Tuesday, October 31, 2023

Indices closed UP .38% to .91%...NICE !!!!

 Indices closed near high of the day back to back which IS a good thing.

S&P 500 @ 4193.80, high 4195.55, low 4153.12

RSI @ 40.45

Internals were :

UP volume led by 2.38 to 1 in NYSE & 1.96 to 1 in Nasdaq

Advancing stocks led by 2.31 to 1 in NYSE & 1.96 to 1 in Nasdaq

Net new lows were leading by 157 in NYSE & 285 in Nasdaq

VIX Down 8.15% @ 18.14

Oil @ $81.02

Gold @ $2009.70

Canadian $ @ .6116

Portfolio AI LYFT META NVDA PLTR SHOP TSLA

Todays market tone was much better BUT tomorrow Fed chief policy statement & Q&A may spoil the party @ 2 PM.....

BLOG does NOT give buy or sell.

Saleem

Monday, October 30, 2023

Indices closed UP .63% to 1.58%...NICE !!!

 Indices closed near high of the day on deeply oversold condition. DOW was the star of the day with RUSSELL 2000 being the laid back.

S&P 500 @ 4166.82, high 4177.47, low 4132.94

RSI @ 36.69

Internals were :

UP volume led by 2.38 to 1 in NYSE & 1.67 to 1 in Nasdaq

Advancing stocks led by 2.15 to 1 in NYSE & 1.62 to 1 in Nasdaq

Net new lows were leading by 311 in NYSE & 395 in Nasdaq

VIX Down 7.15% @ 19.75

Oil @ $82.31

Gold @ $2005.60

Canadian $ @ .6165

Portfolio AI LYFT META NVDA PLTR SHOP TSLA

Stocks needs to be above 50 DMA to prove that slump is over...

BLOG does NOT give buy or sell.

Saleem

Sunday, October 29, 2023

US stock market in correction.....

 MANY major Indices have entered correction or worse....

Russell 2000 is way down

S&P 500 Down 489.82 points or 10.63% since July 2023...IF you annualize it it is really bad...

Mighty Nasdaq is down down down 1803.54 points or 12.48%....in 5 months.....

DOW is only down 3282.41 points or a measly 9.19%.....

Russell 2000 is down " mother of all 18.00% "

Finally NVDA laden SOX is only down down 16.72% based on closing numbers, Intraday they were all down more on Friday....

SO.....

What is going on in US market, 

OR

What CHANGED.....

Market has suddenly realized that " market forces are predicting higher Interest rates for many years to come "

Era of low low Interest rates may be gone FOREVER

The above realization is enough to crush PE....

We are going through PE compression in a hurry...

ALL HIGH PE STOCKS are in more trouble based on current prices which has been knocked down down down

SO PAY ATTENTION to PE of all stocks in every sector....

Do NOT bank on earnings reports UNLESS it IS super super strong & guidance is good also

HOPE is NOT an investing or trading thesis ANYMORE

YES

MUCH has CHANGED

Realize It and adjust immediately.....

Look @ technical health of each stock in your portfolio.....

Are they above 200 DMA, that is a sign of good technical picture....

IS your stock ABOVE 50 DMA...IF IT IS...you are in traders heaven....YOU are very lucky then....

Please ignore my humor or satire, REALITY is very very sobering.....

Good luck with your own thesis & comfort level....

BLOG does NOT give buy or sell.

Saleem


Friday, October 27, 2023

Indices closed mixed...

 Indices lost all the opening gains by close, only Nasdaq barely green.

S&P 500 @ 4117.37, low 4103.78, high 4156.70

RSI @ 29.05

Internals were :

Down volume led by 3.84 to 1 in NYSE & 1.49 to 1 in Nasdaq

Declining stocks led by 2.69 to 1 in NYSE & 2.08 to 1 in Nasdaq

Net new lows were leading by 527 in NYSE & 580 in Nasdaq

VIX UP 2.85% @ 21.27

Oil @ $85.54

Gold @ $2011.00

Canadian $ @ .6128

Here is my portfolio weighting :

AI           18.62%

NVDA    17.34%

SHOP    16.92%

TSLA    13.98%

PLTR   12.90%

LYFT   10.40%

META  9.84%

Next post by 6 PM on Sunday.

BLOG does NOT give buy or sell.

Saleem

Thursday, October 26, 2023

Indices closed down .76% to 1.76%....

 Indices breached key technical levels in key Indices.

