Indices closed mixed....

 Indices closed mixed.

S&P 500 @ 3500.31, low 3493.25, high 3514.77

RSI @ 76.93

CMF @ 0.404

Internals were :

Down volume led by 3.14 to 1 in NYSE & .92 to 1 in Nasdaq

Declining stocks led by 2.01 to 1 in NYSE & 1.60 to 1 in Nasdaq

Net new 52 wk highs were leading by 163 in NYSE & 123 in Nasdaq

VIX UP 15.03% @ 26.41

Oil @ $42.61

Gold @ $1978.60

Canadian $ @ .6962

Portfolio AAL APA GOLD CCL AG FCX MGM MU RXT SU

Stocks which closed green included GOLD AG RXT

INTC MRVL SQ PANW CLDR SNAP AMD NIO 

DOCU ZI CIEN ZM CRWD ENPH APHA PINS 

NVAX AAPL RUN BYND NVDA TWLO

TSLA AMZN NFLX NTNX.....

AH Futures UP

AH Asian Markets Mixed

AH Oil & Gold UP

About market, TAPE saw its own version of pullback today which @ worst it was a mixed close with Nasdaq sharply higher and @ new all time high. That is the nature of this market, all definitions are muddled up including pullbacks. VIX gave its own version of being UP 15% with no damage to Nasdaq. Tonight Chinese manufacturing activity is @ best level in last 10 years, expect all commodities to catch serious bid.

BLOG does NOT give buy or sell.

Saleem

S&P 500 UP 60% since March low......

 US stock market is in " neverland " where traditional technical definitions are not holding up well @ all.

Most well known technicians like Carter Worth has been wrong in most predictions about S&P 500 and its direction....

Most traders are also baffled by resiliency of this market....

Any trader who thought they knew better than market, are wiped out in no time.

This is a " hyper momentum wave " which needs nobody's approval.

This is not a text book or economics 101 situation.....

Fed is hell bent to steer this COVID-19 slump into a positive conclusion for the economy, an unprecedented move which anybody has ever seen, Fed is supporting this market with everything they can muster, no matter what it takes.....

Once you understand Fed role as being in the driver seat with impunity to print print and more printing of dollars as needed or when not needed ....market has to bow down to Fed's will and direction.

RSI is already defying logic as listed below :

S&P 500         79.26

TAN                78.27

Nasdaq           74.21

DOW              74.14

SOX               63.54 

IWM              62.40

GLD              54.58

XLE              46.22

As you can clearly see that most sector / index are above 60 which is considered overbought, S&P 500 almost hitting 80........

Since March 23rd low, it is over 5 months and 1 week, we have not pulled back and have moved UP in a straight line of 60%++++S&P 500 was @ 2191.86 on March 23rd, 2020, closed on Friday @ 3508.01 a gain of 1316.15 points or straight 60%......

It is better to go with the flow with a well diversified portfolio, rotation is the name of the game.

Market is also anticipating " change in rose garden "

Leadership is staying in strong stocks on any excuse, 10% to 26% gains are becoming routine on a good day.

SO ..in conclusion, Fed is backing markets big time with unlimited funds, Election is giving boost, rotation keeps happening......

Technicals are out of the window for now...

VIX @ 22.96 ...still room to go down to 52 week low of 11.42...85.47 was the high....

Sit back and enjoy your morning coffee, trend is your friend, the best I have ever seen!!!!

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .57% to .67%....NICE !!!!

 Indices closed UP not only @ high of the day but new all time highs in S&P 500 & Nasdaq. Today's TAPE action was broad based and rotation was in full swing, lot of hope based on $5 test in 5 minutes from Abbott Lab.

S&P 500 @ 3508.01, high 3509.23, low 3484.32

RSI @ 79.26

CMF @ 0.431

Internals were :

UP volume led by 3.98 to 1 in NYSE & 2.88 to 1 in Nasdaq

Advancing stocks led by 2.47 to 1 in NYSE & 2.00 to 1 in Nasdaq

Net new 52 wk highs were leading by 163 in NYSE & 117 in Nasdaq

VIX Down 6.17% @ 22.96

Oil @ $42.97

Gold @ $1974.90

Canadian $ @ .6889

Stocks which closed UP 5% or more included CCL AG FCX 

MRVL NKLA ROKU EAT SEDG NCLH JKS CSIQ RUN

WB IQ NTNX ULTA.....

In my portfolio ...Bought MGM @ $23.10

Here is my portfolio weighting :

SU           24.62%

AAL        18.06%

MGM     16.70%

CCL      11.80%

GOLD    8.18%

APA       5.26%

MU       5.11%

AG       4.27%

FCX    3.29%

RXT    2.71%

Next post by 6 PM on Sunday.

