Indices closed UP.
S&P 500 @ 3100.29, high 3111.51, low 3047.83
RSI @ 53.88
CMF @ 0.041
Internals were :
UP volume led by 2.48 to 1 in NYSE & 1.95 to 1 in Nasdaq
Advancing stocks led by 2.02 to 1 in NYSE & 2.09 to 1 in Nasdaq
Net new 52 wk highs were leading by 86 in both NYSE & Nasdaq
VIX Down 4.25% @ 30.43
Oil @ $39.27
Gold @ $1800.50
Canadian $ @ .6382
Portfolio AAL APA CCL MGM SU
Stocks which were UP 3% or more included GOLD NEM SHOP
KL TOL UBER MU LITE AMD XLNX LULU TSLA LRCX
NTNX LNG YELP M.....
AH Futures Down
AH Asian Markets UP
AH Oil UP
AH Gold Down
About market, TAPE opened higher and closed near high of the day. Month end buying and Quarter end buying caused flood of buying since yesterday, we may have a more normal market going forward. COVID-19 has been ignored for the most part despite spike all over USA, it may come back to bite.
BLOG does NOT give buy or sell.
Saleem
Tuesday, June 30, 2020
Monday, June 29, 2020
Indices closed UP 1.20% to 2.32%....NICE !!!!
Indices closed UP.
S&P 500 @ 3053.24, high 3053.89, low 2999.74
RSI @ 49.82
CMF @ 0.055
Internals were :
UP volume led by 5.81 to 1 in NYSE & 2.66 to 1 in Nasdaq
Advancing stocks led by 3.02 to 1 in NYSE & 1.96 to 1 in Nasdaq
Net new 52 wk highs were leading by 62 in NYSE & 64 in Nasdaq
VIX Down 8.49% @ 31.78
Oil @ $39.70
Gold @ $1781.20
Canadian $ @ .6311
In my portfolio :
Added 15% SU @ $16.74
Added 70% APA @ $13.35
Portfolio AAL APA CCL MGM SU
Stocks which were UP 4% or more included AAL CCL MGM SU
GAN TOL DAL ERI KBH ENPH JKS NVAX SEDG EAT KRA
NCLH BA VICR RUN MOMO TSLA UAL EXPE WYNN
M ULTA......
AH Futures UP
AH Asian Market Mixed
AH Oil Down
AH Gold UP
About market, TAPE surprised most traders when it opened higher and never looked back, Indices closed @ high of the day, logical question is why, there were too many portfolio Managers were waiting for a 2 day pullback and were ready to deploy funds in equities. Buying begets buying and everyone piled in near close. Chinese PMI came in above expectations @ 50.9% vs expected 50.4% another boost to this rally and futures reflecting that.
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 3053.24, high 3053.89, low 2999.74
RSI @ 49.82
CMF @ 0.055
Internals were :
UP volume led by 5.81 to 1 in NYSE & 2.66 to 1 in Nasdaq
Advancing stocks led by 3.02 to 1 in NYSE & 1.96 to 1 in Nasdaq
Net new 52 wk highs were leading by 62 in NYSE & 64 in Nasdaq
VIX Down 8.49% @ 31.78
Oil @ $39.70
Gold @ $1781.20
Canadian $ @ .6311
In my portfolio :
Added 15% SU @ $16.74
Added 70% APA @ $13.35
Portfolio AAL APA CCL MGM SU
Stocks which were UP 4% or more included AAL CCL MGM SU
GAN TOL DAL ERI KBH ENPH JKS NVAX SEDG EAT KRA
NCLH BA VICR RUN MOMO TSLA UAL EXPE WYNN
M ULTA......
AH Futures UP
AH Asian Market Mixed
AH Oil Down
AH Gold UP
About market, TAPE surprised most traders when it opened higher and never looked back, Indices closed @ high of the day, logical question is why, there were too many portfolio Managers were waiting for a 2 day pullback and were ready to deploy funds in equities. Buying begets buying and everyone piled in near close. Chinese PMI came in above expectations @ 50.9% vs expected 50.4% another boost to this rally and futures reflecting that.
BLOG does NOT give buy or sell.
Saleem
Sunday, June 28, 2020
IS US stock market ready to breach support.....
US stock market has been fighting an uphill battle due to COVID-19....
After making new all time highs as recently as 4 trading days ago in Nasdaq, things are not looking well.....
Nasdaq made new all time highs 4 trading days ago because US economy was all set to make a gradual recovery.......
Thanks to lack of leadership @ the highest level in USA and many other politicians, COVID-19 is an issue again.....
Encouraging & conducting mass rally was the last thing you expected when infection was not contained......
That may have decided the next US election as most educated and silent majority are horrified @ lack of seriousness in dealing with deadliest of virus this world has ever seen, which has engulfed every country on this planet....
Unless we see a major reduction in infection, US markets are ready to take support out in Russell 2000 S&P 500 & DOW......
Nasdaq & SOX who are showing golden cross may survive breaching 50 DMA....that is the hope to save total rout......
Based on the above scenario, it may be wise to reduce exposure until we see Nasdaq & SOX held their support.....
Sometimes it gets uglier than expected, so be prepared to trim / lock profit to be on the safe side.
IF things go better than expected, then you can buy back / increase exposure.....
Good luck with your own thesis and comfort level.
BLOG does NOT give buy or sell.
Saleem
After making new all time highs as recently as 4 trading days ago in Nasdaq, things are not looking well.....
Nasdaq made new all time highs 4 trading days ago because US economy was all set to make a gradual recovery.......
Thanks to lack of leadership @ the highest level in USA and many other politicians, COVID-19 is an issue again.....
Encouraging & conducting mass rally was the last thing you expected when infection was not contained......
That may have decided the next US election as most educated and silent majority are horrified @ lack of seriousness in dealing with deadliest of virus this world has ever seen, which has engulfed every country on this planet....
Unless we see a major reduction in infection, US markets are ready to take support out in Russell 2000 S&P 500 & DOW......
Nasdaq & SOX who are showing golden cross may survive breaching 50 DMA....that is the hope to save total rout......
Based on the above scenario, it may be wise to reduce exposure until we see Nasdaq & SOX held their support.....
Sometimes it gets uglier than expected, so be prepared to trim / lock profit to be on the safe side.
IF things go better than expected, then you can buy back / increase exposure.....
Good luck with your own thesis and comfort level.
BLOG does NOT give buy or sell.
Saleem
Friday, June 26, 2020
Indices closed down 2.42% to 2.84%......
Indices closed down on renewed fear about COVID-19 with flare ups in many populous state like Florida Texas California & Arizona, all are backtracking their phase 1 or 2 opening. Indices closed @ low of the day.
S&P 500 @ 3009.05, low 3004.63, high 3073.73
RSI @ 45.65
CMF @ 0.103
Internals were :
Down volume led by 5.92 to 1 in NYSE & 3.03 to 1 in Nasdaq
Declining stocks led by 3.99 to 1 in NYSE & 3.54 to 1 in Nasdaq
Net new 52 wk highs were leading by 30 in NYSE & 39 in Nasdaq
VIX UP 7.79% @ 34.73
Oil @ $38.49
Gold @ $1780.30
Canadian $ @ .6299
Stocks which were UP 1% or more included NEM DOCU
MTCH NTAP CLDR TWLO SPLK CRUS FFIV NTNX
OSTK......