S&P 500 @ 4137.23, low 4127.90, high 4183.60

RSI @ 30.42

Internals were :

Down volume led by .87 to 1 in NYSE & 1.29 to 1 in Nasdaq

Declining stocks led by 1.02 to 1 in NYSE & 1.14 to 1 in Nasdaq

Net new lows were leading by 390 in NYSE & 488 in Nasdaq

VIX UP 2.43% @ 20.68

Oil @ $82.31

Gold @ $1997.40

Canadian $ @ .6165

In my portfolio ...added 30% TSLA in Toronto @ $19.73

Portfolio AI LYFT META NVDA PLTR SHOP TSLA

VIX is telling us that this selling has run its course.....

BLOG does NOT give buy or sell.

Saleem

Wednesday, October 25, 2023

Indices closed down .32% to 2.43%....

 Indices closed down & violated many support levels in stocks & Indices.

S&P 500 @ 4186.77, low 4181.42, high 4232.42

RSI @ 34.14

Internals were :

Down volume led by 2.57 to 1 in NYSE & 3.18 to 1 in Nasdaq

Declining stocks led by 3.61 to 1 in NYSE & 2.59 to 1 in Nasdaq

Net new lows were leading by 591 in NYSE & 566 in Nasdaq

VIX UP 6.43% @ 20.19

Oil @ $85.39

Gold @ $1994.90

Canadian $ @ .6224

In my portfolio :

Sold BTCC @ $6.70

Sold 70% SHOP @ $48.60 in after hours

Portfolio AI LYFT META NVDA PLTR SHOP TSLA

This TAPE is behaving extremely negative, does not go up even when It IS deeply oversold.

BLOG does NOT give buy or sell.

Saleem

Tuesday, October 24, 2023

Indices closed UP .62% to .93%...NICE !!!

 Indices closed UP on deeply oversold condition.

S&P 500 @ 4247.68, high 4259.38, low 4219.43

RSI @ 39.69

Internals were :

UP volume led by 2.08 to 1 in NYSE & 2.86 to 1 in Nasdaq

Advancing stocks led by 2.32 to 1 in NYSE & 1.67 to 1 in Nasdaq

Net new lows were leading by 222 in NYSE & 315 in Nasdaq

VIX Down 6.87% @ 18.97

Oil @ $83.74

Gold @ $1986.30

Canadian $ @ .6251

In my portfolio Added 30% NVDA in Toronto @ $41.00

Portfolio AI LYFT META NVDA PLTR SHOP TSLA BTCC

After hours earnings were mixed with MSFT beating & upbeat while GOOG failed to impress.

BLOG does NOT give buy or sell.

Saleem

Monday, October 23, 2023

Indices closed mixed....

 Indices closed mixed after being down, then UP then by close a mixed picture.

S&P 500 @ 4217.04, low 4189.22, high 4255.84

RSI @ 34.74

Internals were :

Down volume led by 2.36 to 1 in NYSE & .94 to 1 in Nasdaq

Declining stocks led by 2.10 to 1 in NYSE & 2.04 to 1 in Nasdaq

Net new lows led by 629 in NYSE & 618 in Nasdaq

VIX Down 6.17% @ 20.37

Oil @ $86.69

Gold @ $1986.30

Canadian $ @ .6318

In my portfolio :

Added 100% PLTR @ $15.83 in pre market

Added 25% NVDA in Toronto @ $39.17

Portfolio AI LYFT META NVDA PLTR SHOP TSLA BTCC

Market internals were mostly negative as treasury yields were hitting 5%+. DOW & Russell 2000 went to new closing lows.

BLOG does NOT give buy or sell.

Saleem

Sunday, October 22, 2023

US stock market headed north or south ......

 US stock market is testing major support in the 200 DMA area some are even in death cross zone.

High high interest rates is playing havoc with US stock market resulting in breaking key support...

Is this all an overreaction to surge in treasury rates?

No matter what, current level of key Indices are raising major alarm in the mind of traders and investors.

Here is the current RSI read :

XLE         53.08

SOX         37.35

Nasdaq    36.46

DOW       35.75

S&P 500  35.37

XLF         33.39

IWM        32.57

TAN         27.84

As you can see Energy is the big standout in this turmoil, It IS above both 50 DMA & 200 DMA

TAN / Solar stocks have been decimated by demand / pricing issues is below 50 DMA & 200 DMA plus made a new 2023 low...

IWM / Russell 2000 not only is below both 50 DMA & 200 DMA but is flashing " death cross "

S&P 500 / DOW & Nasdaq are in bargain bin, with Nasdaq still above 200 DMA & DOW is deep deep below 200 DMA

Current state of the market requires patience / conviction.....when this market turns UP...expecting Nasdaq to outperform big time...