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed.....

 Indices closed mixed.

S&P 500 @ 3484.55, high 3501.38, low 3468.35

RSI @ 77.31

CMF @ 0.446

Internals were :

UP volume led by 1.63 to 1 in NYSE & .90 to 1 in Nasdaq

Advancing stocks led by 1.16 to 1 in NYSE & .85 to 1 in Nasdaq

Net new 52 wk highs were leading by 179 in NYSE & 112 in Nasdaq

VIX UP 5.16% @ 24.47

Oil @ $43.04

Gold @ $1932.60

Canadian $ @ .6884

In my portfolio :

Bought GOLD @ $28.45

Bought FCX @ $15.00

Bought AG @ $11.65

Added 25% SU @ $16.22

Sold MGM @ $23.10

Portfolio AAL APA GOLD CCL AG FCX MU NXT SU

Stocks which closed UP by 3% or more included AAL APA CCL MGM

PLAN CNX NTAP NCLH SPWR BYND TSLA UAL

AH Futures UP

AH Asian Markets Mixed

AH Oil Down

AH Gold UP

About market, TAPE closed in the upper range but Nasdaq took a rest. Fed new inflation policy was a non event but high frequency trader gave a yo yo try only to give up by close. S&P 500 and Nasdaq made another all time high. Abbot Lab was in the forefront of COVID-19 rapid 5 minute test which gave laggards airlines, cruise lines, hotels a big boost. Pay attention to rotation, it is happening on a daily basis.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .30% to 1.73%...NICE !!!!

 Indices closed UP.

S&P 500 @ 3478.73, high 3481.07, low 3444.15

RSI @ 76.81

CMF @ 0.489

Internals were :

Down volume led by 1.39 to 1 in NYSE & .65 to 1 in Nasdaq

Declining stocks led by 1.29 to 1 in NYSE & 1.34 to 1 in Nasdaq

Net new 52 wk highs were leading by 193 in NYSE & 174 in Nasdaq

VIX UP 5.63% @ 23.27

Oil @ $43.64

Gold @ $1952.50

Canadian $ @ .6851

In my portfolio :

Bought MU @ $44.95

Sold MSFT in AH @ $221.00

Portfolio AAL APA CCL MGM MU RXT SU

Stocks which closed green included RXT MSFT

FCX AG GOLD MRVL PANW LYFT TWTR

SNAP AUY NIO DOCU ZI PLAN GAN KL

SHOP ROKU CRWD ESTC DDOG AAPL

TD GOOG NFLX NTNX ORCL TSM...

AH Futures Down

AH Asian Markets Mixed

AH Oil & Gold UP

About market, TAPE was in total euphoria with many stocks showing gains which observers had hard time believing it, Gains of 7% to 26% was outsize. S&P 500 and Nasdaq made another closing all time highs, Indices closed @ high of the day. Internals were weak, a surprising development and VIX was UP another surprise. Momentum was @ its most frothy level today, please rotate into better value, RSI matters and it stands @ 76.81 in S&P 500 a nose bleed territory.

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed.....

 Indices closed mixed.

S&P 500 @ 3443.62, high 3444.21, low 3425.84

RSI @ 73.53

CMF @ 0.482

Internals were :

UP volume led by 1.03 to 1 in NYSE & 2.14 to 1 in Nasdaq

Advancing stocks led by 1.05 to 1 in NYSE & 1.47 to 1 in Nasdaq

Net new 52 wk highs were leading by 147 in NYSE & 94 in Nasdaq

VIX Down 1.52% @ 22.03

Oil @ $43.35

Gold @ $1923.10

Canadian $ @ .6804

In my portfolio :

Sold SQ @ $154.25

Added 50% SU @ $16.60

Portfolio AAL APA CCL MGM MSFT RXT SU

Stocks which closed green included  APA MSFT  SQ

MU NXPI AMD NIO DKNG SHOP ZM CRWD

ENPH JD BIDU VICR HUYA SPWR WB BZUN

FB AMZN FSLR BABA YY MA TSM CMG...

AH Futures Mixed

AH Asian Markets Mixed

AH Oil Down

AH Gold UP

About market, TAPE closed @ high of the day, today's close was very impressive not because of new all time highs in S&P 500 and Nasdaq but there was no real catalyst for this strength. Internals were positive. DOW changes was taken as positive for new entrants but negative for those stocks taken out. AH earnings were good for CRM.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .60% to 1.35%...NICE !!!!