Here is my portfolio weighting :
MGM 34.59%
SU 22.44%
AAL 20.45%
CCL 17.41%
APA 5.11%
Next post by 6 PM on Sunday.
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 3009.05, low 3004.63, high 3073.73
RSI @ 45.65
CMF @ 0.103
Internals were :
Down volume led by 5.92 to 1 in NYSE & 3.03 to 1 in Nasdaq
Declining stocks led by 3.99 to 1 in NYSE & 3.54 to 1 in Nasdaq
Net new 52 wk highs were leading by 30 in NYSE & 39 in Nasdaq
VIX UP 7.79% @ 34.73
Oil @ $38.49
Gold @ $1780.30
Canadian $ @ .6299
Stocks which were UP 1% or more included NEM DOCU
MTCH NTAP CLDR TWLO SPLK CRUS FFIV NTNX
OSTK......
Here is my portfolio weighting :
MGM 34.59%
SU 22.44%
AAL 20.45%
CCL 17.41%
APA 5.11%
Next post by 6 PM on Sunday.
BLOG does NOT give buy or sell.
Saleem
Thursday, June 25, 2020
Indices closed UP 1.09% to 1.18%....NICE !!!!
Indices closed UP.
S&P 500 @ 3083.76, high 3086.25, low 3024.01
RSI @ 52.50
CMF @ 0.149
Internals were :
UP volume led by 3.32 to 1 in NYSE & 2.28 to 1 in Nasdaq
Advancing stocks led by 1.81 to 1 in NYSE & 1.99 to 1 in Nasdaq
Net new 52 wk highs were leading by 17 in NYSE & 59 in Nasdaq
VIX Down 4.79% @ 32.22
Oil @ $38.72
Gold @ $1770.60
Canadian $ @ .6335
Portfolio AAL APA CCL MGM SU
Stocks which were UP 1% or more included AAL APA
DOCU ZI DAL UAL TLRY NVAX CLDR SQ LITE
KRA ELF TER HUYA SPWR JKS OXY SLB MS
SNAP MA LRCX X V PANW......
AH Futures Mixed
AH Asian Markets UP
AH Oil & Gold UP
About market, TAPE was under pressure @ open then closed @ high of the day, a very bullish close. This market is dictated by strength of Nasdaq which famous technicians are not showing its chart or taking a cue from. We are just about ready to make series of new highs in DOW & finally S&P 500 which will totally destroy bears.
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 3083.76, high 3086.25, low 3024.01
RSI @ 52.50
CMF @ 0.149
Internals were :
UP volume led by 3.32 to 1 in NYSE & 2.28 to 1 in Nasdaq
Advancing stocks led by 1.81 to 1 in NYSE & 1.99 to 1 in Nasdaq
Net new 52 wk highs were leading by 17 in NYSE & 59 in Nasdaq
VIX Down 4.79% @ 32.22
Oil @ $38.72
Gold @ $1770.60
Canadian $ @ .6335
Portfolio AAL APA CCL MGM SU
Stocks which were UP 1% or more included AAL APA
DOCU ZI DAL UAL TLRY NVAX CLDR SQ LITE
KRA ELF TER HUYA SPWR JKS OXY SLB MS
SNAP MA LRCX X V PANW......
AH Futures Mixed
AH Asian Markets UP
AH Oil & Gold UP
About market, TAPE was under pressure @ open then closed @ high of the day, a very bullish close. This market is dictated by strength of Nasdaq which famous technicians are not showing its chart or taking a cue from. We are just about ready to make series of new highs in DOW & finally S&P 500 which will totally destroy bears.
BLOG does NOT give buy or sell.
Saleem
Wednesday, June 24, 2020
Indices closed down 2.19% to 2.72%.....
Indices closed down.
S&P 500 @ 3050.33, low 3032.13, high 3115.01
RSI @ 49.34
CMF @ 0.078
Internals were :
Down volume led by 13.64 to 1 in NYSE & 17.52 to 1 in Nasdaq
Declining stocks led by 6.83 to 1 in NYSE & 4.53 to 1 in Nasdaq
Net new 52 wk highs were leading by 16 in NYSE & 39 in Nasdaq
VIX UP 7.87% @ 33.84
Oil @ $38.01
Gold @ $1775.10
Canadian $ @ .6395
Portfolio AAL APA CCL MGM SU
Stocks which closed green included ZI ZM GAN ENPH
PPD NVAX JKS CSIQ SINA OSTK MRNA......
AH Futures Down
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, TAPE was faced with Corona Virus flare up in Florida, Texas and few more state, this caused panic which forced many to book profit and reduce exposure. Today's selling was across every sector. Internals were most negative i have seen in a long time specially in down volume lead. Do not see that bullish trend has changed @ all contrary to a famous pundit whose chart has been downward sloping for months.
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 3050.33, low 3032.13, high 3115.01
RSI @ 49.34
CMF @ 0.078
Internals were :
Down volume led by 13.64 to 1 in NYSE & 17.52 to 1 in Nasdaq
Declining stocks led by 6.83 to 1 in NYSE & 4.53 to 1 in Nasdaq
Net new 52 wk highs were leading by 16 in NYSE & 39 in Nasdaq
VIX UP 7.87% @ 33.84
Oil @ $38.01
Gold @ $1775.10
Canadian $ @ .6395
Portfolio AAL APA CCL MGM SU
Stocks which closed green included ZI ZM GAN ENPH
PPD NVAX JKS CSIQ SINA OSTK MRNA......
AH Futures Down
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, TAPE was faced with Corona Virus flare up in Florida, Texas and few more state, this caused panic which forced many to book profit and reduce exposure. Today's selling was across every sector. Internals were most negative i have seen in a long time specially in down volume lead. Do not see that bullish trend has changed @ all contrary to a famous pundit whose chart has been downward sloping for months.
BLOG does NOT give buy or sell.
Saleem
Tuesday, June 23, 2020
Indices closed UP .43% to .74%....NICE !!!!
Indices closed UP.
S&P 500 @ 3131.29, high 3154.90, low 3127.12
RSI @ 58.03
CMF @ 0.158
Internals were :
UP volume led by 1.31 to 1 in NYSE & 2.0 to 1 in Nasdaq
Advancing stocks led by 1.54 to 1 in NYSE & 1.23 to 1 in Nasdaq
Net new 52 wk highs were leading by 131 in NYSE & 191 in Nasdaq
VIX Down 1.26% @ 31.37
Oil @ $40.37
Gold @ $1782.00
Canadian $ @ .6452
Portfolio AAL APA CCL MGM SU
Stocks which were UP 2% or more included MGM CCL
CNQ ERI MTCH LYFT PDD NVAX EAT UPS AAPL
NCLH JKS SPWR FSLR CSIQ NKE BZUN BABA
CLVS SNAP NTNX......
AH Futures UP
AH Asian Markets UP
AH Oil Down
AH Gold UP
About market, TAPE was quite strong earlier in the day but faded into close, still it was a green close in all major indices. Nasdaq again closed @ new all time high. Many stay @ home stocks faded into close. Closing near low of the day is never good technically speaking.
