Indices closed UP .85% to 1.81%...NICE !!!

 Indices recovered from Fed statements and started buying stocks @ bargain prices.

S&P 500 @ 5064.20, high 5073.21, low 5011.05

RSI @ 47.07

Internals were :

UP volume led by 3.21 to 1 in NYSE & 2.57 to 1 in Nasdaq

Advancing stocks led by 3.63 to 1 in NYSE & 2.29 to 1 in Nasdaq

Net new highs were leading by 83 in NYSE & lows by 24 in Nasdaq

VIX down 4.61% @ 14.68

Oil @ $78.95

Gold @ $2309.60

Canadian $ @ .6298

Portfolio AMD GOOG INTC META MSFT NVDA SHOP BTCC SOUN

It is all about jobs data @ 830 AM, hoping for an inline or softer data.

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed....

 Indices were all over the place, sharply UP & losing all gains. Fed statement & Fedspeak was quite hawkish...

S&P 500 @ 5018.39, low 5013.45, high 5096.12

RSI @ 41.54

Internals were :

UP volume led by 1.18 to 1 in NYSE & 1.43 to 1 in Nasdaq

Advancing stocks led by 1.38 to 1 in NYSE & 1.50 to 1 in Nasdaq

Net new highs were leading by 16 in NYSE & lows by 50 in Nasdaq

VIX Down 1.66% @ 15.39

Oil @ $79.00

Gold @ $2312.70

Canadian $ @ .6235

In my portfolio...Added 100% BTCC.TO @ $10.78 in Toronto

Portfolio AMD GOOG INTC META MSFT NVDA SHOP SOUN BTCC

Hopefully there may be " rethink " about Fed...and may see green Thursday...

BLOG does NOT give buy or sell.

Saleem

Indices closed down 1.49% to 2.09%...

 Indices were under selling pressure due to fear of inflation and potentially hawkish Fed statement.

S&P 500 @ 5035.69, low 5035.31, high 5110.83

RSI @ 43.12

Internals were :

Down volume led by 7.53 to 1 in NYSE & 1.92 to 1 in Nasdaq

Declining stocks led by 4.60 to 1 in NYSE & 2.56 to 1 in Nasdaq

Net new highs were leading by 57 in NYSE & lows by 66 in Nasdaq

VIX UP 6.68% @ 15.65

Oil @ $81.93

Gold @ $2303.90

Canadian $ @ .6249

In my portfolio...Bought BTCC.TO in Toronto @ $11.34

Portfolio AMD GOOG INTC META MSFT NVDA SHOP SOUN BTCC

It is all about Fed statement @ 2 PM, hawkish insert may put more selling pressure....Sell in May could be a reality this year.... AMD earnings did not impress AH crowd....

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .32% to .70%...NICE !!!

 Indices closed UP as yield went down.

S&P 500 @ 5116.17. high 5123.49, low 5088.65

RSI @ 51.60

Internals were :

UP volume led by 2.41 to 1 in NYSE & 1.92 to 1 in Nasdaq

Advancing stocks led by 2.72 to 1 in NYSE & 1.63 to 1 in Nasdaq

Net new highs were leading by 119 in NYSE & 11 in Nasdaq

VIX Down 2.40% @ 14.67

Oil @ $82.63

Gold @ $2357.70

Canadian $ @ .6344

Portfolio AMD GOOG INTC META MSFT NVDA SHOP SOUN

50 DMA is being taken out slowly, today it was SMH....next could be Nasdaq...which will repair lot of technical damage...

BLOG does NOT give buy or sell.

Saleem

US stock market & Fed policy statement.....

 US stock market staged a much needed rally which repaired most of the technical damage on Friday.

All is not conquered yet, 50 DMA is staring @ us in all Indices....

Fed policy statement on Wednesday will overtake any gains ...

I expect Fed statement to be hawkish & Q&A to reflect hawkish tone...

Any progress in Technical picture of market will be challenged by Fedspeak

Reaction to Fed statement & Q&A...can be troubling again...

It IS important to protect gains knowing what IS coming on Wednesday 2 PM....

As to the overall tone of this market....It remains " earnings driven "

2nd half of 2024....is going to be robust in price gains...

AI will accelerate into " major phenomenon "

AI winners & losers will be known by 2nd half....

Gold & commodities along with Energy are doing well.

It IS better to diversify away from overweight technology to reflect strong sectors in your portfolio...

Recognizing new strength IS key to success on Wall Street...

Thus its time to go back to homework & do your own due diligence...

2024 is getting tougher to make money unlike 2023.....

Good luck with your own strategy & comfort level.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .40% to 2.03%...NICE !!!

 Indices closed UP near high of the day. GOOG earning report lit fire in all AI names, even META closed in green.

S&P 500 @ 5099.96, high 5114.62, low 5073.14

RSI @ 49.75

Internals were :

UP volume led by 1.76 to 1 in NYSE & 2.00 to 1 in Nasdaq

Advancing stocks led by 2,25 to 1 in NYSE & 1.84 to 1 in Nasdaq

Net new highs were leading by 78 in NYSE & lows by 29 in Nasdaq

VIX Down 2.21% @ 15.03

Oil @ $83.85

Gold @ $2351.90

Canadian $ @ .6316

Here is my portfolio weighting :

SHOP       24.56%

NVDA      22.40%

MSFT      11.16%

GOOG     11.16%

INTC         9.58%

AMD         9.07%

META       8.22%

SOUN      1.46%

Next post by 6 PM on Sunday.

