Indices closed UP .74% to 1.20%...NICE !!!!

 Indices closed UP.

S&P 500 @ 3363.00, high 3393.56, low 3340.47

RSI @ 51.50

CMF @ -0.073

Internals were :

UP volume led by 2.23 to 1 in NYSE & 1.76 to 1 in Nasdaq

Advancing stocks led by 1.20 to 1 in NYSE & 1.06 to 1 in Nasdaq

Net new 52 wk highs were leading by 75 in NYSE & 53 in Nasdaq

VIX UP .38% @ 26.17

Oil @ $40.22

Gold @ $1895.50

Canadian $ @ .6674

Portfolio AAL APA CCL AG FCX MGM SU

Stocks which were UP 2% or more included FCX

SPWR CSIQ RXT NKLA PENN GOOS DKNG 

ZI GAN TOL UBER DDOG ENPH JD PINS

SEDG NCLH BIDU DHI PHM RUN MS

NVDA TSLA BABA YY.....

AH Futures UP

AH Asian Markets Mixed

AH Oil & Gold Down

About market, TAPE was strong due to positive comment made by Treasury Secretary but there was no agreement for stimulus, thus market pulled back 50% but made another run by close. There is further hope for stimulus after close as differences are being narrowed, now it is around $2.2 trillion and going down. Hopefully Thursday may be a strong day IF further progress in negotiations are announced. All major Indices are above 50 DMA which includes S&P 500, DOW, Nasdaq & SOX.

BLOG does NOT give buy or sell.

Saleem

Indices closed down .29% to .48%....

 Indices closed down.

S&P 500 @ 3335.47, low 3327.54, high 3357.72

RSI @ 48.63

CMF @ -0.027

Internals were :

Down volume led by 2.59 to 1 in NYSE & .90 to 1 in Nasdaq

Declining stocks led by 1.52 to 1 in NYSE & 1.08 to 1 in Nasdaq

Net new 52 wk highs were leading by 53 in NYSE & 44 in Nasdaq

VIX UP .31% @ 26.27

Oil @ $39.29

Gold @ $1903.20

Canadian $ @ .6584

Portfolio AAL APA CCL AG FCX MGM SU

Stocks which were UP 2% or more included SNOW RXT SQ

DADA AMD NIO ZI SHOP ENPH SEDG KRA SRNE 

VICR JKS SPWRBYND NIU OLED.....

AH Futures UP

AH Asian Markets Down

AH Oil & Gold Down

About market, TAPE rested today after 3 days of gain, Internals were mixed. Reason for mild pullback was the destruction of demand for oil due to renewed 2nd phase COVID-19. There is some progress in dealing or containing Corona virus with new announcement on a daily basis, one of these days all industries including leisure will know how to handle their clients.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP 1.51% to 1.81%....NICE!!!

 Indices closed UP.

S&P 500 @ 3351.60, high 3360.74, low 3332.91

RSI @ 50.25

CMF @ -0.026

Internals were :

UP volume led by 4.48 to 1 in NYSE & 3.48 to 1 in Nasdaq

Advancing stocks led by 5.28 to 1 in NYSE & 3.23 to 1 in Nasdaq

Net new 52 wk highs were leading by 50 in NYSE & 28 in Nasdaq

VIX Down .72% @ 26.19

Oil @ $40.60

Gold @ $1882.30

Canadian $ @ .6617

In my portfolio added 100% FCX @ $15.55

Portfolio AAL APA CCL AG FCX MGM SU

Stocks which were UP 3% or more included AAL APA FCX SU

CSIQ SNOW MRVL NXPI DADA SNAP DKNG GAN DAL

NTAP UBER KBH ENPH SEDG FSLR SPWR JKS KRA

DHI PHM RUN WB XLNX BZUN TSLA UAL CRUS

SLB SINA ULTA SWKS X.....

AH Futures UP

AH Asian Markets Mixed

AH Oil & Gold UP

About market, TAPE was strong and closed near high of the day in S&P 500 which is always a better representative of broad strength of market as it is based on 500 stocks vs 100 in Nasdaq and only 30 in DOW. Internals were strong and today's rally was broad based means most sectors participated in this strong day. Today's tone of market was not based on rotation but was broad based which we want because this type of market has staying power of uptrend.

BLOG does NOT give buy or sell.

Saleem

US stock market remains oversold.....

 US stock market has been under lot of pressure in September.

