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