BLOG does BOT give buy or sell.

Saleem 

Indices closed down .46% to .98%...

 Indices closed down but recovered nicely from low of the day despite higher yield.

S&P 500 @ 5048.42, low 4990.58, high 5057.75

RSI @ 43.37

Internals were :

Down volume led by 1.37 to 1 in NYSE & 1.25 to 1 in Nasdaq

Declining stocks led by 2.30 to 1 in NYSE & 1.98 to 1 in Nasdaq

Net new lows were leading by 13 in NYSE & 163 in Nasdaq

VIX down 3.76% @ 15.37

Oil @ $83.57

Gold @ $2342.10

Canadian $ @ .6303

Portfolio AMD GOOG INTC META MSFT NVDA SHOP SOUN

AH ER were stellar from GOOG MSFT & SNAP ...other AI related stocks were flying in AH also...

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed....

 Indices closed mixed on higher yield.

S&P 500 @ 5071.63, high 5089.48, low 5047.02

RSI @ 45.80

Internals were :

Down volume led by 1.04 to 1 in NYSE & .98 to 1 in Nasdaq

Declining stocks led by 1.33 to 1 in NYSE & 1.22 to 1 in Nasdaq

Net new highs were leading by 30 in NYSE & lows by 63 in Nasdaq

VIX UP 1.78% @ 15.97

Oil @ $82.81

Gold @ $2336.90

Canadian $ @ .6273

Portfolio AMD GOOG INTC META MSFT NVDA SHOP SOUN

AH META reported a beat but guidance was not as high as high end of estimate, stock took a beating in AH down 15.15%...

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .69% to 1.79%...NICE !!!

Indices closed near high of the day in back to back UP move. Russell 2000 was the-best performer.

S&P 500 @ 5070.55, high 5076.12, low 5027.96

RSI @ 45.67

Internals were :

UP volume led by 3.75 to 1 in NYSE & 2.42 to 1 in Nasdaq

Advancing stocks led by 3.75 to 1 in NYSE & 2.42 to 1 in Nasdaq

Net new highs were leading by 56 in NYSE & lows by 28 in Nasdaq

VIX Down 7.38% @ 15.69

Oil @ $83.36

Gold @ $2342.10

Canadian $ @ .6320

AMD GOOG INTC META MSFT NVDA SHOP SOUN

TSLA ER was greeted with enthusiasm for upcoming low priced EV in 2025.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .67% to 1.11%...NICE !!!

Indices closed UP after correcting for several days.

S&P 500 @ 5010.60, high 5038.84, low 4969.40

RSI @ 37.90

Internals were :

UP volume led by 2.96 to 1 in NYSE & 2.21 to 1 in Nasdaq

Advancing stocks led by 2.87 to 1 in NYSE & 1.79 to 1 in Nasdaq

Net new lows were leading by 27 in NYSE & 144 in Nasdaq

VIX 9.46% @ 16.94

Oil @ $82.85

Gold @ $2346.40

Canadian $ @ .6273

Portfolio  AMD GOOG INTC META MSFT NVDA SHOP SOUN

It IS all about earnings this week, TSLA META MSFT reporting, bad will get killed and good ones to new all time high....

BLOG does NOT give buy or sell.

Saleem

US stock market in trouble...

 US stock market is finally showing a combination of profit taking and testing of support since making series of all time highs...

This downtrend is nothing unexpected in a major bull run...

5 months of unstoppable mega move was enjoyed by all participant....

NOW....a reality check..

Who are the real winners will stand up to brutal selling...

YES...some key support is broken....

YES ...selling IS intense

YES...winners behaving like losers

YES...patience is being tested..

YES...losses are piling UP

YES...some are giving UP

That IS when bottom is reached......

Then we start basing

Then slow move UP

Wall Street is NEVER a straight line UP...not forever....5 months straight UP did us in....

Always buy with conviction and stay with conviction...

Correction / pullback IS healthy

I feel we are OVERDONE in this pullback also

Stay engaged with this market, It IS trying to discount INFLATION / Interest rates UNCERTAINTY

Take advantage of low low prices and add IF you have room....I always feel more confident NEAR LOWS...

Good luck with your own strategy & comfort level.

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed....

 Indices closed mixed with steep losses in NVDA & SMCI.

S&P 500 @ 4967.23, low 4953.56, high 5019.02

RSI @ 31.29

Internals were :

UP volume led by 2.11 to 1 in NYSE & 1.14 to 1 in Nasdaq

Advancing stocks led by 1.80 to 1 in NYSE & 1.07 to 1 in Nasdaq

Net new lows were leading by 55 in NYSE & 171 in Nasdaq

VIX UP 3.94% @ 18.71

Oil @ $83.14

Gold @ $2413.80

Canadian $ @ .6252

In my portfolio...added 150% META in Toronto @ $26.95

Here is my CORRECTED portfolio weighting :

SHOP     25.11%

NVDA     20.35%

MSFT     13.93

INTC      10.75

GOOG   10.46%

META     9.32%

AMD      8.84%

SOUN   1.24%

Next post by 6 PM on Sunday

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed....

 Indices closed mixed, Nasdaq, S&P 500 & Russell2000 continues its slump, racing towards 200 DMA.