COVID-19 lack of vaccine is a factor

NO stimulus deal is another factor

US dollar getting strong is a factor

US Economy getting weaker is a factor

2nd wave of Corona Virus infection is a factor

US election is adding to uncertainty is a factor

US China trade fiasco is a factor

Oil staying near $40 is another factor

Strength of US Dollar negatively impacts other currencies, commodities 

IF we look @ all of the above, no wonder we are marking time and searching for support in US stock market.

Most of the indices are below 50 in RSI, hovering in mid 40 for most

SO..technicals are weak as every indices or sector are below 50 DMA

TAN is the only sector which near highs above 50 & 200 DMA, solar stocks are on fire...only sector which i can see bucking the trend. TAN RSI @ 64.02 which is very strong.

XLE is in deep trouble as it is below 50 & 200 DMA....even further below than 200 DMA and RSI @ unheard of 26.74.....

Market may make further progress this week as selling seems exhausted.

Major indices have staged 2 day back to back gains, which is a confirmation of reversal.

Most TV technicians are extremely bearish and are not satisfied with 11% pullback in major indices, they are positioned for 20% slump.

I personally do not see 20% total pullback under current scenario.

Economy is chugging along OK and ready to join other struggling group with quick COVID-19 test being done for masses and results within minutes, this will allow general public to feel comfortable to go in any group situation with proper distance protocol in place.

SO stay diversified, maybe there is big gains in laggards.

Good luck with your own thesis and comfort level.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP 1.34% to 2.26%....NICE !!!!

 Indices closed near high of the day, a nice confirmation of this uptrend. Progress in re opening of economy plus on stimulus caused this jump.

S&P 500 @ 3298.46, high 3306.88, low 3228.44

RSI @ 44.62

CMF @ -0.006

Internals were :

UP volume led by 1.86 to 1 in NYSE & 4.57 to 1 in Nasdaq

Advancing stocks led by 2.29 to 1 in NYSE & 2.92 to 1 in Nasdaq

Net new 52 wk lows were leading by 10 in NYSE & 16 in Nasdaq

VIX Down 7.47% @ 26.38

Oil @ $40.25

Gold @ $1866.30

Canadian $ @ .6586

In my portfolio added 60% AG @ $9.60

Stocks which were UP 4% or more included AAL CCL MGM

PENN DOCU DKNG ZI PLAN SHOP HST ZM ENPH BA

NVAX SEDG MRNA NCLH JKS CSIQ SPWR RUN 

BYND TSLA SPLK CSIQ....

Here is my portfolio weighting :

MGM        33.10%

SU           21.00%

AAL         18.61%

CCL        11.77%

AG           6.06%

APA         5.80%

FCX        3.66%

Next post by 6 PM on Sunday.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .20% to .37%...NICE !!!!

 Indices closed UP.

S&P 500 @ 3246.59, high 3278.70, low 3209.45

RSI @ 38.28

CMF @ -0.039

Internals were :

UP volume led by 1.39 to 1 in NYSE & 1.19 to 1 in Nasdaq

Declining stocks led by 1.07 to 1 in NYSE & 1.36 to 1 in Nasdaq

Net new 52 wk lows were leading by 71 in NYSE & 119 in Nasdaq

VIX Down .24% @ 28.51

Oil @ $40.31

Gold @ $1876.90

Canadian $ @ .6626

Portfolio AAL APA CCL AG FCX MGM SU

Stocks which were UP 2% or more included AG FCX SU

SNOW AUY NEM EAT LSCC TWLO AEM LRCX

CRUS OXY OSTK.....

AH Futures UP

AH Asian Markets Mixed

AH Oil & Gold Down

About market, TAPE closed UP after struggling whole day UP Down then UP. This is a typical action near support. Internals were mostly negative. Hopefully we should have a strong close on Friday. Democrats are coming UP with new stimulus proposal of $2.4 trillion, hopefully Republican can come up from their $1.5 trillion talking point.

BLOG does NOT give buy or sell.

Saleem

Indices closed down 1.92% to 3.02%.....

 Indices closed down.

S&P 500 @ 3236.92, low 3232.57, high 3323.35

RSI @ 37.04

CMF @ -0.009

Internals were :

Down volume led by 8.83 to 1 in NYSE & 2.79 to 1 in Nasdaq

Declining stocks led by 7.84 to 1 in NYSE & 5.94 to 1 in Nasdaq

Net new 52 wk lows were leading by 40 in NYSE & 47 in Nasdaq

VIX UP 6.40% @ 28.58

Oil @ $39.93

Gold @ $1868.40

Canadian $ @ .6624

Portfolio AAL APA CCL AG FCX MGM SU

Stocks which closed green included CSIQ JKS MU TWTR

GOOS ERI ZM SEDG NKE IQ LULU BZUN FSLR MGA

CMG....