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 3131.29, high 3154.90, low 3127.12
RSI @ 58.03
CMF @ 0.158
Internals were :
UP volume led by 1.31 to 1 in NYSE & 2.0 to 1 in Nasdaq
Advancing stocks led by 1.54 to 1 in NYSE & 1.23 to 1 in Nasdaq
Net new 52 wk highs were leading by 131 in NYSE & 191 in Nasdaq
VIX Down 1.26% @ 31.37
Oil @ $40.37
Gold @ $1782.00
Canadian $ @ .6452
Portfolio AAL APA CCL MGM SU
Stocks which were UP 2% or more included MGM CCL
CNQ ERI MTCH LYFT PDD NVAX EAT UPS AAPL
NCLH JKS SPWR FSLR CSIQ NKE BZUN BABA
CLVS SNAP NTNX......
AH Futures UP
AH Asian Markets UP
AH Oil Down
AH Gold UP
About market, TAPE was quite strong earlier in the day but faded into close, still it was a green close in all major indices. Nasdaq again closed @ new all time high. Many stay @ home stocks faded into close. Closing near low of the day is never good technically speaking.
BLOG does NOT give buy or sell.
Saleem
Monday, June 22, 2020
Indices closed UP .59% to 1.11%...NICE !!!!
Indices closed UP.
S&P 500 @ 3117.86, high 3120.92, low 3079.39
RSI @ 56.86
CMF @ 0.145
Internals were :
UP volume led by 1.16 to 1 in NYSE & 1.57 to 1 in Nasdaq
Advancing stocks led by 1.18 to 1 in NYSE & 1.19 to 1 in Nasdaq
Net new 52 highs were leading by 98 in NYSE & 137 in Nasdaq
Oil @ $40.46
Gold @ $1766.40
Canadian $ @ .6452
Portfolio AAL APA CCL MGM SU
Stocks which closed green included APA SU GOLD GOOS
SHOP ZM CRWD ESTC DDOG KBH PINS SQ MSFT
AAPL NKE LULU TWLO AEM SPLK NFLX CLVS
SNAP MA OSTK NKE CMG M......
AH Futures Down
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, TAPE closed near high of the day, Nasdaq closed @ new all time high. Internals were positive. China trade deal is off which is pressuring futures. This will create a buying opportunity in your stocks of interest.
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 3117.86, high 3120.92, low 3079.39
RSI @ 56.86
CMF @ 0.145
Internals were :
UP volume led by 1.16 to 1 in NYSE & 1.57 to 1 in Nasdaq
Advancing stocks led by 1.18 to 1 in NYSE & 1.19 to 1 in Nasdaq
Net new 52 highs were leading by 98 in NYSE & 137 in Nasdaq
Oil @ $40.46
Gold @ $1766.40
Canadian $ @ .6452
Portfolio AAL APA CCL MGM SU
Stocks which closed green included APA SU GOLD GOOS
SHOP ZM CRWD ESTC DDOG KBH PINS SQ MSFT
AAPL NKE LULU TWLO AEM SPLK NFLX CLVS
SNAP MA OSTK NKE CMG M......
AH Futures Down
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, TAPE closed near high of the day, Nasdaq closed @ new all time high. Internals were positive. China trade deal is off which is pressuring futures. This will create a buying opportunity in your stocks of interest.
BLOG does NOT give buy or sell.
Saleem
Sunday, June 21, 2020
US stock market adjusting to new normal......
US stock market is in the process of adjusting new way of conducting economic activity.
Dealing with COVID-19 has been more challenging .
New standard of operation is a new reality, balancing sales with social distancing requirements has many implications.
Law suits is most feared IF there is a breakout in any institution, associated cost of investigation and changes may challenge bottom line
No matter what the environment, from Q 3 it will be all about bottom line and top line.....
Many industries are already into Q 4 operation like cruise lines....for them Q 1 2021 will be the Q of reckoning......
While it is not all smooth sailing for any industry yet, SOX may recover the fastest.
SOX is near all time high area.....
Nasdaq also near all time high and has made a perfect golden cross...
GLD also near all time high.....
IF Nasdaq and SOX takes off then GLD has to bow down....
GLD may be most @ risk of going south.
S&P 500 also above 50 & 200 DMA
Russell 2000 & DOW below 200 DMA.....
XLE below 200 DMA and also very near 50 DMA support line....
Internals of this market is half decent, considering everything.....
CHINA & USA had a good trade meeting in Hawaii where Chinese agreed again to buy more agricultural products from USA......a possible thaw in trade relations....
COVID-19 is contained to much lower level in Canada while India is number 4th of most infected.....
This week may give us a much clearer picture IF market has factored everything about COVID-19... I have a feeling it may have discounted all the delays by cruise lines, airlines and casinos.....
Lots of opportunities in bargain bin IF you look around......
Old @ home play may cool off......
Good luck with your own analysis and take of strong and weak sectors.
BLOG does NOT give buy or sell.
Saleem
Dealing with COVID-19 has been more challenging .
New standard of operation is a new reality, balancing sales with social distancing requirements has many implications.
Law suits is most feared IF there is a breakout in any institution, associated cost of investigation and changes may challenge bottom line
No matter what the environment, from Q 3 it will be all about bottom line and top line.....
Many industries are already into Q 4 operation like cruise lines....for them Q 1 2021 will be the Q of reckoning......
While it is not all smooth sailing for any industry yet, SOX may recover the fastest.
SOX is near all time high area.....
Nasdaq also near all time high and has made a perfect golden cross...
GLD also near all time high.....
IF Nasdaq and SOX takes off then GLD has to bow down....
GLD may be most @ risk of going south.
S&P 500 also above 50 & 200 DMA
Russell 2000 & DOW below 200 DMA.....
XLE below 200 DMA and also very near 50 DMA support line....
Internals of this market is half decent, considering everything.....
CHINA & USA had a good trade meeting in Hawaii where Chinese agreed again to buy more agricultural products from USA......a possible thaw in trade relations....
COVID-19 is contained to much lower level in Canada while India is number 4th of most infected.....
This week may give us a much clearer picture IF market has factored everything about COVID-19... I have a feeling it may have discounted all the delays by cruise lines, airlines and casinos.....
Lots of opportunities in bargain bin IF you look around......
Old @ home play may cool off......
Good luck with your own analysis and take of strong and weak sectors.
BLOG does NOT give buy or sell.
Saleem
Friday, June 19, 2020
Indices closed mixed.....
Indices closed mixed in reaction to AAPL closing stores in FL & AZ as COVID-19 spikes again, a story which will repeat over & over due to lack of focus in prevention and poor leadership from top.
S&P 500 @ 3097.74, low 3083.11, high 3155.53
RSI @ 55.12
CMF @ 0.144
Internals were :
Down volume led by 2.18 to 1 in NYSE & 1.16 to 1 in Nasdaq
Declining stocks led by 1.65 to 1 in NYSE & 1.15 to 1 in Nasdaq
Net new 52 wk highs were leading by 95 in NYSE & 159 in Nasdaq
VIX UP 6.62% @ 35.12
Oil @ $39.75
Gold @ $1753.00
Canadian $ @ .6395
In my portfolio Sold CNX @ $9.85 in last second of trading.
