Nasdaq has been on a tear, UP 10 weeks which is the longest run since 1999. 1999 was the Y2 k explosion in stock market.
DOW has been UP 9 weeks also an historic run.
The above is remarkable considering many issues and direction is not clear cut.
IF I have to give credit for this bullish run, FED has to be given full credit for its U turn in a hurry.
US CHINA trade talks are heading fast in the right direction is the 2nd important catalysts.
BUT like everything else a market which goes UP in a straight line, either rests for a while or take a quick retreat.
RSI have retreated below 70 in most cases except RUT 70.64 & TAN 71.65 which IS outperforming market.
SOX is slightly above 60 @ 63.71 which only requires slight dip below 60.
GOLD has been tarnished and RSI @ 39.42 may have discounted too much, currently @ support.
All in all stock market is showing lot of promise, which gives traders and Investors lot of opportunities.
FANG has been a weak participant in last 10 weeks.
Many stocks are exploding UP including Solar.
On any quick pullback either news driven or technically driven gives us a buying opportunity.
Jobs report on Friday will be taken seriously again for direction of US economy and Interest rates.
Good luck with your own analysis and comfort level with this TAPE.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hi Stocktrader,
Bought AMD @ $23.92
Doubled my position in TSLA @ $298.95
Bought FB @ $163.65
All in pre market.
Saleem
Hi Saleem,
Good luck with the adds!
Sold EAF @ 14.19
After experiencing price action in some of these materials stocks for a few weeks, it seems to be always 1 step forward, and 1 or 2 back. I think the market is telling us that global growth will still be challenged even with easy central banks, a trade deal, and Chinese stimulus.
Bought TWTR @ 30.63
A unique property that continues to make steps to create long term value. I am glad I got a chance to re-enter.
Stocktrader
Hi Saleem,
Last week: -0.09% (YTD: +1.79%)
Notable Winners: ORTX MLNX SAIL AA(sold) TWST GS(sold)
Notable Losers: VICR(sold) TRIL MHO EAF KRYS HEAR
The week started off well but then a drop in VICR after earnings and a pullback in the early-week biotech pop brought the portfolio back to unchanged. It is fair to say I don't have the formula correct yet this year, but I continue on!
Holdings (with today's trades): ORTX URI MLNX PANW SPLK TWTR FSLR MHO KRYS SAIL TWST HEAR TRIL, cash 0.0%
Stocktrader
Hi Stocktradetr,
Last week Down 7.27%
YTD UP 80.46%
Bought ESTC @ $87.39
Good luck with TWTR
Saleem
Hi Saleem,
Good luck with ESTC--wow the software stocks are tanking today. Seems really like profit taking in a bull market though, so I'm not too concerned.
Stocktrader
Hi Stocktrader,
YES....profit taking in many stocks today.
Saleem
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