 Indices closed UP.

S&P 500 @ 3431.28, high 3432.09, low 3413.13

RSI @ 72.25

CMF @ 0.396

Internals were :

UP volume led by 4.68 to 1 in NYSE & 1.25 to 1 in Nasdaq

Advancing stocks led by 2.49 to 1 in NYSE & 1.25 to 1 in Nasdaq

Net new 52 wk highs were leading by 177 in NYSE & 100 in Nasdaq

VIX Down .75% @ 22.37

Oil @ $42.62

Gold @ $1939.20

Canadian $ @ .6778

In my portfolio... Bought RXT @ $18.25

Portfolio AAL APA CCL MGM MSFT RXT SQ SU

Stocks which were UP 5% or more included AAL CCL MGM 

NIO DAL NCLH BA HUYA BZUN UAL SLB M.....

AH Futures UP

AH Asian Markets UP

AH Oil & Gold Down

About market, TAPE closed @ high of the day, S&P 500 and Nasdaq made another all time high. News of treatment related development for COVID-19 patients got the bullish mode going. All laggards came to life, while AAPL added to its $2 trillion+ tally. RSI has gone into overbought thus booking of profit is highly recommended / switching into relative better valuation.

BLOG does NOT give buy or sell.

Saleem

Few overbought and mostly oversold in US stock market....

 US stock market is a tale of very few stocks which are valued in trillions, thus carrying highest % weighting in key indices.

Indices are making daily new all time highs as highlighted by every tabulation.

Majority of the stocks with very good fundamentals in key technology areas are pulling back below support levels.

This overwhelming disparity is rarely seen when index are making all time highs on a daily basis.

Here is a look @ RSI to get the real picture :

TAN         68.97

S&P 500 68.30

Nasdaq   67.45

DOW      65.93

SOX       57.83

IWM      57.43

XLE      40.99

One can clearly see that there is 2 well defined markets on the same day when few Indices are hitting all time highs while other related sectors like Semiconductors are correcting and below support. Russell 2000 is also struggling.

The above disparity means, that internally, we are correcting in many sectors as evident to everyone based on daily tally of positive / negative volume and advance / decline, also new 52 wk highs / lows ratio is @ the lowest level in months, not a robust picture.

In this type of environment where 5 stocks are roaring daily with new all time highs while others are testing or going below support, one can diversify better for opportunistic trades.

Internals do matter, either laggards catch up or high fliers come down.

I have a feeling in this situation, both will happen @ the same time, it will just reverse UP comes down and down stocks should go up.

SO...please do some analysis of your own and see where you find opportunities.

Good luck with your own analysis.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .34% to .69%...NICE !!!!

 Indices closed UP near high of the day. Internals remains weak. Technology remains hot trading idea, AAPL TSLA keep moving north.

S&P 500 @ 3397.16, high 3399.96, low 3379.31

RSI @ 68.70

CMF @ 0.394

Internals were :

Down volume led by 1.82 to 1 in NYSE & 1.33 to 1 in Nasdaq

Declining stocks led by 1.88 to 1 in NYSE & 2.03 to 1 in Nasdaq

Net new 52 wk highs were leading by 83 in NYSE & 44 in Nasdaq

VIX Down .79% @ 22.54

Oil @ $42.31

Gold @ $1947.00

Canadian $ .6795

Stocks which closed green included CCL MGM

TWTR DADA AMD TOL KBH DHI PHM

LITE EAT AAPL NKE SPWR RUN MRVL

QCOM LULU NVDA TSM TSLA SPLK

CRUS BABA CSIQ EXPE NIO WYNN

LVS ULTA SWKS CMG......

In my portfolio...Sold TLRY @ $6.70

Here is my portfolio weighting :

MGM       31.17%

AAL        18.11%

SU         14.14%

CCL      11.25%

MSFT   10.02%

SQ          9.72%

APA       5.59%

Next post by 6 PM on Sunday

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .17% to 1.06%....NICE !!!!

 Indices closed UP.

S&P 500 @ 3385.51, high 3390.80, low 3354.09

RSI @ 66.81

CMF @ 0.366

Internals were :

Down volume led by 1.91 to 1 in NYSE & .57 to 1 in Nasdaq

Declining stocks led by 1.54 to 1 in NYSE & 1.47 to 1 in Nasdaq

Net new 52 wk highs were leading by 61 in NYSE & 52 in Nasdaq

VIX UP .80% @ 22.72

Oil @ $42.58

Gold @ $1946.50

Canadian $ @ .6816

Portfolio AAL APA CCL MGM MSFT SQ SU TLRY

Stocks which were UP 2% or more included MSFT SQ

LYFT CLDR AMD PENN GOLD DOCU GAN SHOP

KL ZM CRWD ESTC UBER DDOG AG AAPL FB

BYND TWLO TSLA SPLK GOOG NFLX.....