AH Futures Mixed

AH Asian Markets Mixed

AH Oil & Gold Down

About market, TAPE came in intense selling pressure and closed near low of the day, it was technical selling to test support again and again. Internals were negative all over. We are deeply oversold and is ready for an oversold bounce. This is a very good opportunity to rejuggle your portfolio as everything is being sold off.

BLOG does NOT give buy or sell.

Saleem

Indices UP .52% to 1.71%...NICE !!!!

Indices closed UP.

S&P 500 @ 3315.57, high 3320.31, low 3270.95

RSI @ 43.70

CMF @ 0.069

Internals were :

UP volume led by 1.04 to 1 in NYSE & 1.64 to 1 in Nasdaq

Advancing stocks led by 1.25 to 1 in NYSE & 1.00 to 1 in Nasdaq

Net new 52 wk highs were leading by 12 in NYSE & lows by 18 in Nasdaq

VIX Down 3.31% @ 26.86

Oil @ $39.60

Gold @ $1907.60

Canadian $ @ .6683

Portfolio AAL APA CCL AG FCX MGM SU

Stocks which were UP 2% or more included MGM

SNOW SQ MSFT NKLA QRVO TWTR SNAP

PENN NIO DOCU DKNG ZI PLAN CNQ TOL

SHOP ROKU ZM CRWD DDOG KBH DHI

NCLH PHM NKE VICR BYND LULU FB

AMZN SPLK EXPE GOOG NTNX MA

OSTK SWKS CMG......

AH Futures Mixed

AH Asian Markets Mixed

AH Oil UP

AH Gold Down

About market, TAPE closed near high of the day after some hesitation. COVID-19 2nd wave all over the world remains in focus which badly needs reprieve, its awfully quiet on vaccine front. Market is trying to find footing near support. Politics in USA is a huge diversion going forward. Make sure diversification remains a high priority.

BLOG does NOT give buy or sell.

Saleem

Indices closed down .13% to 1.84%.....

 Indices closed down.

S&P 500 @ 3281.06, low 3229.10, high 3285.57

RSI @ 39.25

CMF @ 0.072

Internals were :

Down volume led by 7.75 to 1 in NYSE & 1.50 to 1 in Nasdaq

Declining stocks led by 5.96 to 1 in NYSE & 4.24 to 1 in Nasdaq

Net new 52 wk lows were leading by 27 in NYSE & 24 in Nasdaq

VIX UP 7.55% @ 27.78

Oil @ $39.31

Gold @ $1910.60

Canadian $ @ .6699

In my portfolio Added 30% MGM @ $21.04

Portfolio AAL APA CCL AG FCX MGM SU

Stocks which closed green included SQ MSFT PANW AMD

DOCU ZI PLAN SHOP ROKU TOL ZM CRWD ESTC

DDOG ENPH SEDG JKS AAPL IQ QCOM NVDA

TWLO TSLA LRCX SPLK AMAT NFLX ORCL....

AH Futures UP

AH Asian Markets Mixed

AH Oil & Gold UP

About market, TAPE was in a sell sell sell mode until DOW came awfully close to 200 DMA which was about down 940 area, buyers stepped in and took the market to down 500, nice half way recovery. Market was troubled by many things, first COVID-19 was having 2nd wave of infection in Europe, Australia and even in Canada, Supreme court vacancy causing major upheaval in USA politics which may delay stimulus agreement, thirdly US Presidential election is heading towards Democrats which may not be banking friendly. BUT all that, may have been discounted already.

BLOG does NOT give buy or sell.

Saleem

US markets deeply oversold, ready to bounce YES!

 US markets have gone through serious pullback after making a new all time highs in most indices in the month of September, but in total 13 trading days most had sharpest pullback which we have seen , here is the tabulation of last 13 days .

Nasdaq    Down11.87%

SOX        Down 10.44%

S&P 500 Down 8.24% 

DOW      Down 5.86%

IF you factor 13 days of trading, one can see the ferocity of this pullback.

IF we look @ RSI, most are deep in oversold area as listed below :

XLE          39.91

Nasdaq    42.09

S&P 500  42.74

SOX        46.78

DOW      46.90

IWM       50.09

GLD       51.87

JETS     55.15

TAN      57.52

Seeing Nasdaq @ 42.09 is a real surprise.