Bought APA in after hours @ $13.89
Stocks which were UP 1% or more included DKNG GOLD GAN
SHOP KL ESTC NTAP ENPH PDD NVAX KRA TER VICR
JKS SPWR CSIQ HUYA MOMO BZUN XLNX FB NEM
AEM YY SNAP NTNX FEYE LNG ORCL OSTK.....
Here is my portfolio weighting :
MGM 34.85%
AAL 22.98%
SU 20.39%
CCL 17.08%
APA 4.70%
Next post by 6 PM on Sunday.
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 3097.74, low 3083.11, high 3155.53
RSI @ 55.12
CMF @ 0.144
Internals were :
Down volume led by 2.18 to 1 in NYSE & 1.16 to 1 in Nasdaq
Declining stocks led by 1.65 to 1 in NYSE & 1.15 to 1 in Nasdaq
Net new 52 wk highs were leading by 95 in NYSE & 159 in Nasdaq
VIX UP 6.62% @ 35.12
Oil @ $39.75
Gold @ $1753.00
Canadian $ @ .6395
In my portfolio Sold CNX @ $9.85 in last second of trading.
Bought APA in after hours @ $13.89
Stocks which were UP 1% or more included DKNG GOLD GAN
SHOP KL ESTC NTAP ENPH PDD NVAX KRA TER VICR
JKS SPWR CSIQ HUYA MOMO BZUN XLNX FB NEM
AEM YY SNAP NTNX FEYE LNG ORCL OSTK.....
Here is my portfolio weighting :
MGM 34.85%
AAL 22.98%
SU 20.39%
CCL 17.08%
APA 4.70%
Next post by 6 PM on Sunday.
BLOG does NOT give buy or sell.
Saleem
Thursday, June 18, 2020
Indices closed mixed.....
Indices closed mixed.
S&P 500 @ 3115.34, high 3120.00, low 3093.51
RSI @ 56.99
CMF @ 0.171
Internals were :
Down volume led by 1.11 to 1 in NYSE & .50 to 1 in Nasdaq
Declining stocks led by 1.36 to 1 in NYSE & 1.03 to 1 in Nasdaq
Net new 52 wk highs were leading by 54 in NYSE & 105 in Nasdaq
VIX Down 1.58% @ 32.94
Oil @ $38.84
Gold @ $1731.10
Canadian $ @ .6402
In my portfolio...all in early pre market
Sold CIEN @ $53.63
Added 40% AAL @ $16.40
Added 80% CCL @ $17.68
Portfolio AAL CCL CNX MGM SU
Stocks which closed green included GOOS SHOP ROKU
APA MTCH GAN ZM CRWD ESTC DDOG TLRY
ENPH PINS NVAX SEDG ELF TWLO YY ORCL
MSFT......
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE closed mixed with Nasdaq marching towards new all time highs, Nasdaq is leading while other indices / index should follow. This TAPE has surprised many skeptics who have loved shorting in the past, this market has not rewarded puts / short position except on rare bout of profit taking. Staying long with conviction and patience is the key, have a strategy which is more like swing trading to optimize profit.
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 3115.34, high 3120.00, low 3093.51
RSI @ 56.99
CMF @ 0.171
Internals were :
Down volume led by 1.11 to 1 in NYSE & .50 to 1 in Nasdaq
Declining stocks led by 1.36 to 1 in NYSE & 1.03 to 1 in Nasdaq
Net new 52 wk highs were leading by 54 in NYSE & 105 in Nasdaq
VIX Down 1.58% @ 32.94
Oil @ $38.84
Gold @ $1731.10
Canadian $ @ .6402
In my portfolio...all in early pre market
Sold CIEN @ $53.63
Added 40% AAL @ $16.40
Added 80% CCL @ $17.68
Portfolio AAL CCL CNX MGM SU
Stocks which closed green included GOOS SHOP ROKU
APA MTCH GAN ZM CRWD ESTC DDOG TLRY
ENPH PINS NVAX SEDG ELF TWLO YY ORCL
MSFT......
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE closed mixed with Nasdaq marching towards new all time highs, Nasdaq is leading while other indices / index should follow. This TAPE has surprised many skeptics who have loved shorting in the past, this market has not rewarded puts / short position except on rare bout of profit taking. Staying long with conviction and patience is the key, have a strategy which is more like swing trading to optimize profit.
BLOG does NOT give buy or sell.
Saleem
Wednesday, June 17, 2020
Indices closed mixed.....
Indices closed mixed.
S&P 500 @ 3113.49, low 3108.03, high 3141.16
RSI @ 56.84
CMF @ 0.162
Internals were :
Down volume led by 3.02 to 1 in NYSE & 1.18 to 1 in Nasdaq
Declining stocks led by 1.74 to 1 in NYSE & 1.64 to 1 in Nasdaq
Net new 52 wk highs were leading by 78 in NYSE & 144 in Nasdaq
VIX Down .59% @ 33.47
Oil @ $37.96
Gold @ $1735.60
Canadian $ @ .6431
Portfolio AAL CCL CIEN CNX MGM SU
Stocks which closed green included SHOP ERI DKNG
MTCH GAN ESTC DDOG PDD JD PINS NVAX
CLDR SQ UPS AMD ELF TER MSFT DHI NKE
IQ HUYA MRVL MOMO ASML QCOM BYND
BZUN NVDA YY SLB SNAP YELP SINA
OSTK SWKS V PANW.....
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, TAPE is trying to deal with Corona Virus flaring up in USA & China. Nasdaq closed in green with strength in many Technology stocks from US & China. Patience and conviction is the key in this type of market. Booking profit has to be a very high priority. Rotation is going on daily.
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 3113.49, low 3108.03, high 3141.16
RSI @ 56.84
CMF @ 0.162
Internals were :
Down volume led by 3.02 to 1 in NYSE & 1.18 to 1 in Nasdaq
Declining stocks led by 1.74 to 1 in NYSE & 1.64 to 1 in Nasdaq
Net new 52 wk highs were leading by 78 in NYSE & 144 in Nasdaq
VIX Down .59% @ 33.47
Oil @ $37.96
Gold @ $1735.60
Canadian $ @ .6431
Portfolio AAL CCL CIEN CNX MGM SU
Stocks which closed green included SHOP ERI DKNG
MTCH GAN ESTC DDOG PDD JD PINS NVAX
CLDR SQ UPS AMD ELF TER MSFT DHI NKE
IQ HUYA MRVL MOMO ASML QCOM BYND
BZUN NVDA YY SLB SNAP YELP SINA
OSTK SWKS V PANW.....
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, TAPE is trying to deal with Corona Virus flaring up in USA & China. Nasdaq closed in green with strength in many Technology stocks from US & China. Patience and conviction is the key in this type of market. Booking profit has to be a very high priority. Rotation is going on daily.
BLOG does NOT give buy or sell.
Saleem
Tuesday, June 16, 2020
Indices closed UP 1.75% to 2.04%...NICE !!!!
Indices closed UP.