This week many big guns are reporting including my holding META on Wednesday after close, expecting a solid report & guidance....

Good luck with your own analysis & comfort level.

BLOG does NOT give buy or sell.

Saleem

Friday, October 20, 2023

Indices closed down .86% to 1.53%....

 Indices closed @ low of the day.

S&P 500 @ 4224.16, low 4223.03, high 4276.56

RSI @ 35.37

Internals were :

Down volume led by 3.68 to 1 in NYSE & 2.15 to 1 in Nasdaq

Declining stocks led by 2.63 to 1 in NYSE & 2.24 to 1 in Nasdaq

Net new lows were leading by 530 in NYSE & 512 in Nasdaq

VIX UP 1.45% @ 21.71

Oil @ $88.75

Gold @ $1994.40

Canadian $ @ .6290

Here is my portfolio weighting :

SHOP        46.96%

AI             14.42%

LYFT        8.99%

NVDA      8.59%

TSLA       8.53%

META     6.80%

PLTR     5.46%

BTCC     .25%

Next post by 6 PM on Sunday.

BLOG does NOT give buy or sell.

Saleem

Thursday, October 19, 2023

Indices closed down .75% to 1.51%....

 Indices closed down in high volume selling.

S&P 500 @ 4278.00, low 4269.69, high 4339.54

RSI @ 40.50

Internals were :

Down volume led by 3.62 to 1 in NYSE & 2.52 to 1 in Nasdaq

Declining stocks led by 3.96 to 1 in NYSE & 2.96 to 1 in Nasdaq

Net new lows were leading by 506 in NYSE & 435 in Nasdaq

VIX UP 11.34% @ 21.40

Oil @ $89.37

Gold @ $1980.50

Canadian $ @ .6279

Portfolio AI LYFT META NVDA PLTR SHOP TSLA BTCC

Stocks resumed their downtrend on Fed Chief renewed call for higher rates, treasury rates hitting north of 5%.....

BLOG does NOT give buy or sell.

Saleem

Wednesday, October 18, 2023

Indices closed down .98% to 2.11%....

 Indices closed down near low of the day with Russell 2000 was the weakest.

S&P 500 @ 4314.60, low 4303.84, high 4364.20

RSI @ 44.59

Internals were :

Down volume led by 4.89 to 1 in NYSE &  2.32 to 1 in Nasdaq

Declining stocks led by 4.67 to 1 in NYSE & 3.28 to 1 in Nasdaq

Net new lows were leading by 339 in NYSE & 272 in Nasdaq

VIX UP 7.49% @ 19.22

Oil @ $88.32

Gold @ $1968.30

Canadian $ @ .6299

In my portfolio...added 40% LYFT @ $10.52

Portfolio AI LYFT META NVDA PLTR SHOP TSLA BTCC

Stocks faced rising Middle East tension, highest treasury rates in 16 years thus slump in equities.

BLOG does NOT give buy or sell.

Saleem

Tuesday, October 17, 2023

Indices closed mixed....

 Indices closed mixed despite many negatives.

S&P 500 @ 4373.20, low 4337.54, high 4393.57

RSI @ 52.45

Internals were :

UP volume led by 2.50 to 1 in NYSE & 1.53 to 1 in Nasdaq

Advancing stocks led by 1.34 to 1 in NYSE & 1.33 to 1 in Nasdaq

Net new lows were leading by 137 in NYSE & 148 in Nasdaq

VIX UP 3.89% @ 17.88

Oil @ $86.66

Gold @ $1935.70

Canadian $ @ .6374

Portfolio AI LYFT META NVDA PLTR SHOP TSLA BTCC

Stock market was hit triple negative news of highest treasury yield in 2 year & 10 year, Middle East tension & AI chip ban to China.....BUT internals were mostly positive, very good technical action....TAPE wants to go higher...

BLOG does NOT give buy or sell.

Saleem

Monday, October 16, 2023

Indices closed UP .93% to 1.59%...NICE !!!!

 Indices closed near high of the day, Russell 2000 was the best performer followed by Nasdaq.