I do have some positive numbers also and it is in above 50 DMA category :

DJIA

IWM

TAN

GLD

There are 2 positive which is worth noting Russell 2000 & DOW both are contrary indicator of this selling.

TAN has been the strongest sector, which has surprised many and me.

IF you further look @ carnage AAPL has lost 22% which is in bear market which kicks in @ 20% pullback.

OK.....any further positive news...YES....

Vaccine for COVID-19 is making much faster progress than anticipated.

TIK TOK has been approved for Oracle partnership with Walmart joining with Bytedance.

TIK TOK news may pull us out of this 13 day trading slump....

Which sector will outperform in this leg up is a very challenging question, IF vaccine gets more positive press then all laggards will move UP sharply.

IF TIK TOK news is the only catalyst then whole technology stocks will get rerated higher, sentiment will improve which should give lift to overall market.

Based on recent pullback, it is clear that expensive techs are being sold to book profit.

SO.. give your portfolio a second look and analyze why DOW lost the least in this sharp pullback, answer may surprise many.....it is the rotation which is taking hold.

Good luck with your own analysis and comfort level.

BLOG does NOT give buy or sell.

Saleem

Indices closed down .88% to 1.07%.....

 Indices closed down but off their lows. Internals were negative. Rotation out of popular technology stocks continues. Today's negative action was due to new surge in Europe of COVID-19 and causing travel restrictions plus other impositions to contain 2nd wave.

S&P 500 @ 3319.47, low 3292.40, high 3362.27

RSI @ 42.74

CMF @ 0.053

Internals were :

Down volume led by 2.61 to 1 in NYSE & 1.11 to 1 in Nasdaq

Declining stocks led by 2.04 to 1 in NYSE & 1.12 to 1in Nasdaq

Net new 52 wk highs were leading by 67 in NYSE & 61 in Nasdaq

VIX Down 2.38% @ 25.83

Oil @ $41.11

Gold @ $1962.10

Canadian $ @ .6818

Stocks which were UP 1% or more included APA

SNOW TWTR DKNG GAN CNX SHOP ZM 

CRWD ENPH EAT KRA MRNA JKS IQ 

SPWR RUN WB TWLO BB GOOS 

TSLA OSTK X....

In my portfolio Sold RXT @ $18.05

Here is my portfolio weighting :

MGM           27.38%

SU              23.15%

AAL            20.50%

CCL           12.27%

APA              7.66%

AG               4.87%

FCX            4.17%

Next post by 6 PM on Sunday.

BLOG does NOT give buy or sell.

Saleem

Indices closed down .47% to 1.27%.....

 Indices closed down.

S&P 500 @ 3357.01, low 3328.82, high 3375.17

RSI @ 46.51

CMF @ 0.101

Internals were :

Down volume led by 1.30 to 1 in NYSE & 1.27 to 1 in Nasdaq

Declining stocks led by 1.61 to 1 in NYSE & 1.36 to 1 in Nasdaq

Net new 52 wk highs were leading by 48 in NYSE & 34 in Nasdaq

VIX UP 1.61% @ 26.46

Oil @ $40.97

Gold @ $1949.90

Canadian $ @ .6792

Portfolio AAL APA CCL AG FCX MGM RXT SU

Stocks which were UP 1% or more included FCX RXT

MU MRVL LYFT PENN NIO DKNG ZI GAN ZM

KRA ELF HUYA ASML OXY WB X....

AH Futures Mixed

AH Asian Markets Mixed

AH Oil & Gold UP

About market, TAPE closed down but off their lows as buyers stepped in to buy stocks which were out of favor, it seems that rotation has taken place but still a mixed situation, some old favorites still getting buyers @ low / support. Expect Friday to be a positive day as selling seems to be exhausted with RSI @ bargain buying point.

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed.....

 Indices closed mixed.

S&P 500 @ 3385.49, low 3384.45, high 3428.72

RSI @ 49.58

CMF @ 0.063

Internals were :

UP volume led by 2.48 to 1 in NYSE & 1.63 to 1 in Nasdaq

Advancing stocks led by 1.70 to 1 in NYSE & 1.51 to 1 in Nasdaq

Net new 52 wk highs were leading by 115 in NYSE & 70 in Nasdaq

VIX UP 1.76% @ 26.04

Oil @ $40.16

Gold @ $1970.50

Canadian $ @ .6832

Portfolio AAL APA CCL AG FCX MGM RXT SU

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

MU DKNG CNQ CNX TOL DAL ESTC KBH NVAX KRA MRNA

DHI PAM BA IQ RUN UAL OXY SLB LNG X.....

