Most Indices are near 200 DMA, all are below 50 DMA, not a vote of confidence in technical health of this market.
Here are the current status of key Indices :
SOX below 50 DMA & 200 DMA
RUT below 50 DMA and way below 200 DMA
DOW below 50 DMA and barely above 200 DMA
S&P 500 below 50 DMA & above 200 DMA
Nasdaq below 50 DMA & above 200 DMA
S&P 500 and Nasdaq can drop below 200 DMA in 1 day of selling
DOW is teetering above 200 DMA, can go below 200 DMA even on slight negative day.
Most of the old leaders are looking very sick and ready to tumble further IF we have a negative day, they include names like GOOG FB.......
I do not see any near term catalyst to prop up this market.
China & US trade picture is lousy @ best, both entrenched in their own strategy, thus market will suffer.
Trade agreement between China US impact more than two countries, it completely shifts production, sales strategies for near term.
HUAWEI is being singled out by US for their negotiation tactics, but China is more entrenched in their strategy of maintaining many status quo.
NOT a very optimistic or easy thing to deal with contrary to many tweets, statements to prop up this market.
Please keep an eye on how we close daily irrespective of how we open.
Good luck with your own understanding of this TAPE and your own comfort level.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
Last week: -3.28% (YTD: +1.65%)
Notable Winners: VYGR QURE SMAR
Notable Losers: TRIL SPLK FSLY URI COHU LITE
It was not a great week for the averages or my portfolio with my x2 position of SPLK taking a 12.6% dive. It was the first week in quite a while I haven't made a single trade for the week, so I think the portfolio pretty accurately reflects where I want to be positioned--I just need them to perform now :)
Holdings: SPLK(x2) SMAR VYGR TWTR TWST QURE TENB MHO FSLY URI LITE COHU TRIL, cash 0.0%
Stocktrader
Hi Stocktrader,
Last week Down 7.40%
YTD UP 59.28%
Saleem
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