S&P 500 @ 5011.12, low 5001.89, high 5056.66

RSI @ 34.77

Internals were :

UP volume led by 1.22 to 1 in NYSE & 1.47 to 1 in Nasdaq

Declining stocks led by 1.15 to 1 in NYSE & 1.18 to 1 in Nasdaq

Net new lows were leading by 61 in NYSE & 214 in Nasdaq

VIX Down 1.15% @ 18.00

Oil @ $82.73

Gold @ $2397.30

Canadian $ @ .6241

Portfolio AMD GOOG INTC META MSFT NVDA SHOP SOUN

TAPE is extremely weak, no real catalyst to take it higher YET.

BLOG dies NOT give buy or sell.

Saleem

Indices closed down .12% to 1.15%....

 Indices closed lower again after opening higher, not a good thing technically speaking.

S&P 500 @ 5022.21, low 5007.25, high 5077.96

RSI @ 35.70

Internals were :

Down volume led by .99 to 1 in NYSE & 1.09 to 1 in Nasdaq

Declining stocks led by 1.13 to 1 in NYSE & 1.54 to 1 in Nasdaq

Net new lows were leading by 82 in NYSE & 213 in Nasdaq

VIX Down 1.03% @ 18.21

Oil @ $82.69

Gold @ $2388.40

Canadian $ @ .6190

Portfolio AMD GOOG INTC META MSFT NVDA SHOP SOUN

All indices are hurtling towards next support near round numbers or 200 DMA. TSM earnings report may save the day for technology stocks.....

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed....

 Indices closed mixed on interest rate not coming down as expected. Internals were negative.

S&P 500 @ 5051.41. low 5039.83, high 5079.84

RSI @ 38.20

Internals were :

Down volume led by 2.97 to 1 in NYSE & 1.02 to 1 in Nasdaq

Declining stocks led by 2.25 to 1 in NYSE & 1.90 to 1 in Nasdaq

Net new lows were leading by 152 in NYSE & 332 in Nasdaq

VIX down 4.32% @ 18.40

Oil @ $85.36

Gold @ $2407.80

Canadian $ @ .6171

Portfolio AMD GOOG INTC META MSFT NVDA SHOP SOUN

Indices are " deeply oversold " should stage an oversold bounce.

BLOG does NOT give buy or sell.

Saleem

Indices closed down .65% to 1.79%...

 Indices closed sharply lower on many news, some military some company driven. @ close we have breached some key technical levels.

S&P 500 @ 5061.82, low 5052.47, high 5168.43

RSI @ 39.10

Internals were :

Down volume led by 3.82 to 1 in NYSE & 2.64 to 1 in Nasdaq

Declining stocks led by 5.09 to 1 in NYSE & 3.50 to 1 in Nasdaq

Net new lows led by 99 in NYSE & 296 in Nasdaq

VIX UP 11.09% @ 19.23

Oil @ $85.41

Gold @ $2383.00

Canadian $ @ .6243

Portfolio AMD GOOG INTC META MSFT NVDA SHOP SOUN

TAPE displayed many facet of news driven activity, first It was " no further escalation in GAZA or around the world " thus a strong relief rally @ open which faded very quickly and then TSLA related news which further heightened concern about EV & economy @ large.

BLOG does NOT give buy or sell.

Saleem

US stock market and geo politics....

 US stock market was struggling as is, now comes escalation with Iran joining Israel / Hamas entanglement.

Reaction will be immediate @ open, down it will be below the support level.

BUT....do not be surprised IF we erase majority of the losses by close.

YES....bull market it remains....

 Open would bring another rare " buy the weak open "

Most stocks have already corrected substantially and are either at support or not far from it

A little gutsy buy may go a long way to profitable trade

YES....even AI strong stocks are @ attractive buy level...NVDA, SMCI & MSFT included

On wall street, even on bad days...you need to look ahead to tomorrow or weeks ahead

YES...bad days comes and go, but smart buys stays with you until profit is booked....

YES...It IS an optimistic BLOG considering how bad open it could be...

Good luck with your own comfort level!

BLOG does NOT give buy or sell.

Saleem

Indices closed down 1.24% to 1.93%....

 Indices closed down sharply on tit for tat chips restriction from China, whatever happened to " free trade "

S&P 500 @ 5123.41, low 5107.94, high 5175.03

RSI @ 44.96

Internals were :

Down volume led by 9.39 to 1 in NYSE & 3.19 to 1 in Nasdaq

Declining stocks led by 4.19 to 1 in NYSE & 3.16 to 1 in Nasdaq

Net new highs were leading by 23 in NYSE & lows by 155 in Nasdaq

VIX UP 16.10% @ 17.31

Oil @ $85.66

Gold @ $2374.10

Canadian $ @ .6239

Here is my portfolio weighting :

SHOP     25.09%

NVDA    23.43%

MSFT   14.64%

INTC    11.16%

GOOG 10.64%

AMD    9.80%

META  3.73%

SOUN 1.51%

Next post by 6 PM on Sunday!

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed....

 Indices closed mixed on softer inflation data.

S&P 500 @ 5199.06, high 5211.78, low 5138.77

RSI 54.23

Internals were :

UP volume led by .90 to 1 in NYSE & 1.40 to 1 in Nasdaq

Advancing stocks led by 1.12 to 1 in NYSE & 1.23 to 1 in Nasdaq

Net new highs were leading by 32 in NYSE & lows by 76 in Nasdaq

VIX Down 5.63% @ 14.91

Oil @ $85.02

Gold @ $2381.10

Canadian $ @ .6290

In my portfolio...added 150% SHOP @ $98.51 in Toronto

Portfolio AMD GOOG INTC META MSFT NVDA SHOP SOUN

TAPE again showed its might by jumping UP from support into near new high territory in Nasdaq, stay engaged to benefit from frequent UP days.