AH Futures UP

AH Asian Markets Mixed

AH Oil & Gold UP

About market, TAPE closed UP despite internals were weak. Technology stocks led the move higher and many stocks participated in this rally, stay home & FANG were in vogue again. Friday should be a positive close and more all time highs in order.

BLOG does NOT give buy or sell.

Saleem

Indices closed down.31% to .57%......

 Indices closed down.

S&P 500 @ 3374.85, low 3369.66, high 3399.54

RSI @ 65.42

CMF @ 0.300

Internals were :

Down volume led by 1.80 to 1 in NYSE & 1.09 to 1 in Nasdaq

Declining stocks led by 1.62 to 1 in NYSE & 1.19 to 1 in Nasdaq

Net new 52 wk highs were leading by 140 in NYSE & 84 in Nasdaq

VIX UP 4.79% @ 22.54

Oil @ $42.93

Gold @ $1970.30

Canadian $ @ .6825

Portfolio AAL APA CCL MGM MSFT SQ SU TLRY

Stocks which were UP 1% or more included CCL

NKLA CIEN ESTC NTAP PDD JD ELF NCLH

NKE SPWR RUN LULU UAL FSLR PANW

TWTR ORCL OSTK....

AH Futures Down

AH Asian Markets Down

AH Oil & Gold Down

About market, TAPE started in record territory for Nasdaq & S&P 500 with another all time high on an intraday basis. By close all major indices were in red and near low of the day. Fed minutes got the blame for down move after 2 PM. Market will be a lot more unpredictable going forward but being diversified will benefit from rotation.

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed....

 Indices closed mixed.

S&P 500 @ 3389.78, high 3395.06, low 3370.15

RSI @ 69.18

CMF @ 0.363

Internals were :

Down volume led by 1.86 to 1 in NYSE & .93 to 1 in Nasdaq

Declining stocks led by 1.41 to 1 in NYSE & 1.64 to 1 in Nasdaq

Net new 52 wk highs were leading by 164 in NYSE & 115 in Nasdaq

VIX UP .75% @ 21.51

Oil @ $42.89

Gold @ $2012.10

Canadian $ @ .6818

Portfolio AAL APA CCL MGM MSFT SQ SU TLRY

Stocks which closed green included MSFT

LYFT CLDR NIO DOCU DKNG GAN

SHOP KL ROKU TOL ZM CRWD

UBER KBH PINS EAT AAPL NKE 

MOMO LULU BZUN TSLA JKS

AMZN SPLK YY ORCL CMG

AH Futures Mixed

AH Asian Markets Mixed

AH Oil & Gold Down

About market, TAPE continued its run for series of all time highs in Nasdaq while S&P 500 joined in making new all time closing high, it was exceeding all time highs on an intraday basis for @ least 3 days. Lot of technicians are predicting end of this bull run, my guess is that, we will keep rotating in more sectors now with back & forth with strong technology in the mix also.

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed.....

 Indices closed mixed.

S&P 500 @ 3381.99, high 3387.59, low 3379.22

RSI @ 68.29

CMF @ 0.319

Internals were :

UP Volume led by .82 to 1 in NYSE & 1.55 to 1 in Nasdaq

Advancing stocks led by 1.22 to 1 in NYSE & 1.20 to 1 in Nasdaq

Net new 52 wk highs were leading by 152 in NYSE & 120 in Nasdaq

VIX Down 3.17% @ 21.35

Oil @ $42.89

Gold @ $1998.70

Canadian $ @ .6793

Portfolio AAL APA CCL MGM MSFT SQ SU TLRY

Stocks which closed green included MSFT SQ

QRVO CLDR NXPI AMD PENN AUY NEM

DOCU DKNG ZI GAN TOL CRWD DDOG

KBH ENPH JD AG TER BIDU DHI PHM

RUN NVDA TSLA NIO WB MA AMZN

TSM CMG PANW....

AH Futures UP

AH Asian Markets Mixed

AH Oil & Gold Down

About market, TAPE played rotation into mostly in stay home stocks plus huge rally in gold & silver. Market is behaving very well considering there is no stimulus talk going on. Almost giving a sense as IF everything is coming to almost business as usual. There is no euphoria in any any sector, uptrend is quite broad based.