S&P 500 @ 4373.63, high 4383.33, low 4342.37

RSI @ 52.52

Internals were :

UP volume led by 6.32 to 1 in NYSE & 2.31 to 1 in Nasdaq

Advancing stocks led by 2.59 to 1 in NYSE & 1.89 to 1 in Nasdaq

Net new lows were leading by 93 in NYSE & 191 in Nasdaq

VIX Down 10.92% @ 17.21

Oil @ $86.66

Gold @ $1934.30

Canadian $ @ .5380

Portfolio AI LYFT META NVDA PLTR SHOP TSLA BTCC

TAPE was strong despite higher treasury yield, a positive change.

BLOG does NOT give buy or sell.

Saleem

Sunday, October 15, 2023

US stock market @ bargain level.....

 US stock market can create tremendous opportunity to make money, we may be staring @ that moment NOW....

YES latest issue is current flare up in Middle East

YES...Israel & Iran exchanging war of words....so far words only...an old ritual which keeps playing..

Sooner or later sanity will prevail as we cannot afford another disruption in economic activity....

Slight hint of peace overture will see a huge jump in markets worldwide

BUT you will only participate in this jump IF you are positioned in this volatile TAPE

YES...nothing is ever " all clear "

Wall street keeps climbing wall of worries....be it Inflation, High Interest rates, US Government shutdown or another flavor of the day....

One must understand, there is always a "resolution to all problems of the world "

Always take any weakness as a reason to BUY or REPOSITION or ADD.....

History of wall street IS AN ASCENDING chart which cannot be disputed....

YES there are pullbacks along the way which gives everyone another chance to RETHINK...

SO...do your own homework & stay away from sensational TV reporting for ratings....

World is not coming to an end anytime soon....

BLOG does NOT give buy or sell.

Saleem

Friday, October 13, 2023

Indices closed mixed....

 Indices closed mixed on geo-political concerns.

S&P 500 @ 4327.78, low 4311.97, high 4377.10

RSI @ 46.09

Internals were :

Down volume led by 1.30 to 1 in NYSE & 1.70 to 1 in Nasdaq

Declining stocks led by 1.56 to 1 in NYSE & 1.68 to 1 in Nasdaq

Net new lows were leading by 169 in NYSE & 313 in Nasdaq

VIX UP 15.76% @ 19.32

Oil @ $87.69

Gold @ $1941.50

Canadian $ @ .6344

In my portfolio :

Bought LYFT @ $10.60

Bought PLTR @ $17.65

Here is my portfolio weighting 

SHOP        46.87%

AI              14.53%

TSLA        10.00%

NVDA         9.34%

META         6.86%

LYFT          6.34%

PLTR          5.83%

BTCC           .23%

Next post by 6 PM on Sunday.

BLOG does NOT give buy or sell.

Saleem

Thursday, October 12, 2023

Indices closed down .51% to 2.20%...

 Indices closed down on rising yield & poor reception to bond auction.

S&P 500 @ 4349.61, low 4325.43, high 4385.85

RSI @ 49.02

Internals were :

Down volume led by 4.97 to 1 in NYSE & 2.25 to 1 in Nasdaq

Declining stocks led by 4.46 to 1 in NYSE & 2.85 to 1 in Nasdaq

Net new lows were leading by 155 in NYSE & 289 in Nasdaq

VIX UP 3.73% @ 16.69

Oil @ $82.91

Gold @ $1883.00

Canadian $ @ .6337

In my portfolio...Sold PLTR in pre market @ $18.05

Portfolio AI META NVDA AHOP TSLA BTCC

Nasdaq had high volume selling & Russell 2000 was down a sharp 2.20%....

BLOG does NOT give buy or sell.

Saleem

Wednesday, October 11, 2023

Indices closed UP .19% to .71%....NICE !!!!

 Indices closed @ high of the day.

S&P 500 @ 4376.95, high 4378.64, low 4345.34

RSI @ 52.94

Internals were :

UP volume led by 1.37 to 1 in NYSE & 1.32 to 1 in Nasdaq

Advancing stocks led by 1.65 to 1 in NYSE & .80 to 1 in Nasdaq

Net new lows were leading by 28 in NYSE & 160 in Nasdaq

VIX Down 5.52% @ 16.09

Oil @ $83.49

Gold @ $1887.30

Canadian $ @ .6378

Portfolio AI META NVDA PLTR SHOP TSLA BTCC

Stocks kept marching higher everyday even with higher inflation numbers, BECAUSE it wants to go UP UP....

BLOG does NOT give buy or sell.

Saleem

Tuesday, October 10, 2023

Indices closed UP .40% to 1.35%...NICE !!!

 Indices closed UP again with Russell 2000 outperforming.

