Stock market ended the week on a promising note on Friday.
Until close on Friday stocks, markets and charts were looking very weak.
Before we analyze further, let us look @ RSI which always gives me a better read :
XLF 54.83
TAN 52.82
RUT 48.59
S&P 500 46.24
Nasdaq 45.51
SOX 43.72
DOW 41.26
IF we analyze above RSI numbers, it gives the feel of either oversold condition or a TAPE which is weak and getting weaker
Every sector of this market either came close to 50 DMA , tested it or are in the process of topping out......
NOT a healthy picture @ all.
Any bounce from these levels to upper range should be sold...
There are not many catalysts left as earnings are out of the way.
China US trade talks are stalled.
Political mud slinging have started.....
Any gains need to be booked between now and next two weeks.
Oversold bounce will be just a bounce.
Most sectors are showing weakness.
Key stocks are showing weakness.
Good luck with your own analysis and comfort level.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
Last week: -1.52% (YTD: +6.24%)
Notable Winners: VYGR TWST SMAR
Notable Losers: VICR HEAR STX TWTR LITE NIU
It was a difficult week, but the fact that I had raised a good amount of cash right before this helped mitigate some of the damage, giving me some outperformance versus the indices. I think the persistent strength we saw in some of the US-centric growth stocks late in the week could represent the right place to be for a while.
Holdings: SPLK(x2) SMAR URI TWTR TDOC FSLR LITE VICR TENB TWST NIU HEAR TRIL, cash 0.0%
Stocktrader
Hi Stocktrader,
Last week Down 6.03%
YTD UP 77.25%
Saleem
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