BLOG does NOT give buy or sell.

Saleem

US stock market rotating in overbought / oversold sectors...

 US stock market is caught in rotation on a daily basis.

TAPE is giving every indication that we are shifting from overbought sectors into deeply oversold sectors.

Smart money is also rotating out of overbought sectors for long term gains in oversold sectors.

There is tremendous money inflow in US equities based on yield factor alone.

Dividend stocks also getting attention.

Gold is nearing peak despite Warren Buffett half a billion purchase in GOLD. He may be calling a TOP. His performance lately has been sub par.

Oil stocks are deeply oversold

Airlines stocks are trashed

Cruise lines are being crushed.

Entire Oil & Gas complex are @ bargain.

Hotels are showing pulse

Restaurant showing sign that they are coming out of slump.

Casino stocks are showing life again, requires conviction & patience.

Technology will remain in focus as their earnings should improve with economic resurgence, it is all about PE, some sectors are sporting PE of dot com era of 1999....

My work is telling me that overweight in oversold sectors will give biggest bang for the buck, plus reduced weighting in Technology.

Markets keep changing every 6 months, be ready for upcoming change for next 6 months.

COVID-19 impact has been felt worldwide, most economies are adjusting to live with it.

Vaccine focus will shift into routine news, NOT a breaking news which has been overplayed.

US COVID-19 situation has tapered nicely, thus a sense of normalcy will return.

Schools are opening in September which is only 3 weeks away.

Stock market always looks ahead by minimum 6 months....

SO...readjust your investment thesis by shifting overweight into underweight and underweight into overweight.....

Good luck with your own thesis and comfort level.

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed.....

 Indices closed mixed despite politicians skipped DC for their long vacation. Market knows that there is around $2 trillion stimulus coming one way or other.Indices were close to flatline a strong signal all is well on Wall & Broad.

S&P 500 @ 3372.85, low 3361.64, high 3378.51

RSI @ 67.27

CMF @ 0.362

Internals were :

UP volume led by 1.22 to 1 in NYSE & 1.04 to 1 in Nasdaq

Declining stocks led by 1.06 to 1 in NYSE & 1.13 to 1 in Nasdaq

Net new 52 wk highs were leading by 52 in NYSE & 42 in Nasdaq

VIX Down .36% @ 22.05

Oil @ $42.01

Gold @ $1949.80

Canadian $ @ .6744

Stocks which were UP 1% APA CCL MGM TLRY

GAN CNX MTCH ESTC MRNA MESO NCLH

BA NVDA TSLA UAL AMAT SLB LNG X

M ULTA....

Here is my portfolio weighting :

MGM      30.17%

AAL        18.63%

SU          14.27%

CCL       11.15%

MSFT     9.22%

SQ         8.35%

APA      5.75%

TLRY   2.45%

Next post by 6 PM on Sunday.

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed....

 Indices closed mixed.

S&P 500 @ 3373.43, low 3363.35, high 3387.24

RSI @ 67.40

CMF @ 0.364

Internals were :

Down volume led by 1.76 to 1 in NYSE & .99 to 1 in Nasdaq

Declining stocks led by 1.42 to 1 in NYSE & 1.20 to 1 in Nasdaq

Net new 52 wk highs were leading by 124 in NYSE & 86 in Nasdaq

VIX Down .67% @ 22.13

Oil @ $42.24

Gold @ $1970.40

Canadian $ @ .6781

Portfolio AAL APA CCL MGM MSFT SQ SU TLRY

Stocks which closed green included MGM SQ TLRY

NKLA TWTR PENN DKNG GAN ZM CRWD

DDOG ENPH SEDG AG EAT RUN FSLR 

BYND TSLA AEM CSIQ ROKU OSTK

ULTA CMG....

AH Futures UP

AH Asian Markets Mixed

AH Oil UP

AH Gold Down

About market, TAPE was mixed despite better employment data. Politicians are back @ partisan politics thus no negotiations, what else is new. Rotation keeps happening with back to stay home stocks today, Friday could reverse to back to normalcy stocks. Friday should be positive by close as we are pushing COVID-19 in the background and more focus on opening schools.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP 1.05% to 2.18%...NICE !!!!

 Indices closed UP.

