Indices closed mixed....

 Indices closed mixed after a strong start.

S&P 500 @ 4288.05, low 4274.86, high 4333.15

RSI @ 34.02

Internals were :

Down volume led by 1.32 to 1 in NYSE & .65 to 1 in Nasdaq

Declining stocks led by 1.23 to 1 in NYSE & .95 to 1 in Nasdaq

Net new lows were leading by 86 in NYSE & 122 in Nasdaq

VIX UP 1.04% @ 17.52

Oil @ $90.79

Gold @ $1850.44

Canadian $ @ .6459

Here is my portfolio weighting :

SHOP      51.64%

AI            11.14%

PLTR      10.48%

TSLA      10.38%

NVDA       9.30%

META       6.82%

BTCC          .24%

Next post by 6 PM on Sunday.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .35% to .87%....NICE !!!

 Indices closed UP on calmer Interest rate yield.

S&P 500 @ 4299.70, high 4317.27, low 4264.38

RSI @ 35.16

Internals were :

UP volume led by 2.58 to 1 in NYSE & 1.59 to 1 in Nasdaq

Advancing stocks led by 2.21 to 1 in NYSE & 1.55 to 1 in Nasdaq

Net new lows were leading by 261 in NYSE & 264 in Nasdaq

VIX Down 4.83% @ 17.34

Oil @ $91.71

Gold @ $1878.60

Canadian $ @ .6521

Portfolio AI META NVDA PLTR SHOP TSLA BTCC

Indices showed sign of life Russell 2000 was the biggest % gainer followed closely by Nasdaq. Expect another short covering day on Friday, being last day of the week, month & quarter.

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed....

 Indices closed mixed as we were deeply oversold.

S&P 500 @ 4274.51, high 4292.07, low 4238.63

RSI @ 30.50

Internals were :

UP volume led by 1.11 to 1 in NYSE & 1.35 to 1 in Nasdaq

Advancing stocks led by .96 to 1 in NYSE & 1.13 to 1 in Nasdaq

Net new lows were leading by 384 in NYSE & 298 in Nasdaq

VIX Down 3.80% @ 18.22

Oil @ $93.68

Gold @ $1890.90

Canadian $ @ .6483

Portfolio AI META NVDA PLTR SHOP TSLA BTCC

Russell 2000 was the biggest gainer BUT Nasdaq stole the show with a higher than average volume higher close, Nasdaq has the feel of a convincing REVERSAL.

BLOG does NOT give buy or sell.

Saleem

Indices closed down 1.14% to 1.57%.....

 Indices closed near low of the day.

S&P 500 @ 4273.53, low 4265.98, high 4313.01

RSI @ 30.32

Internals were :

Down volume led by 8.0 to 1 in NYSE & 2.11 to 1 in Nasdaq

Declining stocks led by 5.88 to 1 in NYSE & 2.10 to 1 in Nasdaq

Net new lows were leading by 351 in NYSE & 346 in Nasdaq

VIX UP 12.07% @ 18.94

Oil @ $90.39

Gold @ $1919.80

Canadian $ @ .6486

Portfolio AI META NVDA PLTR SHOP TSLA BTCC

Stocks took a beating on higher yield of 4.56% and imminent Government shutdown. DOW & Russell 2000 went below 200 DMA, June support is being tested.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .13% to .45%....NICE !!!

 Indices closed UP despite rising yield.

S&P 500 @ 4337.44, high 4338.51, low 4302.70

RSI @ 35.99

Internals were :

UP volume led by 1.22 to 1 in NYSE & 1.44 to 1 in Nasdaq

Declining stocks led by 1.23 to 1 in NYSE & 1.14 to 1 in Nasdaq

Net new lows were leading by 289 in NYSE & 381 in Nasdaq

VIX Down 1.74% @ 16.90

Oil @ $89.68

Gold @ $1936.60

Canadian $ @ .6521

Portfolio AI META NVDA PLTR SHOP TSLA BTCC

Despite closing green in major Indices, Internals were mostly negative. We need better Internals for 2 days to call this a turn for better.

