Indices closed UP.
S&P 500 @ 2751.29, high 2759.14, low 2747.86
RSI @ 79.64
CMF @ 0.071
Internals were :
Down volume led by 1.20 to 1 in NYSE & 1.08 to 1 in Nasdaq
Declining stocks led by 1.42 to 1 in NYSE & 1.19 to 1 in Nasdaq
Net new 52 wk highs were leading by 262 in NYSE & 241 in Nasdaq
VIX UP 5.88% @ 10.08
Oil @ $62.96
Gold @ $1313.76
Stocks which were UP 1% or more included BIDU CTRP WB
RIOT TRIL GE VRX LVS CHK RIG MLNX SSC KBH
OPK M CNX......
AH Futures Down
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, TAPE continued its bull run by closing @ new all time highs in Dow , S&P 500 and Nasdaq, this type of new year action has not been seen in decade. By close, internals were weak as we gave up some gains. This is a very tough TAPE to book profit, it is hard to comprehend, what is causing so much bullish action. There is too much momentum to ignore, although some old school technicals are flashing sell sign like RSI.
BLOG does NOT give buy or sell.
Saleem
3 comments:
Hi Stocktrader,
How do you sense the direction of the market? May be you have SIXTH sense. Just kidding. You did the right thing in selling your TNA and gave a hint for the direction of the market. At least you are right for the day. I believe our instinct does play a role in our decision making. Any way we want to make money and get out of our financial slavery.
Well done. Keep up the good work. GL.
Hi Joseph,
Thank you for the kind words!
I'm not sure I know exactly how I sense direction. I guess it's just watching the market as it progresses and noticing pieces of activity. Sometimes those pieces add up to a larger picture which requires action.
My biggest indicators when I think about things more broadly are probably potential or lack of catalysts, sentiment (contrarianly), and RSI.
During the trading day, it's mostly about how stocks are relatively acting compared to their peers or versus how people think they should. Small amounts of consistent out- or under-performance could presage a larger move to come in that direction.
I hope all goes well for your stock picking! :)
Stocktrader
Hi Stocktrader,
It is good to know how you analyse the market. I believe the market will continue to go up despite all political uncertainties. Usually TNA goes higher in the first quarter of the year. No one can predict. One thing I must say that we should never lose confidence. When we act with confidence things bound to happen.
Thanks for sharing your experience in the market and how you analyse the market. May you be blessed for helping others.
Joseph
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