Indices closed UP.
S&P 500 @ 2537.74, high 2540.53, low 2531.80
RSI @ 74.65
CMF @ 0.463
Internals were :
UP volume led by .89 to 1 in NYSE & 1.25 to 1 in Nasdaq
Advancing stocks led by .95 to 1 in NYSE & .99 to 1 in Nasdaq
Net new 52 wk highs were leading by 214 in NYSE & 275 in Nasdaq
VIX UP 1.26% @ 9.63
Oil @ $49.98
Gold @ $1278.60
AH news..ZUMZ UP 8.47%, MTW UP 4.97%
AH Futures Down
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, TAPE closed @ new all time high in Dow, S&P 500 and Nasdaq. Strength in this TAPE showing fatigue and internals mostly negative. Even our famous pundit came up with many negative for this TAPE after pounding the table yesterday, that all is great. Rotation and stock picking is extremely critical @ this stage. Exposure needs to be less than before.
BLOG does NOT give buy or sell.
Saleem
8 comments:
Hi Saleem,
I saw many signs of fatigue in the market today also. I am expecting a cautious day ahead of the payrolls data.
Stocktrader
Hi Saleem,
Sold MU @ 39.79 to take profits
Early signs of a top in memory pricing could put pressure on shares. It was time to take profits and watch from the sidelines for a while.
Stocktrader
Hi Saleem,
Added a little to my speculative position in HCLP @ 10.05
This is my "high octane" way to play the energy rally.
Stocktrader
Hi Saleem,
Added a little to FCX @ 14.99 on the copper rally.
Stocktrader
Hi Stocktrader,
Good luck with more HCLP & FCX.....
Great strategy with MU $$$$$$
Saleem
Hi Saleem,
The market is moving too fast finally now, not the slow and steady to sustain the up move. I have 36.8% cash, but still feel vulnerable, although any pullback is likely to be bought again within days.
Stocktrader
Hi Stocktrader,
YES.....this TAPE is lot different than any i have observed in decades....
It was sloppy yesterday but today is back in 5th gear......
One has to be very quick in trades to catch any swing.....
Saleem
Hi Stocktrader,
Bought a small speculative position in SHOP @ $99.00.
Saleem
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