BLOG does NOT give buy or sell.

Saleem

US Stock market Risk vs Reward.......

 US stock market is going through another of those bouts where, nothing is working except those short the market....

Every sector which I monitor is down anywhere from highs about 3.96% to 17.00%....

Individual stocks are taking IT on the chin and they are on the race to new 52 week lows, some major stocks have already made It to new 52 week low list.....

Only in end of July about 8 weeks ago most sectors were making new 52 weeks high.....

SO

What changed in last 8 weeks....

Biggest change IS INTEREST RATE have skyrocketed to 16 years high....look @ 2 year & 10 year rates not a source of confidence

Interest rates alone is causing havoc in corporate financing & Individual financing a bad mix of financial pressure....

Banks are also impacted by high high Interest rates as few were ready for 5% +++

Interest rate alone is causing PE compression for all stocks......

Even high flying energy stocks is down 3.96% from high IF we take XLE close.

SOX as a sector is worst hit with 17.00% lower from high

RUSSELL 2000 is 2nd worst with a slump of 11.11% from high...

SO

There is NO PLACE TO HIDE...

BUT.....one has to look @ RISK / REWARD ratio....

Those who are afraid of these swings may take It as a warning sign of more downside....

BUT OPTIMISTIC trader like me may take a different view, time to get overexposed in discounted stocks

In my opinion, based on history, we may be close to major support in markets & individual stocks...

RISK / REWARD IS VERY COMPELLING....

Wall street offers no guarantees BUT being patient and staying with conviction, pays off in the long run.

Good luck with your own analysis and comfort level.

BLOG does NOT give buy or sell.

Saleem

Indices closed down .09% to .31%.....

 Indices closed down on high interest rate & inflation concern.

S&P 500 @ 4320.06, low 4316.49, high 4357.40

RSI @ 32.82

Internals were :

Down volume led by 1.31 to 1 in NYSE & 1.28 to 1 in Nasdaq

Declining stocks led by 1.12 to 1 in NYSE & 1.29 to 1 in Nasdaq

Net new lows were leading by 199 in NYSE & 328 in Nasdaq

VIX Down 1.94% @ 17.20

Oil @ $90.03

Gold @ $1946.20

Canadian $ @ .6527

Here is my portfolio weighting :

SHOP      52.19%

AI            11.12%

TSLA      10.55% 

PLTR        9.61%

NVDA       9.25%

META      7.04%

BTCC        .24%

Next post by 6 PM on Sunday.

BLOG does NOT give buy or sell.

Saleem

Indices closed down 1.08% to 1.82%....

 Indices closed @ absolutely low of the day on heavy volume.

S&P 500 @ 4330.00, low 4329.17, high 4375.70

RSI @ 33.71

Internals were :

Down volume led by 7.47 to 1 in NYSE & 2.01 to 1 in Nasdaq

Declining stocks led by 5.89 to 1 in NYSE & 2.80 to 1 in Nasdaq

Net new lows were leading by 282 to 1 in NYSE & 420 in Nasdaq

VIX UP 15.85% @ 17.54

Oil @ $89.63

Gold @ $1939.60

Canadian $ @ .6510

In my portfolio:

Added 100% AI @ $25.50

Bought PLTR @ $14.44

Portfolio AI META NVDA PLTR SHOP TSLA BTCC

10 year @ 4.49% & potential government shutdown played havoc with technology stocks, Nasdaq in the process of testing its support near current level. Great buying in key stocks have emerged.

BLOG does NOT give buy or sell.

Saleem

Indices closed down .22% to 1.53%....

 Indices closed down on Fed hawkish stance on direction of US Interest rates, It IS higher for longer time.

