT give buy or sell.
Saleem
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