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed....

Indices closed mixed after being sharply lower.

S&P 500 @ 5209.91, high 5224.81, low 5160.78

RSI @ 56.55

Internals were :

UP volume led by 1.94 to 1 in NYSE & 2.22 to 1 in Nasdaq

Advancing stocks led by 1.44 to 1 in NYSE & 1.33 to 1 in Nasdaq

Net new highs were leading by 170 in NYSE & 21 in Nasdaq

VIX Down 1.38% @ 14.98

Oil @ $85.23

Gold @ $2360.70

Canadian $ @ .6413

Portfolio AMD GOOG INTC META MSFT NVDA SHOP SOUN

Volatility continues BUT closing is sweet, mark of a great bull market.

No BLOG on Wednesday as It IS our conclusion of Ramadan and EID celebration starts which IS a 3 day event.

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed...

 Indices closed mixed on a day where averages took a well deserved rest.

S&P 500 @ 5202.39, low 5197.35, high 5219.57

RSI @ 55.62

Internals were :

UP volume led by 1.43 to 1 in NYSE & 1.26 to 1 in Nasdaq

Advancing stocks led by 1.57 to 1 in NYSE & 1.30 to 1 in Nasdaq

Net new highs were leading by 172 in NYSE & 26 in Nasdaq

VIX Down 5.24% @ 15.19

Oil @ $86.43

Gold @ $2331.70

Canadian $ .6415

Portfolio AMD GOOG INTC META MSFT NVDA SHOP SOUN

Today's TAPE was constructive as Internals were positive.

BLOG does NOT give buy or sell.

Saleem

US stock market in higher volatility....

 US stock market has been an outstanding performer, impressive gain in Q1 in key Indices....

The question which IS in every investor / trader mind, did we borrow all the gains for 2024 in Q1?

Good question ....

My personal opinion is " NO "

This US market remains in a strong bull mode....

Higher we go, It will be more volatile...

Trading in new all time highs is NOT a run of the mill phenomenon

It brings fear of losing gains....thus renewed selling to lock gains...

BUT after couple of days of "spirited selling " strong bull market makes another high or attempts to...

Higher we go, higher the volatility...

Take advantage of volatility by having a buy & sell list ready on a weekly basis & execute

Keep RSI in focus for every buy or sell based on nothing else BUT relative value...lower the better...or less higher the better...

Here are the RSI for key indices :

DOW             47.21

Russell 2000 50.42

Nasdaq          52.96

S&P 500        55.91

Above RSI shows there is much more room to run in near term...

You make money on Wall Street by staying engaged in markets, however you play....

IF you do not stay in market, some of the biggest move in a single day will be missed completely.

US economy is in good productive mode, with more gains coming

AI is finally in everyone's mind now

How to play AI is becoming more of a challenge...

Old favorites like AI & PLTR are struggling as they are becoming smaller player in a fast moving and fastest growing AI segment.

Please buy best names in AI arena as this IS the game going forward.

Biggest gains, split will come from AI segment.

Try not to second guess what IS very obvious winners....NO they are not frothy @ all...create your own AI basket of stocks..& let It RUN....

Good luck with your own ideas about this market.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .80% to 1.24%...NICE !!!

 Indices closed UP on stronger jobs data.

S&P 500 @ 5204.34, high 5222.18, low 5157.21

RSI @ 55.91

Internals were :

UP volume led by 1.86 to 1 in NYSE & 1.13 to 1 in Nasdaq

Advancing stocks led by 1.44 to 1 in NYSE & 1.13 to 1 in Nasdaq

Net new highs were leading by 126 in NYSE & lows by 61 in Nasdaq

VIX Down 1.96% @ 16.03

Oil @ $86.91

Gold @ $2345.40

Canadian $ @ .6415

Here is my portfolio weighting :

NVDA     26.80%

MSFT     16.93%

INTC      13.88%

SHOP    12.44%

GOOG   11.80%

AMD     11.72%

META    4.40%

SOUN   2.03%

Next post by 6 PM on Sunday!

BLOG does NOT give buy or sell.

Saleem

Starting my BLOG after Friday's close...Thanks for your messages!!!

 Sincere thanks for your caring messages, deeply supportive, gave me strength & will to move ON.

First BLOG after Friday's close on April 5th, 2024

Saleem

Sorry, not ready to write BLOG YET....

Sad news, my wife died today, heart failure....

 There will be no BLOG until Sunday...due to death of my beloved wife...please pray for her soul..

Thanks

Saleem

Indices closed UP .89% to 1.92%...NICE !!!

Indices shot UP to close @ high of the day. Fed statement and Q&A reinforced 3 cuts are coming in 2024.

S&P 500 @ 5224.62, high 5226.19, low 517155

RSI @ 67.40

Internals were :

UP volume led by 4.58 to 1 in NYSE & 4.07 to 1 in Nasdaq

Advancing stocks led by 3.76 to 1 in NYSE & 2.88 to 1 in Nasdaq

Net new highs were leading by 562 in NYSE & 116 in Nasdaq

VIX Down 5.64% @ 13.04

Oil @ $83.47

Gold @ $2161.00

Canadian $ @ .6431

Portfolio AMD GOOG INTC META MSFT NVDA SHOP SOUN

Stocks are getting into overdrive mode which is going to catch shorts with poor prediction.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .39% to .83%...NICE !!!