AH Futures Down

AH Asian Markets Mixed

AH Oil & Gold Down

About market, TAPE was green from open on FDX earnings and optimism about Fed policy statement. Initially Fed statement was greeted with jubilation but by close all enthusiasm evaporated, we closed @ low of the day.I will not read too much into HFT selling as internals remained positive. Minor shift in Fed policy was noted by me as QE is on hold as economy is doing what was expected by Fed. More clarity was given about direction of low low interest rates till 2024.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .01% to 1.21%...NICE !!!!

 Indices closed UP.

S&P 500 @ 3401.20, high 3419.48, low 3389.25

RSI @ 51.32

CMF @ 0.144

Internals were :

UP volume led by .91 to 1 in NYSE & 2.05 to 1 in Nasdaq

Advancing stocks led by 1.38 to 1 in NYSE & 1.20 to 1 in Nasdaq

Net new 52 wk highs were leading by 112 in NYSE & 65 in Nasdaq

VIX Down 1.01% @ 25.59

Oil @ $38.28

Gold @ $1966.20

Canadian $ @ .6795

Portfolio AAL APA CCL AG FCX MGM RXT SU

Stocks which were UP 1% or more included MGM

INTC SQ MSFT QRVO NXPI SNAP AMD PENN

NIO PLAN ROKU DAL MTCH CRWD DDOG

ENPH PINS SEDG EAT BIDU JKS JUYA RUN

MOMO QCOM BYND TSM FB TSLA FSLR

CRUS NFLX OLED YY OXY BABA FB

CSIQ AMZN ULTA SWKS TSM LRCX...

AH Futures Mixed

AH Asian Markets Mixed

AH Oil UP

AH Gold Down

About market, TAPE was green close after struggling a bit on no progress with stimulus in Washington. Tomorrow its all about Fed statement which is expected to be extremely supportive of stock market. VIX was down and internals were mostly positive. We are buying time until politicians get it together, not a bad state to be in. Keep looking for opportunities but staying with old favorites are working out just fine.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP 1.18% to 1.87%....NICE !!!!

 Indices closed UP.

S&P 500 @ 3383.54, high 3402.93, low 3363.56

RSI @ 49.47

CMF @ 0.142

Internals were :

UP volume led by 5.42 to 1 in NYSE & 5.95 to 1 in Nasdaq

Advancing stocks led by 4.19 to 1 in NYSE & 3.63 to 1 in Nasdaq

Net new 52 wk highs were leading by 59 in NYSE & 33 in Nasdaq

VIX Down 3.80% @ 25.85

Oil @ $37.24

Gold @ $1963.70

Canadian $ @ .6823

In my portfolio :

Sold MU @ $49.20

Added 30% MGM @ $22.90

Portfolio AAL APA CCL AG FCX MGM RXT SU

Stocks which were UP 2% or more included AAL AG RXT MU

CSIQ SQ LYFT NKLA PENN AUY NIO DKNG CNX DAL 

MTCH DDOG KBH ENPH JD SEDG AAPL JKS RUN

BYND NVDA TSLA YY MA ORCL OSTK ULTA...

AH Futures Down

AH Asian Markets Mixed

AH Oil Down

AH Gold UP

About market, TAPE got a huge reprieve from slew of takeover announcements, even vaccine news added boost to bullish move. Indices closed near high of the day, internals were strong. Bullish day is very good to lock profit and juggle portfolio. On weak days it is prudent to buy in an opportunistic manner for trade or long term strategy.

BLOG does NOT give buy or sell.

Saleem

US Stock markets going south ?

 US stock market is in very precarious technical formation.

Most Index / Indices are on the verge of collapsing below key technical levels.

Nasdaq below 50 DMA

SOX below 50 DMA

IWM below 50 DMA

XLE below 50 & 200 DMA

We are precariously hanging just above 50 DMA in the following Index / sector

S&P 500 hanging near 50 DMA

DOW hanging near 50 DMA 

TAN getting near 50 DMA

Above is NOT a picture of a healthy market.....

Be ready for a sharp collapse below 50 DMA and towards 200 DMA

@ least that is the logical conclusion.....