S&P 500 @ 3380.35, 3387.89, low 3355.46

RSI @ 68.85

CMF @ 0.393

Internals were :

UP volume led by 1.23 to 1 in NYSE & 1.09 to 1 in Nasdaq

Advancing stocks led by 1.73 to 1 in NYSE & 1.34 to 1 in Nasdaq

Net new 52 wk highs were leading by 133 in NYSE & 87 in Nasdaq

VIX Down 7.28% @ 22.28

Oil @ $42.67

Gold @ $1949.00

Canadian $ @ .6744

Portfolio AAL APA CCL MGM MSFT SQ SU TLRY

Stocks which were UP 2% or more included MSFT SU

NKLA QRVO NXPI AMD PENN DKNG CNX JD

ENPH PINS SEDG EAT ELF TER AAPL DHI

PHM KBH VICR JKS HUYA QCOM LULU

TSLA FSLR AMAT CSIQ YY AMZN SWKS 

X....

AH Futures Down

AH Asian Markets Mixed

AH Oil & Gold Down

About market, TAPE closed near high of the day. Rotation keeps happening on a daily basis, today it was old favorite back in vogue. Market is ignoring no negotiations between Republicans & Democrats, I am sure they will be back in serious negotiations on Thursday to wrap everything before weekend. Market is expecting a deal around $2 trillion.

BLOG does NOT give buy or sell.

Saleem

Indices closed down .38% to 1.69%.....

 Indices closed down.

S&P 500 @ 3333.69, low 3326.44, high 3381.01

RSI @ 64.00

CMF @ 0.386

Internals were :

Down volume led by 1.05 to 1 in NYSE & 2.05 to 1 in Nasdaq

Declining stocks led by 1.05 to 1 in NYSE & 1.49 to 1 in Nasdaq

Net new 52 wk highs were leading by 141 in NYSE & 105 in Nasdaq

VIX UP 8.59% @ 24.03

Oil @ $41.61

Gold @ $1946.30

Canadian $ @ .6699

In my portfolio...Bought TLRY @ $7.08

Portfolio AAL APA CCL MGM MSFT SQ SU TLRY

Stocks which closed green included CCL SU

PENN DKNG CNQ DAL ERI CRWD TD

LITE BMO EAT KRA NCLH QCOM 

MCD BABA EXPE SLB YELP MA

WYNN LVS MS V.....

AH Futures UP

AH Asian Markets Down

AH Oil UP

AH Gold Down

About market, TAPE was UP on Putin vaccine news, DOW soared 350 points to give it all back and went into negative. All major indices closed lower. Gold slumped big time along with Silver losses were 5% to 15%, a major reversal. This TAPE is going through much anticipated transition from @ home to businesses opening UP. A proper weighting is prudent to focus on rotation. Futures are UP to reflect President Trump tweet of major order for Moderna vaccines.

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed......

 Indices closed mixed.

S&P 500 @ 3360.47, high 3363.29, low 3335.44

RSI @ 69.79

CMF @ 0.480

Internals were :

UP volume led by 3.11 to 1 in NYSE & 1.87 to 1 in Nasdaq

Advancing stocks led by 2.45 to 1 in NYSE & 1.55 to 1 in Nasdaq

Net new 52 wk highs were leading by 174 in NYSE & 127 in Nasdaq

VIX Down .36% @ 22.13

Oil @ $41.94

Gold @ $2039.70

Canadian $ @ .6644

In my portfolio...Bought SQ @ $141.00

Portfolio AAL APA CCL MGM MSFT SQ SU

Stocks which were UP 4% or more included AAL APA CCL MGM SU NKLA NIO CGC DAL NVAX KRA NCLH BA UAL OXYYELP

WYNN LVS ULTA X M.....

AH Futures UP

AH Asian Markets UP

AH Oil UP

AH Gold Down

About market, TAPE followed a pattern of rotation which got laggards to make major moves. Technology stocks were weak and Nasdaq closed down. It is important to recognize this change in money managers focus. IF we get a breakout in these stocks then we have shifted buying pattern which may have holding power.

BLOG does NOT give buy or sell.

Saleem

US stock market Rally to continue.....

 US stock market is @ interesting point, Nasdaq has seen major buying since March, while DOW & S&P 500 are being bought with new money inflow now.

Here is the RSI for US market :

TAN             77.12

S&P 500    68.90

IWM          68.76

DOW        65.16

Nasdaq     65.13

SOX         61.82

XLE        50.06

Based on the above SOX is looking attractive, money has flowed out lately or profit has been booked.

Except for Solar stocks as highlighted in TAN is overbought and may need rest as rotation is going on.

XLE has the biggest potential as energy use is on the upswing as world economy is back on track slowly.

CHINA is almost @ pre COVID-19 level in terms of output growth.

USA is also moving slowly towards more economic activity despite many challenges.

USA stimulus package should provide needed boost, despite haggling for compromise a tradition all investors and traders are used to.