 Indices staged an impressive reversal & closed @ high of the day, NVDA proved all the genius so called technicians wrong again & again but they offer no explanation of how wrong they can be " so consistently "..they should host a new program " wrong again "

S&P 500 @ 5178.51, high 5180.31, low 5131.59

RSI @ 63.37

Internals were :

UP volume led by 1.76 to 1 in NYSE & 1.22 to 1 in Nasdaq

Advancing stocks led by 2.25 to 1 in NYSE & 1.39 to 1 in Nasdaq

Net new highs were leading by 233 in NYSE & lows by 36 in Nasdaq

VIX Down 3.56% @ 13.82

Oil @ $83.47

Gold @ $2159.70

Canadian $ @ .6417

In my portfolio....added 15% NVDA @ $81.10 in Toronto

Portfolio AMD GOOG INTC META MSFT NVDA SHOP SOUN

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .20% to .82%...NICE !!!

 Indices closed UP in anticipation of AI lovefest in San Diego.

S&P 500 @ 5149.42, high 5175.60, low 5145.47

RSI @ 60.51

Internals were :

UP volume led by 1.26 to 1 in NYSE & 1.18 to 1 in Nasdaq

Advancing stocks led by 1.17 to 1 in NYSE & .80 to 1 in Nasdaq

Net new highs were leading by 166 in NYSE & lows by 30 in Nasdaq

VIX Down .56% @ 14.33

Oil @ $82.91

Gold @ $2164.30

Canadian $ @ .6455

Portfolio AMD GOOG INTC META MSFT NVDA SHOP SOUN

In my portfolio :

Sold 50% GOOG @ $25.37

Added 70% NVDA @ $83.87

NVDA presentation by CEO / Founder exceeded my expectations with many fold improvement in AI GPU chip announced along with a new subscription model, to keep the money coming after selling of chips.

BLOG does NOT give buy or sell.

Saleem

US stock market & AI......

 US stock market has been witnessing a new phenomenon known as CHATGPT chatbot since late 2022 with Microsoft stake in it , Open AI was the creator which IS still private.

Generative AI was needed for accelerated computing which NVDA is the sole leader while others are trying to follow 1 year late with much weaker accelerated computing like AMD.....

NVDA not only is the leader BUT its expanding its lead with more powerful H100 & H200...

NVDA used to update its GPU chips every 2 years....

NVDA with its commanding lead time of 1 year in GPU chips has decided that IT IS NOT good enough...

Thus comes GTC 2024....Woodstock of Generative AI....or when the whole world will understand what generative AI is all about....

Once everyone understands Generative AI their " jaw will drop "

Many many professions will be impacted with  "accelerated computing  "

Productivity will rise 100 fold...that is a very conservative number....

SO...what will happen in GTC2024.....

It IS a 4 day Developer conference.....Starting Monday.....

Keynote address by NVDA CEO @ 4PM EST

NEW GPU processor for AI computing will be introduced B100 codenamed " Blackwell " to replace H100 & H200....

This new GPU after only 1 year, will maintain NVDA lead in Accelerated computing .....

With all the talk of Bubble in NVDA stock price, currently NVDA valuation  is 10th in Semiconductor stocks....never mind in technology or in entire stock market...It should be #1 in entire world stocks...where It could be in few more quarters....

NVDA is only trading @ 35 times forward earning....what a bargain.....

With all of the explanation given, It IS extremely important for all traders to fully understand ramification of Generative AI....in every aspect of life....

We are entering a new era of accelerated computing where faster & faster GPU chips are needed to generate results sought by billions....

YES AI related stocks should get a new resurgence with GTC2024....

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

BLOG does NOT give buy or sell.

Saleem

Indices closed down .49% to .96%...

 Indices closed down due to higher yields.

S&P 500 @ 5117.09, low 5104.35, high 5136.86

RSI 57.04

Internals were :

UP volume led by 1.13 to 1 in NYSE & 1.19 to 1 in Nasdaq

Advancing stocks led by 1.11 to 1 in NYSE & 1.12 to 1 in Nasdaq

Net new highs were leading by 105 in NYSE & lows by 57 in Nasdaq

VIX UP .07% @ 14.41

Oil @ $81.26

Gold @ $2167.50

Canadian $ @ .6465

Here is my portfolio weighting :

GOOG     20.11%

NVDA      16.37%

MSFT     16.11%

INTC      14.87%

AMD      12.78%

SHOP    12.40%

META     3.93%

SOUN    3.43%  

Next post by 6 PM on Sunday.

BLOG does NOT give buy or sell.

Saleem

Indices closed down .29% to 1.96%....

 Indices got the shocking inflation report which was way above consensus, we actually opened green then selling began then recovery to much higher than low of the day.

S&P 500 @ 5150.48, low 5123.30, high 5176.85

RSI @ 62.28

 Internals were :

Down volume led by 4.11 to 1 in NYSE & 3.10 to 1 in Nasdaq

Declining stocks led by 3.77 to 1 in NYSE & 3.08 to 1 in Nasdaq

Net new highs were leading by 133 in NYSE & lows by 101 in Nasdaq

VIX UP 4.73% @ 14.40

Oil @ $81.26

Gold @ $2167.50

Canadian $ @ .6477

Portfolio AMD GOOG INTC META MSFT NVDA SHOP SOUN

AI stocks keeping many Investors on edge as talk of bubble & glee over slight decline is being played UP.....

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed....