Unless Politicians get their act together

No forced approval of any half baked vaccine for COVID-19

Market can handle due diligence in medical research, mid 2021 is OK with Wall Street

Now the real question is what to do now......

Market will do what it needs to do...

US election is a huge distraction for few weeks

All in all make sure you are positioned to deal with volatility on a daily basis....comfort level needs to be very high going forward.

Good luck with your own strategy!

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed....

 Indices closed mixed on no progress about stimulus package and any positive catalyst from EU rate policy.

S&P 500 @ 3340.97, high 3368.95, low 3310.47

RSI @ 44.78

CMF @ 0.156

Internals were :

Down volume led by .80 to 1 in NYSE & 1.38 to 1 in Nasdaq

Declining stocks led by 1.05 to 1 in NYSE & 1.40 to 1 in Nasdaq

Net new 52 wk highs were leading by 1 in NYSE & lows by 5 in Nasdaq

VIX Down 9.56% @ 26.87

Oil @ $37.35

Gold @ $1947.90

Canadian $ @ .6811

Stocks which closed 2% or more included FCX MU

PANW LYFT CSIQ SNAP CIEN TOL UBER 

KBH NVAX KRA MRNA DHI NKE JKS 

MOMO CLVS MOMO ....

Here is my portfolio weighting :

SU          22.81%

MGM     20.57%

AAL       19.20%

CCL      13.52%

APA         6.86%

MU         5.76%

AG         4.55%

RXT       2.97%

Next post by 6 PM on Sunday.

BLOG does NOT give buy or sell.

Saleem

Indices closed down 1.45% to 1.99%......

 Indices closed down.

S&P 500 @ 3339.19, low 3329.25, high 3425.56

RSI @ 44.58

CMF @ 0.149

Internals were :

Down volume led by 4.73 to 1 in NYSE & 1.82 to 1 in Nasdaq

Declining stocks led by 2.12 to 1 in NYSE & 1.97 to 1 in Nasdaq

Net new 52 wk highs were leading by 38 in NYSE & 33 in Nasdaq

VIX UP 3.12% @ 29.71

Oil @ $37.30

Gold @ $1964.30

Canadian $ @ .6833

In my portfolio :

Added 50% APA @ $12.90

Sold GOLD @ $30.18

Portfolio AAL APA CCL AG FCX MGM MU RXT SU

Stocks which closed green included CCL

PENN DKNG LVS WYNN ERI GAN 

CRWD UBER NVAX EAT KRA IQ

MRNA RUN BYND MCD TSLA 

UAL CRUS OSTK....

AH Futures UP

AH Asian Markets Mixed

AH Oil & Gold Down

About market, TAPE wanted to move UP but total disagreement on stimulus package pushed the market down and closed @ low of the day. Internals were weak but hardly anything to be scared of. Talking of scared, our pundit of century is flip flopping daily with a straight face. Market will remain difficult until Q 1 when there will be clarity about COVID-19 and US election. Economy also needs time to recover from total shutdown to gradual normalcy. It is not the month of September to be scared off, it should be more than fine. Market will buy time to reflect challenges in economy and COVID-19 vaccine.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP 1.60% to 2.71%....NICE !!!!

 Indices closed UP.

S&P 500 @ 3398.96, high 3424.77, low 3366.84

RSI @ 50.24

CMF @ 0.221

Internals were :

UP volume led by 2.65 to 1 in NYSE & 3.19 to 1 in Nasdaq

Advancing stocks led by 2.96 to 1 in NYSE & 2.24 to 1 in Nasdaq

Net new 52 wk highs were leading by 30 in NYSE & 26 in Nasdaq

VIX Down 8.42% @ 28.81

Oil @ $38.05

Gold @ $1954.90

Canadian $ @ .6832

Portfolio AAL APA GOLD CCL AG FCX MGM MU RXT SU

Stocks which were UP 4% or more included GOLD AG RXT

MRVL MSFT QRVO CLDR SNAP AMD PENN NIO NEM

DKNG KL ZM KBH PINS NVAX RUN TSLA AEM YY 

SPWR OSTK SWKS KBH ....

AH Futures Down

AH Asian Markets UP

AH Oil Down

AH Gold UP

About market, TAPE proved most gurus wrong by opening higher and never looking back despite no agreement on 2nd stimulus for US economy & setback with Vaccine trial. Surprisingly after close every guru became bullish. Market character has changed for the short term, lot of unknown facing stock market, many places are experiencing 2nd wave of COVID-19 infection, US still struggling with first wave, election drama will take center stage just to name a few. Tread carefully every time we have a rally and be opportunistic, when we have selling.