S&P 500 @ 3124.74, high 3153.45, low 3076.06
RSI @ 57.93
CMF @ 0.144
Internals were :
UP volume led by 5.32 to 1 in NYSE & 2.70 to 1 in Nasdaq
Advancing stocks led by 4.40 to 1 in NYSE & 3.02 to 1 in Nasdaq
Net new 52 wk highs were leading by 76 in NYSE & 123 in Nasdaq
VIX Down 2.12% @ 33.67
Oil @ $38.38
Gold @ $1736.50
Canadian $ @ .6431
In my portfolio :
Bought CCL @ $21 and $19.50 after hours, equal shares
Sold CGC @ $17.70
Portfolio AAL CCL CIEN CNX MGM SU
Stocks which were UP 2% or more included CCL CNX CGC
GOOS ROKU TOL APA DAL ERI GAN NTAP UBER JD
ENPH PINS CVX SQ MU SEDG TER AAPL BIDU DHI
BA IQ HUYA QCOM LRCX UAL BABA QRVO AMAT
LNG MA MS MSFT X M......
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold Down
About market, TAPE was strong before open and closed near upper half. Retail sales gave tremendous boost to many stocks but most faded going into close. This is a difficult TAPE with furious sector rotation even during the day, most traders are not used to seeing strong stocks becomes weak and weak ones becomes strong by close. Stay on your toes and do try to book gains when you see it.
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 3124.74, high 3153.45, low 3076.06
RSI @ 57.93
CMF @ 0.144
Internals were :
UP volume led by 5.32 to 1 in NYSE & 2.70 to 1 in Nasdaq
Advancing stocks led by 4.40 to 1 in NYSE & 3.02 to 1 in Nasdaq
Net new 52 wk highs were leading by 76 in NYSE & 123 in Nasdaq
VIX Down 2.12% @ 33.67
Oil @ $38.38
Gold @ $1736.50
Canadian $ @ .6431
In my portfolio :
Bought CCL @ $21 and $19.50 after hours, equal shares
Sold CGC @ $17.70
Portfolio AAL CCL CIEN CNX MGM SU
Stocks which were UP 2% or more included CCL CNX CGC
GOOS ROKU TOL APA DAL ERI GAN NTAP UBER JD
ENPH PINS CVX SQ MU SEDG TER AAPL BIDU DHI
BA IQ HUYA QCOM LRCX UAL BABA QRVO AMAT
LNG MA MS MSFT X M......
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold Down
About market, TAPE was strong before open and closed near upper half. Retail sales gave tremendous boost to many stocks but most faded going into close. This is a difficult TAPE with furious sector rotation even during the day, most traders are not used to seeing strong stocks becomes weak and weak ones becomes strong by close. Stay on your toes and do try to book gains when you see it.
BLOG does NOT give buy or sell.
Saleem
Monday, June 15, 2020
Indices closed UP .62% to 1.43%....NICE !!!!
Indices closed UP.
S&P 500 @ 3066.59, high 3079.76, low 2965.66
RSI @ 53.69
CMF @ 0.156
Internals were :
UP volume led by 1.99 to 1 in NYSE & 2.37 to 1 in Nasdaq
Advancing stocks led by 1.98 to 1 in NYSE & 2.69 to 1 in Nasdaq
Net new 52 wk highs were leading by 33 in NYSE & 51 in Nasdaq
VIX down 4.68% @ 34.40
Oil @ $37.12
Gold @ $1727.20
Canadian $ @ .6378
In my portfolio ...Added 50% AAL @ $16.60
Portfolio AAL CGC CIEN CNX MGM SU
Stocks which were UP 1% or more included CGC CIEN MGM
GOOS SHOP GOLD KL TOL APA ERI DKNG GAN ZM
CRWD ESTC ENPH PDD JD NVAX CLDR SQ SEDG
EAT KRI UPS AMD TWTR TER DHI PHM VICR
IQ HUYA WB BYND LULU NIO NVDA TWLO
TSLA AEM NEM LRCX FEYE YY CLVS MS
SNAP ORCL OSTK CMG X PANW....
AH Futures UP
AH Asian Markets UP
AH Oil Down
AH Gold UP
About market, TAPE was under serious selling pressure with futures down about 1000 DOW points, after open went down almost 800 points and we found support, then came Fed support with new purchase. In case you are wondering what happened to pullback, there was a fast pullback in 5 trading days of 267.47 S&P 500 points or down 8.27%. Some of most determined bears are literally throwing in their towel, they should have read Dr Marty Zweig famous book which highlights " never fight the Fed "...expect a 4 digit rally on Tuesday!
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 3066.59, high 3079.76, low 2965.66
RSI @ 53.69
CMF @ 0.156
Internals were :
UP volume led by 1.99 to 1 in NYSE & 2.37 to 1 in Nasdaq
Advancing stocks led by 1.98 to 1 in NYSE & 2.69 to 1 in Nasdaq
Net new 52 wk highs were leading by 33 in NYSE & 51 in Nasdaq
VIX down 4.68% @ 34.40
Oil @ $37.12
Gold @ $1727.20
Canadian $ @ .6378
In my portfolio ...Added 50% AAL @ $16.60
Portfolio AAL CGC CIEN CNX MGM SU
Stocks which were UP 1% or more included CGC CIEN MGM
GOOS SHOP GOLD KL TOL APA ERI DKNG GAN ZM
CRWD ESTC ENPH PDD JD NVAX CLDR SQ SEDG
EAT KRI UPS AMD TWTR TER DHI PHM VICR
IQ HUYA WB BYND LULU NIO NVDA TWLO
TSLA AEM NEM LRCX FEYE YY CLVS MS
SNAP ORCL OSTK CMG X PANW....
AH Futures UP
AH Asian Markets UP
AH Oil Down
AH Gold UP
About market, TAPE was under serious selling pressure with futures down about 1000 DOW points, after open went down almost 800 points and we found support, then came Fed support with new purchase. In case you are wondering what happened to pullback, there was a fast pullback in 5 trading days of 267.47 S&P 500 points or down 8.27%. Some of most determined bears are literally throwing in their towel, they should have read Dr Marty Zweig famous book which highlights " never fight the Fed "...expect a 4 digit rally on Tuesday!
BLOG does NOT give buy or sell.
Saleem
Sunday, June 14, 2020
US Stock market which way?
US stock market has gone through extreme volatility in last 2 trading days.....
Technicians are rejuvenated in their extreme bearish thesis, all looking for short term weakness and have their own target as to how low we go.....
I am very comfortable when there is negativity, a perfect time to sift through opportunities.
Market will do what it needs to do
Stocks will do what it wants to do
Thus we have to balance negativity with opportunity......
BUT most traders and investors are always looking for " perfect environment with guarantee of UP move "
That ideal scenario never exists, thanks to Hedge fund strategy, analyst manipulation and company news......always challenging is the word.....
You have to figure out which sector / stock works for you.....
Here is the RSI picture to help you sort through broad market picture :
XLE 49.92
IWM 50.58
S&P 500 51.72
DOW 52.03
GLD 53.45
SOX 55.36
JETS 56.54
IF we look @ the above table, most maligned and hated sector is the strongest, so much for Wall Street wisdom.....YES i am highlighting JETS....Airlines are the strongest, probably will perform the best going forward, they have the-most positive leverage with an upturn in US economy.
Those @ home famous stocks are already @ or near all time highs and needs rest or sideways action.....