S&P 500 @ 4402.20, low 4401.38, high 4461.03

RSI @ 41.23

Internals were :

Down volume led by 1.79 to 1 in NYSE & 1.51 to 1 in Nasdaq

Declining stocks led by 1.46 to 1 in NYSE & 1.90 to 1 in Nasdaq

Net new lows led by 23 in NYSE & 212 in Nasdaq

VIX UP 7.30% @ 15.14

Oil @ $90.28

Gold @ $1967.10

Canadian $ @ .6570

Portfolio AI META NVDA SHOP TSLA BTCC

Nasdaq took the brunt of Fed statement & Q&A, it sold off on high volume. There is a good chance after lower open and margin calls out of the way, Nasdaq may close green. DOW is still holding above recent lows which gives me lot of hope for a green day tomorrow @ close.

BLOG does NOT give buy or sell.

Saleem

Indices closed Down .22% to .31%....

 Indices closed down on highest 10 year yield in 16 years.

S&P 500 @ 4443.95, low 4416.61, high 4449.85

RSI @ 46.85

Internals were :

Down volume led by 1.56 to 1 in NYSE & 1.29 to 1 in Nasdaq

Declining stocks led by 1.67 to 1 in NYSE & 1.47 to 1 in Nasdaq

Net new lows were leading by 77 in NYSE & 252 in Nasdaq

VIX UP .79% @ 14.11

Oil @ $91.20

Gold @ $1953.70

Canadian $ @ .6563

Portfolio AI META NVDA SHOP TSLA BTCC

Fed decision comes out @ 2 PM on Wednesday, expecting no change in Fed policy as rate will rise next month as inflation is alive and above desired Fed prediction.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .01% to .07%...NICE !!!!

 Indices closed UP which is always welcome.

S&P 500 @ 4453.53, high 4466.36, low 4442.11

RSI @ 48.25

Internals were :

Down volume led by 1.90 to 1 in NYSE & 1.37 to 1 in Nasdaq

Declining stocks led by 1.22 to 1 in NYSE & 1.74 to 1 in Nasdaq

Net new lows were leading by 73 in NYSE & 210 in Nasdaq

VIX UP 1.52% @ 14.00

Oil @ $91.48

Gold @ $1953.40

Canadian $ @ .6514

Portfolio AI META NVDA SHOP TSLA BTCC

Today's TAPE was typical, waiting for Fed nothing new statement on Wednesday. Until we get catalyst of some kind expect similar to down movement. Internals were all negative.

BLOG does NOT give buy or sell.

Saleem

US stock market battles 50 DMA.....

 US stock market is caught in an ongoing battle of 50 DMA.....so far it has overcome 50 DMA line many many times.....

BUT

IF we go below 50 DMA and head towards 200 DMA.....where Russell 2000 sits just above.....IT may not be the end of this world 

This market have given its verdict, strongest stocks are thriving no matter what goes on charts...

This market is rewarding biggest and the best companies whose survival is never in doubt...

Instead of worrying about technicals in every tick, look for opportunities to make money depending on your trading style & focus....

IF you have proper weighting and good diversified portfolio, you may come out ahead even in this challenging market where yields are spiking UP...

Fed is caught in between high high yield and its balancing act of interest rate focus.....

I will not worry too much what yields are doing NOW...It IS getting priced IN fast......

Fed may say cautionary things in its policy statement which IS a given....

Try to look beyond next Fed meeting & its statement.....

Idea IS to make money in any given period....a week or 1 months and adjust accordingly....

Ironically, it IS NEVER smooth sailing on Wall Street...always some new challenges....

SO...always focus on how to make money or minimize losses on a week to week basis...

Some of the biggest gains on Wall Street is when nobody is expecting, thus stay in market with due diligence.

Here are some RSI numbers :

XLE @    60.94

SOX @    39.84

IWM @   42.05

S&P 500  47.76

Nasdaq   46.61

DOW      48.24

Except for XLE all others are beaten down....

Good luck with your own take and comfort level.

BLOG does NOT give buy or sell.

Saleem

Indices closed down .83% to 1.56%....