Russell 2000 is only 1 points away from making " golden cross " while Nasdaq, DOW, SOX & S&P 500 has made " golden cross " already.....

It is quite significant that Russell 2000 is also participating lately. Small cap is key to any real recovery and may be a leading indicator of normalcy to come.

Rotation should be in focus as previous leaders may not move as much, they had their day in the sun.

In any bull market, it is important to recognize what groups may be next in demand by traders, investors and most important of all Robinhood day traders.......

SO..keep an eye on your portfolio, it may have to change as rotation may become name of the game.

Good luck with your own thesis.

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed.....

 Indices closed mixed despite no agreement on stimulus package. Jobs number beat expectations. Nasdaq took a well deserved rest.

S&P 500 @ 3351.28, high 3352.54, low 3328.72

RSI @ 68.90

CMF @ 0.390

Internals were :

UP volume led by 1.32 to 1 in NYSE & .98 to 1 in Nasdaq

Advancing stocks led by 1.43 to 1 in NYSE & 1.31 to 1 in Nasdaq

Net new 52 wk highs were leading by 135 in NYSE & 143 in Nasdaq

VIX Down 1.94% @ 22.21

Oil @ $41.22

Gold @ $2028.00

Canadian $ @ .6602

Stocks which closed green included CCL MGM

NKLA SNAP PENN DKNG CNQ CNX ROKU

HST NTAP ENPH SEDG JKS SPWR FSLR

EAT KRA UPS CSIQ OSTK X M......

Here is my portfolio weighting :

MGM         31.53%

AAL           21.83%

SU             16.26%

CCL          12.29%

MSFT       11.24%

APA           6.85%

Next post by 6 PM on Sunday.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .64% to 1.00%....NICE !!!!

Indices closed UP.

S&P 500 @ 3349.16, high 3351.03, low 3318.14

RSI @ 68.70

CMF @ 0.393

Internals were :

UP volume led by .78 to 1 in NYSE & 1.31 to 1 in Nasdaq

Advancing stocks led by 1.06 to 1 in NYSE & .87 to 1 in Nasdaq

Net new 52 wk highs were leading by 212 in NYSE & 204 in Nasdaq

VIX Down 1.48% @ 22.65

Portfolio AAL APA CCL MGM MSFT SU

Oil @ $41.95

Gold @ $2069.40

Canadian $ @ .6708

Stocks which were UP 3% or more included AAL MGM 

SQ LYFT NKLA PENN DKNG UBER AAPL NCLH

HUYA FB WYNN LVS.....

AH Futures Down

AH Asian Markets Down

AH Oil & Gold UP

About market, TAPE closed near high of the day after hesitation and negative action @ open. Nasdaq closed @ new all time highs 32 times to be exact and above 11K for the very first time @ close. CMF is @ highest point in a long long time, sign that money is flowing in equities. Internals were mixed. It is all about Jobs report which may surprise on the positive side by a wide margin which means, rally may catch more steam on Friday.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .52% to 1.39%....NICE !!!!

Indices closed UP.

S&P 500 @ 3327.77, high 3330.77, low 3317.37

RSI @ 66.70

CMF @ 0.355

Internals were :

UP volume led by 2.57 to 1 in NYSE & 2.20 to 1 in Nasdaq

Advancing stocks led by 2.46 to 1 in NYSE & 2.14 to 1 in Nasdaq

Net new 52 wk highs were leading by 313 in NYSE & 288 in Nasdaq

VIX Down 3.24% @ 22.99

Oil @ $42.19

Gold @ $2049.30

Canadian $ @ .6741

In my portfolio ...Bought APA @ $16.21

Portfolio AAL APA CCL MGM MSFT SU

Stocks which were UP 2% or more included AAL CCL SU APA

SQ CLDR PENN ZI CNQ GAN DAL MTCH ZM KBH ENPH

PINS SEDG KRA ELF HUYA SPWR RUN MOMO LULU

AEM AMZN UAL SPLK FSLR PANW YY MA OSTK

NKE.....

AH Futures Mixed

AH Asian Markets Mixed

AH Oil Down

AH Gold UP

About market, TAPE continued its march towards series of new all time highs in Nasdaq. We closed near high of the day with internals being strong. After hours earnings tonight is mixed. Sector rotation continues with airlines in focus. Direction is UP so stay engaged with your own preferred stocks.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .35% to .62%....NICE !!!!

Indices closed UP.