S&P 500 @ 4358.24, high 4385.46, low 4339.64

RSI @ 50.42

Internals were :

UP volume led by 4.09 to 1 in NYSE & 2.69 to 1 in Nasdaq

Advancing stocks led by 3.08 to 1 in NYSE & 2.11  to 1 in Nasdaq

Net new highs were leading by 5 in NYSE & lows by 125 in Nasdaq

VIX Down 3.79% @ 17.03

Oil @ $85.97

Gold @ $1875.30

Canadian $ @ .6419

Portfolio AI META NVDA PLTR SHOP TSLA BTCC

Market is slowly climbing " wall of worries "...a sign of good things to come....

BLOG does NOT give buy or sell.

Saleem

Monday, October 9, 2023

Indices closed UP .39% to .63%...NICE !!!!

 Indices closed near high of the day despite Israeli Palestinian violence.

S&P 500 @ 4335.66, high 4341.73, low 4283.79

RSI @ 47.26

Internals were :

UP volume led by 2.00 to 1 in NYSE & 1.21 to 1 in Nasdaq

Advancing stocks led by 2.19 to 1 in NYSE & .94 to 1 in Nasdaq

Net new lows were leading by 92 in NYSE & 281 in Nasdaq

VIX UP 1.43% @ 17.70

Oil @ $86.38

Gold @ $1864.30

Canadian $ @ .6335

In my portfolio ...added 40% AI @ $23.90

Portfolio AI META NVDA PLTR SHOP TSLA BTCC

US market opened lower but did a reversal in a hurry and closed near high of the day, strength duly noted.

BLOG does NOT give buy or sell.

Saleem 

Sunday, October 8, 2023

US Stock market looking beyond higher rates....

 US stock market FINALLY discounted current mantra of higher interest rates longer...

Jobs report slump gave many to cover short position

All Indices went to their major support which varied to as far back as May 2022 for Russell 2000..a 16 month slip sliding

DOW found support @ October 2022 level ..full 12 months round trip to nowhere...

S&P 500 & SOX found support @ May 2023 level...struggle of 120 days ...

Nasdaq found support @ June 2023 level....90 days of building base.....

The above stat tells the story of how Wall Street treats different sectors @ different times...some NOT BAD & some REALLY WEAK....

Based on RSI...weakest is RUSSELL 2000 @ 35.27

DOW is 2nd weakest @ RSI of 37.21

Strongest IS Nasdaq @ 49.52 RSI....still a BARGAIN....

Nasdaq has been giving a clear message that Nasdaq is the best place to be in near term 

Long term on never knows who could topple every sector....could it be GOLD, Financials, CRYPTO....hard to tell.....

Some are very tempted with 5%+++ term deposit in Banks...

AI will continue to play a significant role in most sectors....so PLEASE have some or overweight exposure...

We are back to Q3 earnings report.....

Earnings these days are crap shoot for most companies based on high inflation, higher wages & high high Interest rates....

Investment / trading strategy needs to be with lot of home work, conviction & patience....have a long term vision of who the winners are....

Good luck with your own analysis & comfort level.

BLOG does NOT give buy or sell

Saleem

Friday, October 6, 2023

Indices closed UP .87% to 1.60% ....NICE !!!!

 Indices closed UP near high of the day despite hot hot jobs data.

S&P 500 @ 4308.50, high 4324.10, low 4219.55

RSI @ 43.22

Internals were :

UP volume led by 2.56 to 1 in NYSE & 2.21 to 1 in Nasdaq

Advancing stocks led by 1.96 to 1 in NYSE & 1.69 to 1 in Nasdaq

Net new lows were leading by 386 in NYSE & 281 in Nasdaq

VIX Down 5.62% @ 17.45

Oil @ $82.79

Gold @ $1845.20

Canadian $ @ .6339

Here is my portfolio weighting :

SHOP       50.54%

PLTR       10.82%

TSLA       10.76%

AI            10.76%

NVDA       9.75%

META       7.13%

BTCC        .24%

Next post by 6 PM on Sunday.

BLOG does NOT give buy or sell.

Saleem

Thursday, October 5, 2023

Indices closed down .03% to .12%....

 Indices closed down barely on low volume.

S&P 500 @ 4258.19, low 4225.91, high 4267.13

RSI @ 34.59

Internals were :

Down volume led by .95 to 1 in NYSE & 1.31 to 1 in Nasdaq

Declining stocks led by 1.11 to 1 in NYSE & 1.02 to 1 in Nasdaq

Net new lows were leading by 272 in NYSE & 327 in Nasdaq

VIX Down .48% @ 18.49

Oil @ $82.31

Gold @ $1831.80

Canadian $ @ .6258

Portfolio AI META NVDA PLTR SHOP TSLA BTCC

It IS all about jobs report until it comes out, then we will worry about something else like treasury yield or inflation....