SOX is the most logical place to find good long term values as economy and their business gets on track.
Gold may need rest also as economic activity improves daily......fear subsides which takes away gold punch bowl.
Casino stocks are poised to do very well, from zero revenue to gradual picking up of disposable dollars.
Restaurant chains are in the same league from nothing to normalcy........
SO...think out of the " CNBC box " and make sound investment / trading decision....
Good luck with your own thesis and comfort level.
BLOG does NOT give buy or sell.
Saleem
Technicians are rejuvenated in their extreme bearish thesis, all looking for short term weakness and have their own target as to how low we go.....
I am very comfortable when there is negativity, a perfect time to sift through opportunities.
Market will do what it needs to do
Stocks will do what it wants to do
Thus we have to balance negativity with opportunity......
BUT most traders and investors are always looking for " perfect environment with guarantee of UP move "
That ideal scenario never exists, thanks to Hedge fund strategy, analyst manipulation and company news......always challenging is the word.....
You have to figure out which sector / stock works for you.....
Here is the RSI picture to help you sort through broad market picture :
XLE 49.92
IWM 50.58
S&P 500 51.72
DOW 52.03
GLD 53.45
SOX 55.36
JETS 56.54
IF we look @ the above table, most maligned and hated sector is the strongest, so much for Wall Street wisdom.....YES i am highlighting JETS....Airlines are the strongest, probably will perform the best going forward, they have the-most positive leverage with an upturn in US economy.
Those @ home famous stocks are already @ or near all time highs and needs rest or sideways action.....
SOX is the most logical place to find good long term values as economy and their business gets on track.
Gold may need rest also as economic activity improves daily......fear subsides which takes away gold punch bowl.
Casino stocks are poised to do very well, from zero revenue to gradual picking up of disposable dollars.
Restaurant chains are in the same league from nothing to normalcy........
SO...think out of the " CNBC box " and make sound investment / trading decision....
Good luck with your own thesis and comfort level.
BLOG does NOT give buy or sell.
Saleem
Friday, June 12, 2020
Indices closed UP 1.0% to 1.90%...NICE !!!!
Indices closed UP despite deep skepticism by those who have been bearish since March bottom and looking for lower lows or @ best test of the bottom, nice to see that their faith in being bear was restored for few hours yesterday.
S&P 500 @ 3041.31, high 3088.42, low 2984.47
RSI @ 51.72
CMF @ 0.166
Internals were :
UP volume led by 6.71 to 1 in NYSE & 3.26 to 1 in Nasdaq
Advancing stocks led by 3.17 to 1 in NYSE & 2.97 to 1 in Nasdaq
Net new 52 wk highs were leading by 8 in NYSE & 16 in Nasdaq
VIX Down 11.52% @ 36.09
Oil @ $36.26
Gold @ $1737.30
Canadian $ @ .6408
In my portfolio :
Bought AAL @ $17.00, added 50% @ $16.25
Sold ROKU @ $106.50
Stocks which were higher 3% or more AAL CGC MGM SU
CCL TOL APA DAL ERI ESTC KBH BIDU BA UAL MA
NTNX IBM JKS X M ......
Here is my portfolio weighting :
MGM 31.55%
CIEN 21.71%
SU 18.85%
CNX 10.77%
AAL 10.33%
CGC 6.79%
Next post by 6 PM on Sunday
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 3041.31, high 3088.42, low 2984.47
RSI @ 51.72
CMF @ 0.166
Internals were :
UP volume led by 6.71 to 1 in NYSE & 3.26 to 1 in Nasdaq
Advancing stocks led by 3.17 to 1 in NYSE & 2.97 to 1 in Nasdaq
Net new 52 wk highs were leading by 8 in NYSE & 16 in Nasdaq
VIX Down 11.52% @ 36.09
Oil @ $36.26
Gold @ $1737.30
Canadian $ @ .6408
In my portfolio :
Bought AAL @ $17.00, added 50% @ $16.25
Sold ROKU @ $106.50
Stocks which were higher 3% or more AAL CGC MGM SU
CCL TOL APA DAL ERI ESTC KBH BIDU BA UAL MA
NTNX IBM JKS X M ......
Here is my portfolio weighting :
MGM 31.55%
CIEN 21.71%
SU 18.85%
CNX 10.77%
AAL 10.33%
CGC 6.79%
Next post by 6 PM on Sunday
BLOG does NOT give buy or sell.
Saleem
Thursday, June 11, 2020
Indices closed down 5.27% to 6.90%.....
Indices closed down.
S&P 500 @ 3002.19, low 2999.49, high 3123.53
RSI @ 48.58
CMF @ 0.212
Internals were :
Down volume led by 37.27 to 1 in NYSE & 4.92 to 1 in Nasdaq
Declining stocks led by 17.68 to 1 in NYSE & 12.97 to 1 in Nasdaq
Net new 52 wk highs were leading by 5 in NYSE & 15 in Nasdaq
VIX UP 47.95% @ 40.79
Oil @ $36.34
Gold @ $1739.80
Canadian $ @ .6437
In my portfolio ...added 60% MGM @ $17.50 in pre market
Portfolio CGC CIEN CNX MGM ROKU SU
Stocks which closed green included ZM VICR HUYA
YY CHK.....
AH Futures UP
AH Asian Markets Down
AH Oil & Gold Down
About market, TAPE was extremely weak from open and closed near low of the day. Today's downdraft must not surprise any of this BLOG reader as it was highlighted in last night commentary. Reason of this slump is overbought overbought overbought and needed this major adjustment. We have to watch how we close on Friday to analyze this TAPE for real strength or weakness.
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 3002.19, low 2999.49, high 3123.53
RSI @ 48.58
CMF @ 0.212
Internals were :
Down volume led by 37.27 to 1 in NYSE & 4.92 to 1 in Nasdaq
Declining stocks led by 17.68 to 1 in NYSE & 12.97 to 1 in Nasdaq
Net new 52 wk highs were leading by 5 in NYSE & 15 in Nasdaq
VIX UP 47.95% @ 40.79
Oil @ $36.34
Gold @ $1739.80
Canadian $ @ .6437
In my portfolio ...added 60% MGM @ $17.50 in pre market
Portfolio CGC CIEN CNX MGM ROKU SU
Stocks which closed green included ZM VICR HUYA
YY CHK.....
AH Futures UP
AH Asian Markets Down
AH Oil & Gold Down
About market, TAPE was extremely weak from open and closed near low of the day. Today's downdraft must not surprise any of this BLOG reader as it was highlighted in last night commentary. Reason of this slump is overbought overbought overbought and needed this major adjustment. We have to watch how we close on Friday to analyze this TAPE for real strength or weakness.
BLOG does NOT give buy or sell.
Saleem
Wednesday, June 10, 2020
Indices closed mixed.....
Indices closed mixed.