BLOG does NOT give buy or sell.

Saleem

Indices closed down 2.25% to 4.11%.......

 Indices closed down.

S&P 500 @ 3331.84, low 3329.27, high 3379.97

RSI @ 42.64

CMF @ 0.167

Internals were :

Down volume led by 3.89 to 1 in NYSE & 2.29 to 1 in Nasdaq

Declining stocks led by 3.76 to 1 in NYSE & 2.24 to 1 in Nasdaq

Net new 52 wk highs were leading by 7 in NYSE & lows by 1 in Nasdaq

VIX UP 2.31% @ 31.46, high today 35.93

Oil @ $36.76

Gold @ $1943.20

Canadian $ @ .6802

Portfolio AAL APA GOLD CCL AG FCX MGM MU RXT SU

Stocks which closed green included AAL GOLD 

MRVL LYFT NKLA SNAP PENN NEM DKNG

GAN KL ROKU TOL DAL ERI CRWS UBER

DDOG NCLH NKE RUN MCD YELP MCD...

AH Futures Mixed

AH Asian Markets Down

AH Oil & Gold Down

About market, TAPE saw a total capitulation by retail and followers of scared gurus. There was opportunistic buying in most desirable stocks which recovered nicely and closed @ best level of the day. While indices closed near low thanks to ETF manipulation, many stocks were sporting green @ close. VIX gave a clear signal not all is bad. Expect a positive close on Wednesday once margin calls are cleaned up by 3 PM. RSI @ 42.64 in S&P 500 is a buy signal.

BLOG does NOT give buy or sell.

Saleem

Is there a shift in US stock market.....

 The biggest question in majority of traders mind is very simple....what to do next....

Market is definitely trying to deal with "vaccinomics " which is deciding daily trading direction.

There is good news and bad news depending on where you have placed investment dollars.

Many traders were used to " follow the winners strategy " which worked pretty good from March to August.....

BUT...there is a change taking place....

Some are finding it hard to notice it...

Most traders are viewing this pullback as an opportunity to buy stocks on the cheap....

Many are viewing this pullback as a change in focus of many traders.....

High Frequency traders are getting out of " high flying quadrupling stocks as yesterday's story "

Most indices and stocks came very close to 50 DMA, in a full bloodbath they tend to go to 200 DMA or even lower......

IF & when there is a shift in HFT preference, you do not want to overstay your welcome, it generally becomes very painful to see your gains evaporate on a daily basis.

The question may be, how do I spot a change in HFT preference as I do not belong to that community like most of us.....very simply....by monitoring very closely internals of market on a daily basis.

Here is the real pulse of any market RSI and it is :

CCL             67.26

JETS            63.06

DOW           54.24

S&P 500      53.38

Nasdaq        51.28

SOX            50.58

GLD           48.97

TAN           48.79

IWM          46.69

XLE          37.35

NOW interpreting these numbers is generally based on your " time horizon and investing format " some are long term investors who diligently buy every month, for them these numbers do not mean much.

Short term traders, daytraders, swing traders have lot to worry about changing trends in market place.

RSI is telling us clearly that Cruise lines & Airlines have seen lot of inflows while Nasdaq where brunt of selling was felt have seen lot of outflows......

Verdict of market is clear cut, out of Nasdaq and into cruise lines, airlines and casino operators to name a few sectors, others like Hotels & Restaurants also getting inflows.....

Every market is very difficult to read and my summation may be very simplistic, but it has worked for me when I monitor RSI daily.

Good luck with your own interpretation of this TAPE and your own comfort level.

BLOG does NOT give buy or sell.

Saleem

Indices closed down .56% to 1.27%.....

 Indices closed down after testing 50 DMA support, closing near upper end of trading range. Jobs report was better than expected only helped with a green open and then deep slide.

S&P 500 @ 3426.96, low 3349.63, high 3479.15

RSI @ 53.38

CMF @ 0.274

Internals were :

Down volume led by 1.12 to 1 in NYSE & 1.34 to 1 in Nasdaq

Declining stocks led by 1.51 to 1 in NYSE & 1.63 to 1 in Nasdaq

Net new 52 wk highs were leading by 11 in NYSE & lows by 54 in Nasdaq

VIX Down 8.48% @ 30.75

Oil @ $39.77

Gold @ $1934.30

Canadian $ @ .6901

Stocks which closed green included AAL APA CCL FCX MGM MU RXT

LYFT PENN CNQ CNX DAL UAL JD NCLH BIDU BA TSLA WYNN

LVS ULTA X.....