Indices closed mixed where DOW was green, rotation was obvious.

S&P 500 @ 5165.31, low 5151.88, high 5179.14

RSI @ 64.73

Internals were :

UP volume led by 1.72 to 1 in NYSE & 1.0 to 1 in Nasdaq

Advancing stocks led by 1.53 to 1 in NYSE & .95 to 1 in Nasdaq

Net new highs were leading by 519 in NYSE & .95 to 1 in Nasdaq

VIX down .65% @ 13.75

Oil @ $79.72

Gold @ $2181.50

Canadian $ @ .6527

In my portfolio :

Bought META @ $27.88 in Toronto

Sold 50% SOUN @ $9.76 in after hour

Portfolio AMD GOOG INTV META MSFT NVDA SHOP SOUN

Please keep an eye on how we close, It tells us more than any rethink or analysis.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .61% to 1.54%...NICE !!!

 Indices closed near high of the day despite much feared higher inflation numbers. Treasury yield went UP & stocks went UP....not suppose to happen....

S&P 500 @ 5175.27, high 5179.87, low 5114.48

RSI @ 66.36

Internals were :

UP volume led by 1.11 to 1 in NYSE & .86 to 1 in Nasdaq

Advancing stocks led by 1.27 to 1 in NYSE & .84 to 1 in Nasdaq

Net new highs were leading by 342 in NYSE & 2 in Nasdaq

VIX down 9.07% @ 13.84

Oil @ $77.56

Gold @ $2161.90

Canadian $ @ .6497

Portfolio AMD GOOG INTC MSFT NVDA SHOP SOUN

This TAPE has been giving a constant message " this IS a Strong Bull "

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed....

 Indices closed mixed despite extreme negative sentiment in all media, thus a " very reliable contrary indicator "

S&P 500 @ 5117.94, low 5091.14, high 5124.66

RSI @ 61.13

Internals were :

Down volume led by .71 to 1 in NYSE & 1.03 to 1 in Nasdaq

Declining stocks led by 1.07 to 1 in NYSE & 1.45 to 1 in Nasdaq

Net new highs were leading by 224 in NYSE & 14 in Nasdaq

VIX UP 3.26% @ 15.22

Oil @ $77.93

Gold @ $2188.60

Canadian $ @ .6510

In my portfolio :

Bought SHOP @ $101.00 in Toronto

Bought AMD @ $38.89 in Toronto

Bought NVDA @ $83.21 in Toronto

Portfolio AMD GOOG INTC MSFT NVDA SHOP SOUN 

TAPE showed resiliency by closing mixed, internals were slightly negative, all this plus ORCL reinforcement of AI related server demand giving more fuel to AI bull thesis.

BLOG does NOT give buy or sell.

Saleem

US stock market in retreat.....

 US stock market has been on a tremendous tear, rising 8 out of 9 weeks, bears did not notice this incredible melt UP....

Call of NVDA bubble has been ON for last 2 quarters a long 180 days talk of deep analysis.....

SO

After 180 days.....finally NVDA got tired of gapping UP and making daily new all time highs....talk of boring existence.....

Too much of a good thing is not good for anyone even shorts were decimated by NVDA...IF you meet any short @ least do NOT discuss NVDA

OK OK

Some real numbers....On a Friday the 8th of March was a very critical day for burned genius & hot hot shorts who got scorched by NVDA....which hit 974 that IS in US$....mighty currency of the world.....but shorts got the consolation prize of NVDA closing $99.72 LOWER.....$875.28..low was $865.06....a stunning $108.94 reversal....YES all of this on same trading day.....

NVDA RSI went from 90+++ to a bearish 69.80

VOLUME was a stunning 114.2 million share.....BUT BUT volume was OVER 150 ++++ million on end of May 2023 quarterly earnings report which put AI on world map.....

What happens next....depends on overall market, NVDA may follow market for half day maybe...then back to pain for shorts....

Now for the serious analysis....

Market may pause and regroup this week.....

New sectors may come to life to play catchup ....

Inflation reports will be the focus this week CPI may be the shocker...thus buying opportunity in day & a half....

Good luck with your own take on NVDA which remains the only " talk of the world "..plus other stocks and market....

BLOG does NOT give buy or sell.

Saleem

Indices closed down .18% to 1.16%....

 Indices closed down in a stunning reversal and closed near low of the day.

S&P 500 @ 5123.69, low 5117.50, high 5189.26

RSI @ 62.03

Internals were :

Down volume led by .93 to 1 in NYSE & .84 to 1 in Nasdaq

Declining stocks led by .80 to 1 in NYSE & 1.01 to 1 in Nasdaq

Net new highs were leading by 660 in NYSE & 266 in Nasdaq

VIX UP 2.08% @ 14.74

Oil @ $78.01

Gold @ $2185.50

Canadian $ @ .6525

In my portfolio :

Sold remaining 50% NVDA @ $92.00 in Toronto, high of the day was $92.10...

Sold META @ $28.12 in Toronto

Here is my portfolio weighting on 25% exposure :

GOOG      35.33%

MSFT       28.82%

INTC        28.14%

SOUN        7.71%

Next post on Sunday by 6 PM.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .34% to 1.51%...NICE !!!

 Indices closed UP & near high of the day on conclusion of 2 day testimony by Fed Chief, there was no surprise in his opening remark or Q&A.