S&P 500 @ 3190.14, low 3181.49, high 3223.27
RSI @ 68.41
CMF @ 0.255
Internals were :
Down volume led by 5 to 1 in NYSE & 1.36 to 1 in Nasdaq
Declining stocks led by 2.24 to 1 in NYSE & 1.86 to 1 in Nasdaq
Net new 52 wk highs were leading by 86 in NYSE & 136 in Nasdaq
VIX @ 27.57
Oil @ $39.60
Gold @ $1720.70
Canadian $ @ .6608
In my portfolio :
Bought MGM @ $22.55 & 70% more @ $20.85
Bought ROKU @ $114.49
Bought CGC @ $17.98
Sold GOLD @ $24.99
Portfolio CGC CIEN CNX MGM ROKU SU
Stocks which closed green included ROKU GOLD
ZM CRWD DDOG CRON JD PINS SQ AMD
TER MSFT AAPL DHI PHM JKS QCOM
BYND LULU BZUN NVDA TSM TWLO
TSLA NEM AEM AMZN SPLK BABA
FFIV MA OSTK V.....
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, TAPE was mixed but Nasdaq kept going UP and closed well above 10 k @ 10020.35 a new all time high and closing high. Fed policy statement came out as expected, thus market has discounted all the liquidity driven impact on stocks and market, market is fully valued based on Fed policies. Easy money has been made and a digestive phase of market has started as of 2 days ago. Only savior in this environment is RSI numbers which has been ignored and made no difference so far....BUT not anymore, so please pay attention and act accordingly, it is a normal market now where overbought matters.
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 3190.14, low 3181.49, high 3223.27
RSI @ 68.41
CMF @ 0.255
Internals were :
Down volume led by 5 to 1 in NYSE & 1.36 to 1 in Nasdaq
Declining stocks led by 2.24 to 1 in NYSE & 1.86 to 1 in Nasdaq
Net new 52 wk highs were leading by 86 in NYSE & 136 in Nasdaq
VIX @ 27.57
Oil @ $39.60
Gold @ $1720.70
Canadian $ @ .6608
In my portfolio :
Bought MGM @ $22.55 & 70% more @ $20.85
Bought ROKU @ $114.49
Bought CGC @ $17.98
Sold GOLD @ $24.99
Portfolio CGC CIEN CNX MGM ROKU SU
Stocks which closed green included ROKU GOLD
ZM CRWD DDOG CRON JD PINS SQ AMD
TER MSFT AAPL DHI PHM JKS QCOM
BYND LULU BZUN NVDA TSM TWLO
TSLA NEM AEM AMZN SPLK BABA
FFIV MA OSTK V.....
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, TAPE was mixed but Nasdaq kept going UP and closed well above 10 k @ 10020.35 a new all time high and closing high. Fed policy statement came out as expected, thus market has discounted all the liquidity driven impact on stocks and market, market is fully valued based on Fed policies. Easy money has been made and a digestive phase of market has started as of 2 days ago. Only savior in this environment is RSI numbers which has been ignored and made no difference so far....BUT not anymore, so please pay attention and act accordingly, it is a normal market now where overbought matters.
BLOG does NOT give buy or sell.
Saleem
Tuesday, June 9, 2020
Indices closed mixed.....
Indices closed mixed....
S&P 500 @ 3207.18, low 3193.11, high 3222.71
RSI @ 70.84
CMF @ 0.250
Internals were :
Down volume led by 7.93 to 1 in NYSE & 1.08 to 1 in Nasdaq
Declining stocks led by 3.09 to 1 in NYSE & 1.83 to 1 in Nasdaq
Net new 52 wk highs were leading by 67 in NYSE & 86 in Nasdaq
VIX UP 6.82% @ 27.57
Oil @ $38.94
Gold @ $1721.90
Canadian $ @ .6565
In my portfolio :
Sold SHOP @ $738.00 in pre market
Added 50% SU @ $20.55
Portfolio GOLD CIEN CNX SU
Stocks which were UP 1% or more included GOLD CIEN SHOP
DKNG CLDR AMD AAPL NIO NVDA TSM FB NEM
LRCX AMZN FEYE NFLX SNAP OSTK.....
AH Futures UP
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, TAPE was mixed today but Nasdaq shot up to 10002.50 making a first above 10 K plus closing @ new all time high, only index to close in green & in new record territory. Tomorrow @ 2 PM fed will announce policy statement followed by virtual Q & A, expect statement and Q & A to be market friendly.
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 3207.18, low 3193.11, high 3222.71
RSI @ 70.84
CMF @ 0.250
Internals were :
Down volume led by 7.93 to 1 in NYSE & 1.08 to 1 in Nasdaq
Declining stocks led by 3.09 to 1 in NYSE & 1.83 to 1 in Nasdaq
Net new 52 wk highs were leading by 67 in NYSE & 86 in Nasdaq
VIX UP 6.82% @ 27.57
Oil @ $38.94
Gold @ $1721.90
Canadian $ @ .6565
In my portfolio :
Sold SHOP @ $738.00 in pre market
Added 50% SU @ $20.55
Portfolio GOLD CIEN CNX SU
Stocks which were UP 1% or more included GOLD CIEN SHOP
DKNG CLDR AMD AAPL NIO NVDA TSM FB NEM
LRCX AMZN FEYE NFLX SNAP OSTK.....
AH Futures UP
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, TAPE was mixed today but Nasdaq shot up to 10002.50 making a first above 10 K plus closing @ new all time high, only index to close in green & in new record territory. Tomorrow @ 2 PM fed will announce policy statement followed by virtual Q & A, expect statement and Q & A to be market friendly.
BLOG does NOT give buy or sell.
Saleem
Monday, June 8, 2020
Indices closed UP 1.13% to 1.70%....NICE !!!!
Indices closed UP.
S&P 500 @ 3232.39, high 3233.13, low 3196.00
RSI @ 74.48
CMF @ 0.267
Internals were :
UP volume led by 10.87 to 1 in NYSE & 2.54 to 1 in Nasdaq
Advancing stocks led by 4.36 to 1 in NYSE & 3.02 to 1 in Nasdaq
Net new 52 wk highs were leading by 72 in NYSE & 124 in Nasdaq
VIX UP 5.26% @ 25.81
Oil @ $38.19
Gold @ $1705.10
Canadian $ @ .6617
In my portfolio :
Bought in pre market GOLD @ $23.46
SHOP @ $715.00
Added 50% SU @ $21.22
Portfolio GOLD CIEN CNX SHOP SU
Stocks which were UP 6% or more included CNX
CGC TLRY CRON APA CCL NCLH DAL
UAL MGM WYNN GAN LYFT ROKU
BA JKS SPWR FSLR SLB CLVS
NIO NTNX X M ....
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE was strong from open till close and closed @ high of the day. Nasdaq did dip into red briefly but made a new closing all time high. Laggards were UP sharply again as new allocation to equities are pouring in. Fed meeting starting on Tuesday with statement on Wednesday @ 2 PM. Fed keep pouring funds into all aspect of market to give support / boost.
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 3232.39, high 3233.13, low 3196.00
RSI @ 74.48
CMF @ 0.267
Internals were :
UP volume led by 10.87 to 1 in NYSE & 2.54 to 1 in Nasdaq
Advancing stocks led by 4.36 to 1 in NYSE & 3.02 to 1 in Nasdaq
Net new 52 wk highs were leading by 72 in NYSE & 124 in Nasdaq
VIX UP 5.26% @ 25.81
Oil @ $38.19
Gold @ $1705.10
Canadian $ @ .6617
In my portfolio :
Bought in pre market GOLD @ $23.46
SHOP @ $715.00
Added 50% SU @ $21.22
Portfolio GOLD CIEN CNX SHOP SU
Stocks which were UP 6% or more included CNX
CGC TLRY CRON APA CCL NCLH DAL
UAL MGM WYNN GAN LYFT ROKU
BA JKS SPWR FSLR SLB CLVS
NIO NTNX X M ....
