Indices have reacted and adjusted to Fed new policy statement issued on Wednesday. This week may see positive action in indices.
Here are RSI numbers for major indices / sectors:
Dow 62.13
XLE 60.51
S&P 500 58.99
Nasdaq 58.18
SOX 48.88
RUT 44.66
TAN 38.13
XLF 37.83
As you can clearly see that XLF was the major casualty of Fed policy statement, it is the weakest of all the monitored area.
DOW XLE S&P 500 Nasdaq are showing relative strength.
SOX is struggling big time and is the weakest in tech sector...
Russell 2000 @ 44.66 RSI may be the biggest bargain IF we rally from here.
TAN is reflecting ongoing price weakness and inventory build up in Solar sector.
Strongest stocks include SQ CRM NVDA BIIB
MSFT XLNX AAPL are on the move higher
FB GOOG INTC are the weak ones
AMD may show some spark after pulling back on INTC news and 1 downgrade.
All in all we are looking much better plus we may get positive news on trade front with Canada and USA engaging in last ditch effort to come to an agreement, this may come as soon as Monday.
Good luck with your own analysis and comfort level.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hi Saleem,
Last week's performance: +2.21% (YTD: +44.80%)
Notable Winners: LQDA BEAT PRNB MTCH VRNS
Notable Losers: CHGG VICR TRIL
A few winners in the portfolio, especially LQDA +41.9%, drove the performance this week. However, I have turned much more cautious on my growth stocks as the Fed continues to raise rates, and to this end I really adjusted my portfolio late in the week to reduce exposure. Right now I consider the breakout of the $RUT in August to a "false" one as we fell back below the breakout level first encountered as resistance in June and to where the 50 DMA has now risen. As long as this condition persists, I plan to keep my TZA hedge.
Current Holdings: TZA(26.0%), Cash(24.5%), MU CSOD VRNS BEAT VICR CHGG TRIL KRYS
Stocktrader
Hi Stocktrader,
Last week down .88%
YTD loss 30.80%
Saleem
Hi Saleem & Stocktrader,
Sold LULU calls & bought AMZN call
Explorer
Hi Explorer,
Good luck with AMZN call.
Saleem
Hi Explorer,
Nice on LULU--good luck on AMZN.
Stocktrader
Hi Saleem & Stocktrader,
Sold YMAB for 29.99
What’s the deal with NASDAQ today?
Explorer
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