Here is my portfolio weighting :

SU            22.68%

MGM       18.81%

AAL         17.83%

CCL        12.52%

GOLD      8.01%

MU           5.13%

APA          5.03%

AG           3.96%

FCX         3.31%

RXT         2.72%

Next post by 6 PM on Monday.

BLOG does NOT give buy or sell.

Saleem

Indices closed down 2.78% to 4.96%.....

Indices closed down.

S&P 500 @ 3455.06, low 3427.41, high 3564.85

RSI @ 57.34

CMF @ 0.312

Internals were :

Down volume led by 3.07 to 1 in NYSE & 3.28 to 1 in Nasdaq

Declining stocks led by 4.12 to 1 in NYSE & 4.21 to 1 in Nasdaq

Net new 52 wk highs were leading by 43 in NYSE & lows by 9 in Nasdaq

VIX UP 26.46% @ 33.60 , high today 35.94

Oil @ $41.37

Gold @ $1937.80

Canadian $ @ .6863

Portfolio AAL APA GOLD CCL AG FCX MGM MU RXT SU

Stocks which closed green included AAL CCL SU

CGC DAL UAL HST NVAX MRNA NCLH 

BYND PRNB OXY SLB ULTA M.....

AH Futures Mixed

AH Asian Markets Down

AH Oil Down

AH Gold UP

About market, TAPE came under selling pressure despite better than expected unemployment stats. Indices closed near low of the day, Internals were negative. Today was a preview of what deeply overbought selling feels, RSI was 82 yesterday an unheard number for S&P 500. Tomorrow it is all about jobs report, expectations are of 105K jobs were added, report should exceed this number. We need to watch how we close as we are approaching long weekend.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .98% to 1.59%....NICE !!!!

 Indices closed UP.

S&P 500 @ 3580.84, high 3588.11, low 3535.23

RSI @ 82.90

CMF @ 0.409

Internals were :

UP volume led by 2.35 to 1 in NYSE & 1.34 to 1 in Nasdaq

Advancing stocks led by 1.92 to 1 in NYSE & 1.56 to 1 in Nasdaq

Net new 52 wk highs were leading by 292 in NYSE & 212 in Nasdaq

VIX UP 1.72% @ 26.57

Oil @ $41.51

Gold @ $34.20

Canadian $ @ .6935

Portfolio AAL APA GOLD CCL AG FCX MGM MU RXT SU

Stocks which were UP 4% or more included MGM MU

MRVL TWTR DKNG LRCX AMAT GOOG SNAP

GOOS.....

AH Futures Down

AH Asian Markets Mixed

AH Oil & Gold UP

About market, TAPE continued its major uptrend and closed near high of the day. Nasdaq & S&P 500 closed @ another new all time highs. Internals were positive. Now the focus will shift to jobless claims on Thursday before open. Friday is all important  jobs report, these numbers may trigger reaction.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .75% to 1.39%....NICE !!!!

Indices closed UP.

S&P 500 @ 3526.65, high 3528.03, low 3494.60

RSI @ 79.19

CMF @ 0.399

Internals were :

UP volume led by 1.40 to 1 in NYSE & 1.34 to 1 in Nasdaq

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

Net new 52 wk highs were leading by 216 in NYSE & 164 in Nasdaq

VIX Down 1.10% @ 26.12

Oil @ $42.76

Gold @ $1978.90

Canadian $ @ .6952 

Portfolio AAL APA GOLD CCL AG FCX MGM MU RXT SU

Stocks which were UP 1% or more included FCX MGM 

MRVL SQ QRVO CLDR TWTR AMD PENN NIO 

DOCU DKNG GAN SHOP ROKU CIEN TOL ZM

CRWD DDOG KBH JD PINS AAPL PHM SPWR

RUN LULU BZUN NVDA NFLX IQ LNG CMG

BABA MGA BB.....

AH Futures UP

AH Asian Markets Mixed

AH Oil UP

AH Gold Down

About market, TAPE went sharply higher again and made a new all time high in Nasdaq and S&P 500. Internals were all positive. ZM pushed itself and all stay home stocks into neverland, important to book profit @ this stage. Recovery stocks are primed for a major jump, evidence is MGM which went UP 40% in August alone. So look under the hood now, many gems are primed for 40% move UP.

BLOG does NOT give buy or sell.

Saleem