S&P 500 @ 5157.36, high 5165.62, low 5128.21

RSI @ 67.41

Internals were :

UP volume led by 2.15 to1 in NYSE & 1.89 to 1 in Nasdaq

Advancing stocks led by 3.09 to 1 in NYSE & 1.55 to 1 in Nasdaq

Net new highs were leading by 689 in NYSE & 243 in Nasdaq

VIX Down .41% @ 14.44

Oil @ $78.93

Gold @ 2165.20

Canadian $ @ .6528

In my portfolio :

Sold AMD in Toronto @ $40.55

Sold 50% NVDA in Toronto @ $86.20

Added 70% GOOG @ $22.64

Portfolio GOOG INTC MSFT META NVDA SOUN 

As you all know that I follow RSI as my go to in every buying & selling decision based on my universe, It Is NOT about being right or wrong BUT It IS a discipline which I practice after " learning my lesson hard way " which is managing "risk reward "

BLOG Does NOT give buy or sell.

Saleem

Indices closed UP .20% to .70%...NICE !!!

 Indices closed UP on dovish Q&A by Fed chief in his testimony.

S&P 500 @ 5104.76, high 5127.97, low 5092.22

RSI @ 62.72

Internals were :

UP volume led by 2.65 to 1 in NYSE & 1.72 to 1 in Nasdaq

Advancing stocks led by 2.82 to 1 in NYSE & 1.52 to 1 in Nasdaq

Net new highs were leading by 434 in NYSE & 102 in Nasdaq

VIX UP .28% @ 14.50

Oil @ $79.13

Gold @ $2148.80

Canadian $ @ .6486

Portfolio AMD GOOG INTC MSFT META NVDA SOUN

Close was not as strong as expected considering news flow. Monitor your portfolio IF its still ending positive for the day or else make some adjustment.

BLOG does NOT give buy or sell.

Saleem

Indices closed down 1.02% to 1.65%...

 Indices took a well deserved breather but closed way above low of the day.

S&P 500 @ 5078.65, low 5056.82, 5114.54

RSI @ 60.07

Internals were :

Down volume led by 1.19 to 1 in NYSE & 1.36 to 1 in Nasdaq

Declining stocks led by 1.40 to 1 in NYSE & 1.76 to 1 in Nasdaq

Net new highs were leading by 278 in NYSE & 4 in Nasdaq

VIX UP 7.19% @ 14.46, high today @ 15.10, 52 wk high 30.81

Oil @ $78.15

Gold @ $2141.90

Canadian $ @ .6417

In my portfolio ....Added 100% NVDA in Toronto @ $80.86

Portfolio AMD GOOG INTC MSFT META NVDA SOUN

As this is a major bull market, pullbacks will be swift & recovery fast as witnessed today. AI is a major phenomenon which requires focus & understanding.

BLOG does NOT give buy or sell.

Saleem

Indices closed down .12% to .41%...

 Indices closed near low of the day.

S&P 500 @ 5130.95, low 5127.18, high 5149.67

RSI @ 69.22

Internals were :

Down volume led by 1.04 to 1 in NYSE & 1.51 to 1 in Nasdaq

Declining stocks led by 1.20 to 1 in NYSE & 1.44 to 1 in Nasdaq

Net new highs were leading by 609 in NYSE & 252 in Nasdaq

VIX UP 2.90% @ 13.49

Oil @ $78.74

Gold @ $2126.30

Canadian $ @ .6430

Portfolio AMD GOOG INTC MSFT META NVDA SOUN

Today's reversal is a cause for concern, TAPE should be monitored closely by watching how we close for few day's.

BLOG does NOT give buy or sell.

Saleem

US Stock market & AI transformation.....

 US Stock market has finally recognized that there is such a thing known as AI....

First AI was being dismissed as a fad and has no substance

NVDA tried to teach skeptics that AI is a real phenomenon 3 quarters ago, everybody " yawned "

NVDA highlighted tremendous AI growth 2 quarters ago, most dubbed It, it IS " temporary "

Last quarter NVDA again tried to teach that AI is being pushed by Industries, corporations & governments all over the world in a mad mad rush to be part of AI .....many said " IT IS A BUBBLE "

BUT then was SMCI with the same message AI AI AI & super growth in Sales & EPS

Then DELL came out with its latest report 2 days ago, same story of AI super demand for servers with a huge backlog....

SO AMD jumps to all time high as there is unmet demand for many AI chips

MU also joined in AI related memory demand by moving higher....

About those millions of bubble laden skeptics of AI......means many shorts are still there....till we really reach " frothy level "

AI driven stocks are trying to catch up to real higher valuation in a hurry.....

Based on PE & RSI...we are near S&P 500 valuation....which IS LOW based on historical valuation given to " new high growth SUPERCYCLE "

On any pullback in any AI stocks, It IS time to get in or add more...

Even 2nd tier or 3rd tier AI stocks are in play NOW....

Please read up on AI super cycle & potential market as highlighted by NVDA, SMCI, DELL & AMD

Good luck with your own take on AI & your own comfort level.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .23% to 1.14%...NICE !!!

 Indices closed near high of the day and Nasdaq made a new intraday high plus 2nd highest close in history.