S&P 500 @ 3306.51, high 3306.84, low 3286.37

RSI @ 64.62

CMF @ 0.372

Internals were :

UP volume led by 2.25 to 1 in NYSE & 2.12 to 1 in Nasdaq

Advancing stocks led by 1.98 to 1 in NYSE & 1.55 to 1 in Nasdaq

Net new 52 wk highs were leading by 211 in NYSE & 186 in Nasdaq

VIX Down 2.14% @ 23.76

Oil @ $41.70

Gold @ $2021.00

Canadian $ @ .6631

Portfolio AAL CCL MGM MSFT SU

Stocks which were UP 2% or more included AAL CCL MGM 
LYFT SNAP AMD PENN AUY GOLD NEM KL CNQ 
ROKU UBER TLRY CRON ENPH SEDG AG EAT 
NCLH BIDU JKS IQ HUYA SPWR RUN BYND
FSLR CSIQ OLED OXY LNG ULTA X .....

AH Futures Down

AH Asian Markets Mixed

AH Oil Down

AH Gold UP

About market, TAPE closed @ high of the day after some hesitation @ open. Internals were positive. New sectors are participating means sector rotation is in full swing, today sector of the day was Cannabis group, Solar is on fire. Stay engaged with this unbelievable TAPE.CMF has hit highest level today in a long long time, means money is pouring in this TAPE.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .72% to 1.47%...NICE !!!!

Indices closed UP.

S&P 500 @ 3294.61, high 3302.73, low 3284.53

RSI @ 63.43

CMF @ 0.285

Internals were :

UP volume led by 1.57 to 1 in NYSE & 2.97 to 1 in Nasdaq

Advancing stocks led by 1.94 to 1 in NYSE & 2.47 to 1 in Nasdaq

Net new 52 wk highs were leading by 203 in NYSE & 205 in Nasdaq

VIX Down .74% @ 24.28

Oil @ $41.01

Gold @ $1986.30

Canadian $ @ .6611

In my portfolio....in pre market

Bought MSFT @ $210.00
Added 20% CCL @ $13.37

Portfolio AAL CCL MGM MSFT SU

Stocks which were UP 2% or more included MSFT SU
APA DADA SQ PENN DOCU ZI CNX SHOP ROKU
CGC MTCH ZM CRWD UBER PINS AAPL DHI
JKS SPWR RUN ASML QCOM BYND NVDA 
TWLO TSLA OSTK X.....

AH Futures Down

AH Asian Markets Mixed

AH Oil Down

AH Gold UP

About market, TAPE was strong from pre market to close based on Tik Tok being allowed to be pursued by MSFT or any other company. Market internals were strong. Most earnings report is being rewarded with positive price action. Many stocks are making new all time highs on a daily basis which is extremely healthy. RSI still below overbought levels, so more room to run.

BLOG does NOT give buy or sell.

Saleem

US stock market still attractive......

Earnings report has been very impressive so far.

Earning reaction so far has been mixed.

RSI still attractive in indices and stocks.

Here is RSI numbers for market & selected stocks :

Table 1.....

Nasdaq     61.67
S&P 500  61.03
SOX        60.90
IWM       55.47
DOW      52.13 

Table 2.....

GLD       82.22
TAN       65.06 
XLE      43.73

Table 3......

AMD     77.43
AAPL    73.80
LRCX    68.39
TSM      66.79
FB         65.01
AMZN   62.51
CRWD  62.08
DDOG  61.16
SHOP   59.85
ZM       53.09

Above 3 table of RSI gives you a very good read on " relative strength / weakness ".

First table analyze overall market, that gives a clear signal that based on RSI we are very healthy.

Second table gives us an idea of sector, again it shows leading and lagging sector.

Third table is very interesting, many surprises as to where they are in RSI ...

As we are getting late in COVID-19 scenario, it is important that we realize, there is no simplistic solution to deal with Corona Virus.

World needs to adjust to new reality and move on with life @ hand.

All this focus on vaccine is getting overplayed, in the end they may not get a real solution only a temporary stop gap hope /  solution.

We have not cured FLU for so long after so many vaccine were invented and we keep tinkering every year with new strings of FLU...still no guarantee for even cure for FLU...

We all need to take precaution just like for FLU for COVID-19, which may co-exist with FLU for a very long time.....

Once we accept this reality of precaution, world will adjust accordingly.

We are already in 3rd wave of COVID-19 in many countries where they took serious measures to control it......" reality speaks louder than fiction "

SO...lets get focus on picking stocks which is giving lot of opportunities....

Above 3 tables will give you a format to focus and prosper.....

RSI is telling us " we are more than OK even now "

Good luck with your own analysis and comfort level.

BLOG does not give buy or sell.

Saleem