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold UP
About market, TAPE was strong from open till close and closed @ high of the day. Nasdaq did dip into red briefly but made a new closing all time high. Laggards were UP sharply again as new allocation to equities are pouring in. Fed meeting starting on Tuesday with statement on Wednesday @ 2 PM. Fed keep pouring funds into all aspect of market to give support / boost.
BLOG does NOT give buy or sell.
Saleem
Sunday, June 7, 2020
Risk reward analysis for US stock market......
US stock market has been on a tear, completed V turn from March 23rd low to 5th June close...a remarkable pace.
Nasdaq made a new all time high of 9845.69.......nobody could have predicted this 11 weeks ago...
SOX also made a new all time high of 2030.47......
SO Nasdaq & SOX are the superstars of this V turn......
Nasdaq & SOX have made a " golden cross " also......
All of the major indices are above 50 DMA & 200 DMA including Russell 2000
All of the above are major technical milestones.......
All this good news calls for some analysis of risk / reward ratio going forward....
When I want to analyze market deeper, then I look to my trusted RSI ...which is as follows :
DOW 74.04
S&P 500 72.48
XLE 71.70
IWM 70.95
Nasdaq 70.95
SOX 69.51
TAN 66.52
GLD 42.69
Looking @ above RSI numbers, risk has increased substantially for pullbacks / sideways move in many sectors, anything above 70 RSI is considered overbought and is taken as contrary indicator irrespective of jubilation / euphoria.
The question is are we going to fight for last $$ or book gains and wait for better RSI numbers.
Ironically Gold is looking much better based on RSI of 42.69...30 RSI is considered oversold and we are very close to it.....
BUT markets gives you a sense of " nothing can go wrong because I am so good @ making money syndrome...a sure sign of TOP....
Sentiment which is extremely bullish " always is near top " is rampant enthusiasm for everything going right for economic resurgence......
BUT a bigger question is..... are we justified in making new all time high in Nasdaq & SOX...is profit growing faster than previous high environment?
Answer is " absolutely NOT "
This is where Risk / reward ratio comes into play......
YES...market could go further UP based on new allocation to equities........
Then we are more vulnerable to a quick U turn in market.....
Hopefully we are all looking @ our exposure lot closely while going is good....a major reduction in exposure is " highly recommended "
Stay with very high comfort / high conviction stocks only.....
Good luck with your own analysis & comfort level.
BLOG does NOT give buy or sell.
Saleem
Nasdaq made a new all time high of 9845.69.......nobody could have predicted this 11 weeks ago...
SOX also made a new all time high of 2030.47......
SO Nasdaq & SOX are the superstars of this V turn......
Nasdaq & SOX have made a " golden cross " also......
All of the major indices are above 50 DMA & 200 DMA including Russell 2000
All of the above are major technical milestones.......
All this good news calls for some analysis of risk / reward ratio going forward....
When I want to analyze market deeper, then I look to my trusted RSI ...which is as follows :
DOW 74.04
S&P 500 72.48
XLE 71.70
IWM 70.95
Nasdaq 70.95
SOX 69.51
TAN 66.52
GLD 42.69
Looking @ above RSI numbers, risk has increased substantially for pullbacks / sideways move in many sectors, anything above 70 RSI is considered overbought and is taken as contrary indicator irrespective of jubilation / euphoria.
The question is are we going to fight for last $$ or book gains and wait for better RSI numbers.
Ironically Gold is looking much better based on RSI of 42.69...30 RSI is considered oversold and we are very close to it.....
BUT markets gives you a sense of " nothing can go wrong because I am so good @ making money syndrome...a sure sign of TOP....
Sentiment which is extremely bullish " always is near top " is rampant enthusiasm for everything going right for economic resurgence......
BUT a bigger question is..... are we justified in making new all time high in Nasdaq & SOX...is profit growing faster than previous high environment?
Answer is " absolutely NOT "
This is where Risk / reward ratio comes into play......
YES...market could go further UP based on new allocation to equities........
Then we are more vulnerable to a quick U turn in market.....
Hopefully we are all looking @ our exposure lot closely while going is good....a major reduction in exposure is " highly recommended "
Stay with very high comfort / high conviction stocks only.....
Good luck with your own analysis & comfort level.
BLOG does NOT give buy or sell.
Saleem
Friday, June 5, 2020
Indices closed UP 2.06% to 3.15%....NICE !!!!
Indices closed near high of the day, this day will go down in history books for outsize gains seen in Oil, Airlines, Cruise lines and Casino stocks to name a few sectors. For me it was mind numbing experience where % gains were so much, it was hard to believe it was actually happening to my portfolio.
S&P 500 @ 3193.93, high 3211.72, low 3163.84
RSI @ 72.48
CMF @ 0.250
Internals were :
UP volume led by 8.15 to 1 in NYSE & 3.46 to 1 in Nasdaq
Advancing stocks led by 4.99 to 1 in NYSE & 3.07 to 1 in Nasdaq
Net new 52 wk highs were leading by 65 in NYSE & 111 in Nasdaq
VIX Down 5.00% @ 24.52
Oil @ $39.55
Gold @ $1683.00
Canadian $ .6575
Stocks which were UP 5%++ APA CCL CNX DAL SU
AAL DHI BA UAL SLB SNAP CHK NTAP LYFT
ENPH CNQ NCLH YELP WYNN SWKS X.....
In my portfolio :
In pre market bought SU @ $20.12
In After hours Sold
APA @ $15.96
CCL @ $22.05
MGM @ $22.00
DAL @ $35.09
I have sold 58% of my portfolio in After hours.....
Here is my portfolio weighting for 42% allocation :
CIEN 51.33%
CNX 25.60%
SU 23.07%
Next post by 6 PM on Sunday!
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 3193.93, high 3211.72, low 3163.84
RSI @ 72.48
CMF @ 0.250
Internals were :
UP volume led by 8.15 to 1 in NYSE & 3.46 to 1 in Nasdaq
Advancing stocks led by 4.99 to 1 in NYSE & 3.07 to 1 in Nasdaq
Net new 52 wk highs were leading by 65 in NYSE & 111 in Nasdaq
VIX Down 5.00% @ 24.52
Oil @ $39.55
Gold @ $1683.00
Canadian $ .6575
Stocks which were UP 5%++ APA CCL CNX DAL SU
AAL DHI BA UAL SLB SNAP CHK NTAP LYFT
ENPH CNQ NCLH YELP WYNN SWKS X.....
In my portfolio :
In pre market bought SU @ $20.12
In After hours Sold
APA @ $15.96
CCL @ $22.05
MGM @ $22.00
DAL @ $35.09
I have sold 58% of my portfolio in After hours.....
Here is my portfolio weighting for 42% allocation :
CIEN 51.33%
CNX 25.60%
SU 23.07%
Next post by 6 PM on Sunday!
BLOG does NOT give buy or sell.
Saleem
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