Last 7 trading days have been a complete reversal from new all time highs.
It has been down days for 5 out of 7 trading days for SPX
Nasdaq has been down 5 out of 6 trading days
Dow has fared the best, it has been down only 3 of 7 trading days.
Here is a look @ RSI :
Dow 59.09
S&P 500 53.64
RUT 51.96
Nasdaq 48.68
SOX 45.59
GLD 44.66
XLE 38.37
TAN 33.49
IF we look @ RSI Dow, S&P 500 & RUT look healthy still.
Nasdaq and SOX are the weakest among leading indices / sectors
GLD, XLE & TAN remained weakest of all sectors.
Nasdaq has seen weakness as memory pricing showing weakness which has hit chip equipment sectors quite hard.
FB is the weakest, GOOG is also losing momentum.
MSFT NFLX are @ support
SQ, AMD seems to be in great demand by investors / traders as their business cycles is showing momentum....
OKTA PANW had great week
All in all this TAPE has become extremely narrow and selective and should be played accordingly.
Good luck with your own analysis and comfort level.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
Last week's performance: -1.14% (YTD: +40.21%)
Notable Winners: APTX LQDA VCEL SAIL
Notable Losers: MU TENB EAF TRIL
A big drop in the Nasdaq (-2.55%) affected many of my stocks, but overall the portfolio performed admirably thanks to a few nice winners. Any time I try to buy a non-tech related stock, I end up selling it for lower later. I think I'll probably stop trying for this year--only strong stocks into year end now.
Holdings: SPLK CSOD PANW MU APPN SAIL TENB LQDA APTX VCEL VRTX TRIL, cash 7.2%
Stocktrader
Hi Stocktrader,
Last week down 1.94
YTD loss 29.64%
Saleem
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