 Indices closed down on higher yield from 2 year to 30 year.

S&P 500 @ 4450.32, low 4447.2, high 4497.98

RSI @ 47.76

Internals were :

Down volume led by 1.74 to 1 in NYSE & 1.38 to 1 in Nasdaq

Declining stocks led by 2.14 to 1 in NYSE & 1.85 to 1 in Nasdaq

Net new lows were leading by 41 in NYSE & 175 in Nasdaq

VIX UP 7.57% @ 13.79

Oil @ $90.77

Gold @ $1946.20

Canadian $ @ .6490

Here is my portfolio weighting :

SHOP        63.63%

TSLA        12.24%

NVDA       10.10%

META        7.33%

AI               6.45%

BTCC          .25%

Next post by 6 PM on Sunday.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .81% to 1.39%....NICE !!!!

 Indices closed near high of the day despite another mixed inflation data.

S&P 500 @ 4505.10, high 4511.99, low 4478.69

RSI @ 56.10

Internals were :

UP volume led by 4.55 to 1 in NYSE & 1.74 to 1 in Nasdaq

Advancing stocks led by 3.53 to 1 in NYSE & 2.06 to 1 in Nasdaq

net new highs were leading by 31 in NYSE & lows by 131 in Nasdaq

VIX down 4.9% @ 12.82

Oil @ $90.16

Gold @ $1932.80

Canadian $ @ .6483

Portfolio AI META NVDA SHOP TSLA BTCC

DOW, S&P 500 & Nasdaq all closed above 50 DMA after testing this support area for several weeks. Internals were strong which IS a major change.

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed....

 Indices closed mixed in a mixed CPI report.

S&P 500 @ 4467.44, high 4479.39, low 4453.52

RSI @ 50.59

Internals were :

Down volume led by 1.89 to 1 in NYSE & 1.02 to 1 in Nasdaq

Declining stocks led by 1.44 to 1 in NYSE & 1.61 to 1 in Nasdaq

Net new lows were leading by 36 in NYSE & 178 in Nasdaq

VIX Down 5.27% @ 13.48

Oil @ $88.52

Gold @ $1932.50

Canadian $ @ .6461

Portfolio AI META NVDA SHOP TSLA BTCC

Internals were negative. META TSLA NVDA continue to defy skeptics which means only 1 thing, they are all set to reach new highs & then some.....RUSSELL 2000 is in deep slump and closed below 200 DMA.....

BLOG does NOT give buy or sell.

Saleem

Indices closed down .05% to 1.04%.....

 Indices closed down to see how inflation data CPI & PPI comes on Wednesday & Thursday. Indices closed near low of the day.

S&P 500 @ 4461.90, low 4456.83, high 4487.11

RSI @ 49.73

Internals were :

Down volume led by .81 to 1 in NYSE & .85 to 1 in Nasdaq

Declining stocks led by 1.15 to 1 in NYSE & 1.24 to 1 in Nasdaq

Net new lows were leading by 33 in NYSE & 135 in Nasdaq

VIX UP 3.12% @ 14.23

Oil @ $88.84

Gold @ $1935.10

Canadian $ @ .6443

In my portfolio :

Sold AAPL @ $26.31

Bought AI @ $28.56

Portfolio AI META NVDA SHOP TSLA BTCC 

Internals were mostly weak & negative. Any addition or new purchase should be opportunistic based on RSI & strong prospect going forward. Buying must not be feared IF it is the right stock. Inflation data may give you a good entry point or an all clear signal @ 830 AM.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .25% to 1.14%...NICE !!!

 Indices staged an oversold bounce, Internals were positive in a minor way, means not impressive.

