Indices closed UP.
S&P 500 @ 2534.58, high 2535.13, low 2528.85
RSI @ 73.71
CMF @ 0.454
Internals were :
UP volume led by 1.98 to 1 in NYSE & 1.95 to 1 in Nasdaq
Advancing stocks led by 1.27 to 1 in NYSE & 1.20 to 1 in Nasdaq
Net new 52 wk highs were leading by 299 in NYSE & 351 in Nasdaq
VIX UP .63% @ 9.51
Oil @ $50.42
Gold @ $1274.60
Stocks which were UP 2% or more included AMD CTRP
BABA WUBA NTES WB TWTR TECK FCX KGC
LEN SINA LNG YELP TRIP AAL.....
AH news ...GOOS Down 4.48%, ODP Down 8.50%
AH Futures Down
AH Asian Markets Mixed
AH oil Down
AH Gold UP.
About market, TAPE has reached "overbought conditions" by making another all time high in all followed indices. All pundits are justifying this "straight UP " market, but i am NOT. RSI in most index has reached where "caution is warranted".RSI of 85.38 in RUT, Dow 76.03, S&P 500 @ 73.71 is @ best not healthy and needs a 5% pullback in a hurry. Only Nasdaq RSI @ 65.86 leaves some room for UP TAPE. Those who have large gains in this bull run, should position to lock gains or else be ready for a quick haircut in their portfolio.
BLOG does NOT give buy or sell.
Saleem
3 comments:
Hi Saleem,
Bought a speculative position in HCLP @ 10.50
With heavy short interest and negative sentiment possibly adding to potential upside, I'll try to take a late stab in this energy move as economic data continues to improve.
Stocktrader
Hi Saleem,
Bought some FSLR @ 47.93
Another try at this one after the chart setup looks better again, and they truly stand best positioned to benefit from the tariff implementation on solar modules.
Stocktrader
Hi Stocktrader,
Good luck with HCLP and FSLR.
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