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