S&P 500 @ 4487.46, high 4490.77, low 4467.89

RSI @ 53.75

Internals were :

UP volume were leading by1.53 to 1 in NYSE & 1.95 to 1 in Nasdaq

Advancing stocks led by 1.43 to 1 in NYSE & 1.11 to 1 in Nasdaq

Net new highs were leading by 7 in NYSE & lows by 143 in Nasdaq

VIX Down .29% @ 13.80

Oil @ $87.29

Gold @ $1947.20

Canadian $ @ .6411

Portfolio AAPL META NVDA SHOP TSLA BTCC

TSLA META were strong while NVDA was weak, Energy stocks took a well deserved rest today.

BLOG does NOT give buy or sell.

Saleem

US stock market in uncertain mode....

 US stock market has finally succumbed to multiple challenges.

High inflation which keeps turning UP when expectations are for tamer number.

High High Interest rates seems no sign of abating YET

Earliest prediction of lower Interest rates has been pushed out to the end of Q4, 2023

High wages are finally coming down as Walmart is able to offer lower wages

Economy is readjusting to back to FUTURE ( Back to office )

META & TSLA are FIRM on returning to office for paycheck....what a concept....

BUT BUT many are rethinking their lifestyle and have already made many adjustments to cut their living expenses....everything is ONLINE / UBER

FINALLY there may be an adjustment for workforce....maybe 3 day office and 2 day work from home...

BUT there is AI which IS reducing need for physical workforce and making huge gains in productivity...

Most companies have  OR are in the process of incorporating AI in everything, now that SIRI, Alexa & Google Assistant have taken over our lives on & off the road.....

After considering all that, there is WEAKNESS in US economy which may take time to rejig AI , Inflation & High Interest rates....

RSI is painting a very weak picture as to the strength of each sector in US stock market, MOST of the sector are showing RSI of 40 or below....

Strongest RSI is in XLE / Energy @ 72.05

Weakest is Solar / TAN with 30.89 RSI

RUSSELL 2000 RSI @ 40.20 and may be going down BELOW 200 DMA.....

Most of the sectors are above 200 DMA except Solar / TAN which is the only sector below 50 DMA & 200 DMA....

To sum it up, lot of caution is warranted, ENSURE that you are very comfortable with your stocks and have done your near term projections in a very REALISTIC manner..

All boats are not being lifted anymore.....

Overtrading does NOT solve near term issues....

Have very HIGH CONVICTION stocks....

Good luck with your own take & comfort level.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .09% to .22%...NICE !!!

 Indices closed UP breaking a chain of many losing days.

S&P 500 @ 4457.49, high 4473.53, low 4448.38

RSI @ 49.29

VIX Down 3.89% @ 13.84

Oil @ $87.31

Gold @ $1942.50

Canadian $ @ .6360

Here is my portfolio weighting :

SHOP      60.87%

AAPL      11.51%

TSLA      10.52%

NVDA     9.95%

META     6.90%

BTCC       .25%

Next post by 6 PM Sunday

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed....

 Indices closed mixed on continued fear of higher interest rates much longer.

S&P 500 @ 4451.14, low 4430.46, high 4457.81

RSI @ 48.31

Internals were :

Down volume led by 2.20 to 1 in NYSE & 1.80 to 1 in Nasdaq

Declining stocks led by 1.80 to 1 in NYSE & 2.03 to 1 in Nasdaq

Net new lows were leading by 86 in NYSE & 235 in Nasdaq

VIX Down .35% @ 14.40

Oil @ $86.87

Gold @ $1942.50

Canadian $ @ .6316

Portfolio AAPL META NVDA SHOP TSLA BTCC

All indices are below 50 DMA again which is NOT a good thing. AAPL Chinese reports are impacting in a negative manner as they may be a screenshot of future actions, started with MU now AAPL...next.....

BLOG does NOT give buy or sell.

Saleem

Indices closed down .57% to 1.06%....

 Indices closed down on hotter than expected ISM report rekindling fear of high high interest rate in USA. Canadian Central Bank kept its rate unchanged.

