Indices closed UP.
S&P 500 @ 2365.38, high 2366.71, low 2354.91
RSI @ 80.41
CMF @ 0.450
Internals were :
UP volume led by 3.67 to 1 in NYSE & 2.07 to 1 in Nasdaq
Advancing stocks led by 2.57 to 1 in NYSE & 1.38 to 1 in Nasdaq
Net new 52 wk highs were leading by 280 in NYSE & 304 in Nasdaq
VIX UP .70% @ 11.57
Oil @ $54.06
Gold @ $1238.40
Stocks which were UP 1% or more included AMD CY TECK
AKS BAC VRX FNSR CIEN NVDA AMZN CMG JKS
CSIQ FSLR SPWR COH LEN TSLA SINA FFIV TK
RIG WB LNG BABA MU CTRP GS CSOD KBH
X LRCX......
AH ER..TXRH Down 10.42%, EAT UP 4.29%
AH Futures UP
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, TAPE was strong and closed @ a new all time high. Indices closed @ high of the day. Momentum is very strong and there is a good chance that it will continue in short term. RSI @ 80 is scaring lot of traders, but, it is one the many indicators to watch closely to determine IF TAPE has reached its peak. One simple fact to keep in mind " 70 RSI is considered by many as automatic sell " guess how they are feeling now @ 80 RSI...what IF ....IF we are going to top out @ 90 RSI ?...when momentum is there " ride it out "
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hi Saleem,
Sold IP @ 51.78
The breakout didn't materialize as expected, and I wanted to reduce exposure in my less familiar holdings.
Trimmed SPLK @ 65.17 to take some profits and ahead of earnings.
Stocktrader
Hi Saleem,
I am eyeing TECK, ZYNE, MU, PI? for purchase.
Coking coal seems to have bottomed due to anticipated supply cuts in China again which could be very good for TECK.
I don't want to get too overweight in semiconductors, so I'm being careful with purchases in that space. That said, it seems like chips have their hands in many of the new growth industries in the world.
Stocktrader
Hi Stocktrader,
I feel semis are in the right spot, thus my overweight in that sector.
Good luck with your well analyzed strategy for new buys.
Saleem
Hi Saleem,
Did end up buying TECK @ 21.35
I'll repost and give portfolio on your afternoon post.
Stocktrader
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