S&P 500 @ 5137.08, high 5140.33, low 5094.16

RSI @ 70.39

Internals were :

UP volume led by 1.99 to 1 in NYSE & 1.98 to 1 in Nasdaq

Advancing stocks led by 2.29 to 1 in NYSE & 1.55 to 1 in Nasdaq

Net new highs were leading by 640 in NYSE & 275 in Nasdaq

VIX Down 2.16% @ 13.11

Oil @ $79.97

Gold @ $2093.10

Canadian $ @ .6447

In my portfolio...Bought SOUN twice @ $6.33 & $5.95

Here is my portfolio weighting :

AMD        29.15%

MSFT      16.14%

META     16.13%

INTC      15.34%

GOOG   11.12%

NVDA    7.78%

SOUN   4.34%

Next post by 6 PM on Sunday.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .12% to .90%...NICE !!!

 Indices closed near high of the day & Nasdaq finally made it into all time record close.

S&P 500 @ 5096.27, high 5104.99, low5061.89

RSI @ 66.94

Internals were :

UP volume led by 2.37 to 1 in NYSE & 1.57 to 1 in Nasdaq

Advancing stocks led by 2.70 to 1 in NYSE & 1.57 to 1 in Nasdaq

Net new highs were leading by 457 in NYSE & 185 in Nasdaq

VIX Down 3.18% @ 13.40

Oil @ $78.26

Gold @ $2054.70

Canadian $ @ .6428

In my portfolio...added SOUN @ $7.33

Portfolio AMD GOOG INTC MSFT META NVDA SOUN

AMD was the superstar of the day by closing @ new all time high, SOX did well. PCE number was  as expected and taken as " not too hot not too cold " and market took off.

BLOG does NOT give buy or sell.

Saleem

Indices closed down .06% to .77%....

 Indices closed down as inflation became a concern for Thursday 830 AM report.

S&P 500 @ 5069.76, low 5058.35, high 5077.37

RSI @ 64.45

Internals were :

Down volume led by 1.25 to 1 in NYSE & 1.40 to 1 in Nasdaq

Declining stocks led by 1.20 to 1 in NYSE & 1.72 to 1 in Nasdaq

Net new highs were leading by 266 in NYSE & 78 in Nasdaq

VIX UP 3.05% @ 13.84

Oil @ $78.54

Gold @ $2042.70

Canadian $ @ .6424

Portfolio AMD GOOG INTC MSFT META NVDA SOUN

Whenever we fear any report in realty it becomes a non event & rally resumes in a bull market.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .17% to 1.34%....NICE!!!

 Indices closed near high of the day, Russell 2000 was the strongest among gainers.

S&P 500 @ 5078.18, high 5080.69, low 5057.29

RSI @ 65.91

Internals were :

UP volume led by 2.29 to 1 in NYSE & 2.76 to 1 in Nasdaq

Advancing stocks led by 1.45 to 1 in NYSE & 1.60 to 1 in Nasdaq

Net new highs were leading by 304 in NYSE & 187 in Nasdaq

VIX Down 2.26% @ 13.43

Oil @ $78.87

Gold @ $2044.10

Canadian $ @ .6472

In my portfolio :

Sold BTCC.TO @ $10.81

Bought a tiny position in SOUN @$7.51

Portfolio AMD GOOG INTC MSFT META NVDA SOUN

TAPE showed its bullish tone by closing @ high with positive internals.

BLOG does NOT give buy or sell.

Saleem

Indices closed down .13% to .38%....

 Indices closed @ low of the day.

S&P 500 @ 5069.53, low 5068.91, high 5097.66

RSI @ 65.16

Internals were :

Down volume led by 1.54 to 1 in NYSE & .59 to 1 in Nasdaq

Declining stocks led by 1.55 to 1 in NYSE & .83 to 1 in Nasdaq

Net new highs were leading by 306 in NYSE & 132 in Nasdaq

VIX Down 0.07% @ 13.74

Oil @ $77.58

Gold @ $2038.90

Canadian $ @ .6481

Portfolio AMD GOOG INTC MSFT META NVDA BTCC.TO

Market is waiting for Thursday's inflation data of PCE thus directionless plus negative slant.

BLOG does NOT give buy or sell.

Saleem

US stock market AI stocks in worst bubble......

US stock market is being dubbed in worst bubble since dot com days....

Above headline or any comparison shows lack of knowledge or playing with facts / disinformation

Credibility is lacking in every negative talk about AI or NVDA

Financial journalism is full of people who talk their own " vested strategy " where facts have no role.

Most pundits / many traders never spotted NVDA'S first mover advantage early or now...thus their cynicism is very obvious...

AI is here ......

AI will impact everyone of us in more ways than we can even imagine

AI will last as long as Industrialization exist or productivity is a focus by individual, companies & society @ large

AI is a much bigger phenomenon than most pundit will ever understand

AI.....we are just getting started to get off ground level.....

We are in year 2 of 100 years cycle......which will keep evolving in many forms...

AI IS & WILL disrupt every aspect of our lives in more ways that can be imagined by us MORTALS....

NOW.....let us examine the " bubble & DOT COM valuation as many highly paid geniuses are hammering on us on an hourly basis in all form of media....

Here  is forward PE of few stocks to make my point of valuation :

MRVL        33.62

AMD         32.39

NVDA       26.94

AVGO      23.17

INTC       19.19

TSM        18.40

Median forward PE is 25.62 as it stands today....

Most companies " beat & raise going forward which does NOT reflect current forward PE "

IF you care to look S&P 500 forward PE IS......compare that with above listed fastest growing companies ...

Dot com days .....or bubble days...had either " zero earnings " or PE in 150+++ range.....truth is very important as " disinformation is being spewed every second in financial press / TV...

Good luck with your own homework, conviction and resolve to catch the next wave of growth.

BLOG does NOT give buy or sell.

Saleem