Indices closed UP 1.86% to 3.43%...NICE !!!

 Indices closed UP.

S&P 500 @ 3677.95, high 3689.73, low 3638.65

RSI @ 45.40

CMF @ -0.164

Internals were :

UP volume led by 14.80 to 1 in NYSE & 5.63 to 1 in Nasdaq

Advancing volume led by 4.79 to 1 in NYSE & 2.98 to 1 in Nasdaq

Net new lows were leading by 134 in NYSE & 142 in Nasdaq

VIX Down 2.03% @ 31.37

Oil @ $85.46

Gold @ $1664.00

Canadian $ @ .6275

Portfolio ARKK LSPD PLTR MGM SOL SOFI UAL XPEV

Stocks which were UP 5% or more included

ARKK LSPD PLTR MGM SOFI

SHOP SNAP AFRM PYPL CCJ

COIN SQ ROKU BMBL LAC

MSTR DASH PINS DKNG

SNOW LYFT GOOS MTCH

ZM DDOG EAT NVDA 

TWLO META TSLA AMZN

SPLK EXPE JWN BABA BROS...

AH Futures UP

AH Asian Markets Mixed

AH Oil UP

AH Gold Down

About market, TAPE staged a deeply oversold bounce on reversal of policies in UK plus all US yields were lower. Most sectors shot UP from low low levels, internals were strong. Solar was a mixed bag. Morgan Stanley market strategist bear made a near term bullish call which also helped. Enjoy this bounce while it last.

BLOG does NOT give buy or sell.

Saleem

Message of US stock market....

 It has been almost 2 years since US stock market started its topping pattern.

After 2 years of relentless selling, this bear party is not over.....

Indices are experiencing turbulence more frequently than before, this may be a sign of capitulation is far from over.....

Using Fed's terminology, more pain to come and frequently than before.

Everyday is becoming a watch & suffer story as close is extremely weak....

S&P 500 is displaying that support is not found yet.

Most predictions are in the range of 3200 to 3500......for S&P 500

My gut tells me round number of 3000 can be breached easily

I am looking for support in 2900 area......

Worst target possible is as low as 2200.....

Support is far from where we are as of Friday.....

% more loss can be as low as 11% more to come or as far as 38% more downside.....

Bear market can be more painful than what most players may be ready for, thus extreme caution is warranted.....

Look @ bear market from DOW 1000 to low reached several years later after almost 30% decline

Looks like something needs to break like UK situation or something else before we get climactic selloff

NOW to something more cheery, XLE or energy @ 54.72 RSI is the strongest group in my universe. XLE is the only sector which IS above 50 DMA & 200 DMA...technically very strong....

TAN or Solar stocks are the-worst with RSI of 28.99, remember how they were the strongest only few weeks ago......

Be prepared for long haul before we see the light.

Bottom line is, manage your risk prudently, by not adding exposure.

Good luck with your own take on markets.

BLOG does NOT give buy or sell.

Saleem

Indices closed down 1.34% to 3.08%...

Indices closed down on higher yield & troubling news from UK which included instability in their GILD rates & firing of Chancellor of Exchequer, all this reversed higher opening and closing @ low of the day.

S&P 500 @ 3583.07, low 3579.68, high 3712.00

RSI @ 38.04

CMF @ -0.151

Internals were :

Down volume led by 6.78 to 1 in NYSE & 4.72 to 1 in Nasdaq

Declining stocks led by 4.19 to 1 in NYSE & 2.85 to 1 in Nasdaq

Net new lows were leading by 335 in NYSE & 277 in Nasdaq

VIX UP .25% @ 32.02

Oil @ $85.61

Gold @ $1648.90

Canadian $ @ .6123

Stocks which closed green included UAL

JKS NCLH DAL AAL BA SPLK NTNX...

Here is my portfolio weighting :

ARKK      28.71%

MGM       20.33%

UAL        19.26%

LSPD     11.19%

PLTR      9.09%

SOFI      6.38%

SOL       4.03%

XPEV    1.01%

Next post by 6 PM on Sunday.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP 2.23% to 2.83%...NICE !!!

 Indices closed UP.

S&P 500 @ 3669.91, high 3685.41, low 3491.58

RSI @ 42.97

CMF @ -0.047

Internals were :

UP volume led by 4.36 to 1 in NYSE & 2.70 to 1 in Nasdaq

Advancing stocks led by 2.24 to 1 in NYSE & 2.07 to 1 in Nasdaq

Net new lows were leading by 1375 in NYSE  & 893 in Nasdaq

VIX Down 4.86% @ 31.94...high 33.87

Oil @ $89.11

Gold @ $1648.30

Canadian $ @ ,6251

Portfolio ARKK LSPD PLTR MGM SOL SOFI UAL XPEV

Stocks which were UP 3% or more included UAL

RIOT MRVL AMAT NTR MOS MGA MU GE

TECK JBLU SAVE TSM AAPL QCOM IBM

QRVO SWKS CNQ SLB OXY LNG CVX

LAC MSFT DAL TD NVAX MRNA MCD

BYND NVDA LRCX BROS MA V MS...