BLOG does NOT give buy or sell.

Saleem

Wednesday, October 4, 2023

Indices closed UP .39% to 1.35%...NICE !!!!

 Indices closed UP as treasury yields took a breather.

S&P 500 @ 4263.75, high 4268.50, low 4220.48

RSI @ 35.14

Internals were :

UP volume led by 1.37 to 1 in NYSE & 1.85 to 1 in Nasdaq

Advancing stocks led by 1.45 to 1 in NYSE & 1.30 to 1 in Nasdaq

Net new lows were leading by 378 in NYSE & 426 in Nasdaq

VIX Down 6.07% @ 18.58

Oil @ $84.22

Gold @ $1834.80

Canadian $ @ .6256

Portfolio AI META NVDA PLTR SHOP TSLA BTCC

Stocks closed near high of the day, Nasdaq was the-best performer of the day, Russell 2000 badly lagged and was barely UP...a single point UP move ???

BLOG does NOT give buy or sell.

Saleem

Tuesday, October 3, 2023

Indices closed down 1.29% to 1.87%....

 Indices closed near low of the day on strong jobs data.

S&P 500 @ 4229.45, low 4216.45, high 4281.15

RSI @ 28.66

Internals were :

Down volume led by 3.85 to 1 in NYSE & 2.12 to 1 in Nasdaq

Declining stocks led by 5.61 to 1 in NYSE & 3.48 to 1 in Nasdaq

Net new lows were leading by 647 in NYSE & 535 in Nasdaq

VIX UP 12.32% @ 19.78

Oil @ $89.23

Gold @ $1840.00

Canadian $ @ .6273

Portfolio AI META NVDA PLTR SHOP TSLA BTCC

Stock market reacted to another 16 year high in treasuries yield, 10 year @ 4.795%....It NOT only higher for longer BUT HIGHER HIGHER LONGER....

BLOG does NOT give buy or sell.

Saleem

Monday, October 2, 2023

Indices closed mixed....

 Indices closed mixed, DOW was red @ close, biggest slump was in RUSSELL 2000.

S&P 500 @ 4288.39, high 4300.58, low 4260.21

RSI @ 34.09

Internals were :

Down volume led by 4.76 to 1 in NYSE & 1.25 to 1 in Nasdaq

Declining stocks led by 4.60 to 1 in NYSE & 2.44 to 1 in Nasdaq

Net new lows were leading by 400 in NYSE & 367 in Nasdaq

VIX UP .51% @ 17.61

Oil @ $88.82

Gold @ $1843.70

Canadian $ @ .6459 ( there was no currency trading in Toronto as today IS a Bank Holiday )

Portfolio AI META NVDA PLTR SHOP TSLA BTCC

US 10 year yield jumped to a new 16 year high @ 4.685%, this negated any rally attempt by no shutdown.....

BLOG does NOT give buy or sell.

Saleem


Sunday, October 1, 2023

US stock market ready to rally.....

 US stock market was going through another ringer for possibility of US government shutdown....BUT IT IS averted for another 45 days, giving more time for " non-speeches & partisanship "

US stock market should rally hard on this news, expect a high open and then see how far this rally can go...

YES US stock market is " deeply oversold "

Any reprieve from shutdown IS a welcome news as everyone had given UP on politicians will to resolve this ongoing shutdown circus.....

YES...inflation is coming down also...which will help propel this rally further...

YES....10 year yield also tapering down which has helped calm some nerve....

All of the above should create a powerful liftoff in US stock market...

Based on my RSI read out......

GOLD is the biggest bargain in a long time...with RSI of 24.85.....a deeply washed out condition which may reverse in hurry....SO any form of gold exposure like ETF or stocks can work

DOW is the weakest among major Indices with RSI read of 30.76.....

XLE is the strongest sector with RSI of 51.99.....may need MORE REST & DIGESTION

SOX is the strongest with a read of 44.84...still beaten down badly.....

Nasdaq our favorite is 38.14.....bargain galore

Based on all of the above, take a bullish posture in a well diversified portfolio...

Seldom we get RSI this low unless we are battling major uncertainty.....

We are well on our way to reap reward for showing patience & conviction...

Good luck with your own read of economy & politics....

BLOG does NOT give buy or sell.

Saleem