S&P 500 @ 4465.48, low 4442.38, high 4490.35

RSI @ 50.35

Internals were :

Down volume led by 1.89 to 1 in NYSE & 1.58 to 1 in Nasdaq

Declining stocks led by 2.05 to 1 in NYSE & 1.97 to 1 in Nasdaq

Net new lows were leading by 67 in NYSE & 132 in Nasdaq

VIX UP 3.14% @ 14.45

Oil @ $87.54

Gold @ $1944.20

Canadian $ @ .6339

Portfolio AAPL META NVDA SHOP TSLA BTCC

We did NOT close @ low of the day which IS a good thing.

BLOG does NOT give buy or sell.

Saleem

Indices closed down .08% to 2.10%....

 Indices closed @ low of the day due to higher yield. Internals were negative.

S&P 500 @ 4496.83, low 4496.01, high 4514.29

RSI @ 55.08

Internals were :

Down volume led by 3.18 to 1 in NYSE & .92 to 1 in Nasdaq

Declining stocks led by 3.30 to 1 in NYSE & 2.28  to 1 in Nasdaq

Net new lows were leading by 23 in NYSE & 79 in Nasdaq

VIX UP 1.37% @ 14.01

Oil @ $86.69

Gold @ $1952.60

Canadian $ @ .6387

Portfolio AAPL META NVDA SHOP TSLA BTCC

Nasdaq was the superstar today with many stocks doing well including TSLA META IONQ to name a few. Russell 2000 was the dog of the day with 2.10% loss...

BLOG does NOT give buy or sell.

Saleem

US stock market rhythm.....

 IF you observe US stock market closely, there is a logic involved in its " irrational behavior "

US stock market goes through pricing any new trend to fully discounting any real issue..

IF we follow closely what IS IN

& also

What is OUT

We can benefit from many profitable trade

We all have observed how different sectors / stocks are in vogue and they keep going UP until its over..

We also have observed that many stocks are left dead either  for no reason @ all or for good reason...It IS our job to figure out what IS happening 

Remember when NVDA kept going UP & UP....BUT then pulled back 50%.....along with many technology stocks UNTIL their shocking Q1 AI based result.....

TSLA has also suffered repeatedly from BOOM to BUST cycle....

BUT IF you understand those stocks well, they have all the qualities of not only keeping the lead BUT they keep reinventing.....

Above are just 2 examples to make my point...

In current market scenario, we have digested lot of unusual negative trendline of " hyper inflation " & 3 decade old high high interest rates.....

BUT US stock market has valiantly reinvented itself despite those 2 ominous issues to reposition for future Sales growth & future EPS growth...

Try to catch those winning companies in your areas of focus / expertise

With winning stocks RSI is NOT much of a help as they stay in overbought zone for months.....& you may sell too early....

Wall Street has NO RULES for going UP or DOWN.....you have to keep an eye for changing trendlines....

As they say " always follow the money "

Both in exiting & entry....

Please keep in mind " seasonality & rotation "

Good luck with your own home work & comfort level.

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed.....

 Indices closed mixed after a slight uptick in jobs data, interest rates ticked higher also.

S&P 500 @ 4515.77, high 4541.25, low 4501.35

RSI @ 58.14

Internals were :

UP volume led by 2.48 to 1 in NYSE & 1.53 to 1 in Nasdaq

Advancing stocks led by 1.72 to 1 in NYSE & 1.72 to 1 in Nasdaq ( not a typo )

Net new highs were leading by 96 in NYSE & 6 in Nasdaq

VIX Down 3.54% @ 13.09

Oil @ $85.55

Gold @ $1967.10

Canadian $ @ .6413

In my portfolio :

Added 200% TSLA in Toronto @ $23.90

Bought META @ $16.80 in Toronto

Here is my portfolio weighting 100% allocation :

SHOP         61.53%

AAPL        11.69%

NVDA       10.11%

TSLA        9.90%

META       6.55%

BTCC       .22%

Next post by 6 PM on MONDAY.....

BLOG does NOT give buy or sell.

Enjoy long weekend !!!

Saleem