AH Futures Mixed

AH Asian Markets UP

AH Oil & Gold Down

About market, TAPE reacted to high CPI report then found support and made a V bottom and closed near high of the day. Internals were positive. Many technicians are of the opinion, this is not the bottom of this bear market, thus caution is advised.

BLOG does NOT give buy or sell.

Saleem

Indices closed down .09% to .33%.....

 Indices closed down.

S&P 500 @ 3577.03, low 3573.86, high 3608.34

RSI @ 34.55

CMF @ -0.127

Internals were :

Down volume led by 1.25 to 1 in NYSE & .85 to 1 in Nasdaq

Declining stocks led by 1.64 to 1 in NYSE & 1.13 to 1 in Nasdaq

Net new lows were leading by 688 in NYSE & 578 in Nasdaq

VIX Down .18% @ 33.57

Oil @ $87.27

Gold @ $1677.50

Canadian $ @ .6197

Portfolio ARKK LSPD PLTR MGM SOL SOFI UAL XPEV

Stocks which were UP 1% or more included 

ARKK MGM SOFI XPEV

NCLH SHOP CNX SNAP

CCL MOS AFRM SQ AG

GE TECK JBLU ROKU

RCL AAL DASH SNOW

LYFT ZI ZM DOCU UBER

NVAX MRNA AEM OXY

LNG BROS ORCL CMG...

AH Futures UP

AH Asian Markets Mixed

AH Oil Down

AH Gold UP

About market, TAPE closed lower after hotter than expected PPI numbers. Tomorrow is mother of all inflation data CPI, I expect it to be tamer than expected, should give us a powerful oversold bounce. Today technology behaved better than most group, sign that it is deeply oversold after 2 years of relentless selling.

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed....

 Indices closed mixed.

S&P 500 @ 3588.84, low 3568.45, high 3640.66

RSI @ 35.16

CMF @ -0.074

Internals were :

Down Volume led by 1.31 to 1 in NYSE & 1.80 to 1 in Nasdaq

Declining stocks led by 1.50 to 1 in NYSE & 1.51 to 1 in Nasdaq

Net new lows were leading by 857 in NYSE & 783 in Nasdaq

VIX UP 3.64% @ 33.63

Oil @ $89.35

Gold @ $1686.00

Canadian $ @ .6260

Portfolio ARKK LSPD PLTR MGM SOL SOFI UAL XPEV

Stocks which were UP 1% or more included SOL

HAT CNX AFRM MU CCJ COIN

M AAL NVAX EAT NKE BYND

JWN NTNX BROS ULTA 

KBH CMG.....

AH Futures Mixed

AH Asian Markets Mixed

AH Oil & Gold Down

About market, TAPE was staging an oversold bounce but it all got tripped by an announcement from Bank Of England that their pension funds have until Friday to be on side, so we lost all green and went red, finally we closed mixed. Technology got another downgrade of Semiconductors / Equipment makers thus Nasdaq closed red. Its a jittery bear which reacts to any & all negative news.

BLOG does NOT give buy or sell.

Saleem

Indices closed down .32% to 1.04%....

 Indices closed down.

S&P 500 @ 3612.39, low 3588.10, high 3652.17

RSI @ 36.36

CMF @ -0.091

Internals were :

Down volume led by 2.91 to 1 in NYSE & 2.20 to 1 in Nasdaq

Declining stocks led by 2.43 to 1 in NYSE & 1.77 to 1 in Nasdaq

Net new lows were leading by 672 in NYSE & 605 in Nasdaq

VIX UP 3.48% @ 32.45

Oil @ $91.13

Gold @ $1675.20

Canadian $ @ .6303

Portfolio ARKK LSPD PLTR MGM SOL SOFI UAL XPEV

Stocks which closed green included UAL

NTR MOS FSLR ENPH GE TECK 

FCX CLF X AAPL BMBL TWTR

QRVO LYFT NVAX MRNA

UPS BA MCD META 

NFLX LTHM ULTA..

AH Futures UP

AH Asian Markets Mixed

AH Oil Down

AH Gold UP

About market, TAPE was under selling pressure again and closed lower. Yield was UP, Fed speak was ON and Jamie Dimon gave bearish target of further 20% down move. Internals were negative Base metals & healthcare / pharma was green.

BLOG does NOT give buy or sell.

Saleem