Indices closed UP .58% to 2.20%...NICE !!!

 Indices closed @ high of the day on spirited buying for 2024 allocation.

S&P 500 @ 4763.54, high 4764.54, low 4699.82

RSI @ 63.58

Internals were :

UP volume led by 2.31 to 1 in NYSE & 1.73 to 1 in Nasdaq

Advancing stocks led by 3.00 to 1 in NYSE & 2.33 to 1 in Nasdaq

Net new highs were leading by 71 in NYSE & 9 in Nasdaq

VIX Down 2.02% @ 13.08

Oil @ $70.77

Gold @ $2033.50

Canadian $ @ .6633

In my portfolio :

Sold SHOP.TO @ $103.27

Added 20% CNQ.TO @ $86.83

Bought BTCC.TO @ $8.94

Portfolio RIOT SNAP ABX.TO CNQ MSFT NVDA LSPD BTCC.TO

Today's rally caught everyone by surprise BUT it was welcomed by all bulls for the intensity it brought. NVDA shot up to a new all time high & RIOT got the benefit of Cramer's curse & Crypto surge.

BLOG does NOT give buy or sell.

Saleem

US stock market trend is changing....

 Based on recent stock trading pattern, US stock market is entering uncharted territory.

Gone are the days of predictability...

Many known stocks are struggling to keep pace with market trend.

Simplistic symbols related activities are gone

New sectors have greater hope of making money

Nasdaq no longer has that cache that " It IS the only place to be "

Here are current RSI :

XLF           68.01

DOW         67.49

XHB         56.83

S&P 500   55.07

GLD         53.48

XLE          52.33

IWM         51.34

NASDAQ 47.05

TAN         45.32 

Based on above RSI numbers TAN ( Solar ) is the weakest, Nasdaq is the 2nd weakest.

Who could have predicted XLF as strongest performer.

Biggest change in US market is changing RSI picture

All boats are not lifted....

Many famous boats are stuck in the mud and going nowhere fast....

Please pay attention to changing profile of US stock market.

Home work of FA & TA has deep meaning now than ever.

Good luck with your own deep analysis & comfort level.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .07% to .18%...NICE !!!!

 Indices closed UP on the 4th day of trading barely. Russell 2000 closed red.

S&P 500 @ 4697.24, high 4721.49, low 4682.11

RSI @ 55.07

Internals were :

UP volume led by 1.78 to 1 in NYSE & .61 to 1 in Nasdaq

Advancing stocks led by 1.16 to 1 in NYSE & .76 to 1 in Nasdaq

Net new highs were leading by 64 in NYSE & lows by 37 in Nasdaq

VIX Down 5.52% @ 13.35

Oil @ $73.81

Gold @ $2049.80

Canadian $ @ .6663

Here is my portfolio weighting :

CNQ        44.99%

MSFT      12.33%

SHOP     11.83%

SNAP     10.55%

NVDA    10.21%

ABX.TO  5.87%

RIOT      2.49%

LSPD     1.73%

Next post by 6 PM on Sunday.

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed....

 Indices closed @ low of the day. DOW managed to close green which gives me hope for Friday.

S&P 500 @ 4688.68, low 4687.53, high 4726.78

RSI @ 53.77

Internals were :

Down volume led by 1.15 to 1 in NYSE & 1.25 to 1 in Nasdaq

Declining stocks led by 1.20 to 1 in NYSE & 1.06 to 1 in Nasdaq

Net new highs were leading by 69 in NYSE & lows by 4 in Nasdaq

VIX UP .64% @ 14.13

Oil @ $72.19

Gold @ $2050.00

Canadian $ @ .6638

Portfolio RIOT SNAP ABX.TO CNQ MSFT NVDA LSPD SHOP

Lot of profit taking from 2023, hopefully it ended today.

BLOG does NOT give buy or sell.

Saleem

Indices closed down .76% to 2.66%....

 Indices were down again and Russell 2000 took the biggest hit.

S&P 500 @ 4704.81, low 4699.71, high 4729.29

RSI @ 56.63

Internals were :

Down volume led by 3.08 to 1 in NYSE & 3.55 to 1 in Nasdaq

Declining stocks led by 2.67 to 1 in NYSE & 2.76 to 1 in Nasdaq

Net new highs were leading by 42 in NYSE & lows by 17 in Nasdaq

VIX UP 6.36% @ 14.04

Oil @ 72.70

Gold @ $2042.80

Canadian $ @ .6638

Portfolio RIOT SNAP ABX CNQ MSFT NVDA LSPD SHOP 

Oil did well thus energy was the-best performing sector.

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed....

 DOW spoiled the selling frenzy by closing green. Nasdaq was on selling spree BUT still closed above low of the day.

S&P 500 @ 4742.83, low 4722.67, high 4754.33

RSI @ 64.08

Internals were :

Down volume led by 1.09 to 1 in NYSE & 1.52 to 1 in Nasdaq

Declining stocks led by 1.41 to 1 in NYSE & 1.32 to 1 in Nasdaq

Net new highs were leading by 97 in NYSE & 43 in Nasdaq

VIX UP 6.02% @ 13.20

Oil @ $70.38

Gold @ $2073.40

Canadian $ @ .6684

In my portfolio :

Bought 

CNQ.TO @ $87.50

LSPD.TO @ $26.08

SHOP.TO @ $98.25

SNAP @ $15.98

Here is my portfolio weighting :

CNQ         44.56%

MSFT      12.57%

SHOP     11.84%

SNAP     10.39%

NVDA    10.12%

ABX.TO  6.06%

RIOT      2.61%

LSPD     1.85%

BLOG does NOT give buy or sell.

Saleem

US stock market in 2024.....

 2023 just ended with unbelievable performance by most Indices, Nasdaq was the superstar with 43.50% gain...

Did any of the wall street pundit predicted 2023 with any clarity....answer is NO NO NO....

All pundits were extremely incremental in their predictions....

Lot of verbage was wasted in articulating how bad this market will be....

YES...It was a tough market and sentiment was very negative which IS always a contrary indicator....thus an outperformance by most Index....

BUT going into 2024....everybody is a " roaring bull " 

Which has stopped me in my track.....still believes in " contrary Indicator theory "

My guess

1st half of 2024 will be challenging to get rid of " euphoria & exuberance "

1st half needs a well defined game plan.....

Swing trading @ best....

Daytrading more like It.....

Instead of sector focus which may be a trap....go for opportunistic trading where the money flow takes you....no favorite stock or sector needed...,..

Use RSI as your guide for a quick trade....

Too many stocks have been played out already....

Look for emerging stocks & sectors.....

How to spot those ideas....look for high volume stocks which are UP.....

Many famous stocks needs to digest gains, which means mostly sideways movement as there are too many backers of well known names....

Idea IS to make money, how to do it, you have to have a game plan....

Making money on wall street IS NEVER EASY

We have seen the-best of best FAIL BADLY...look @ Cathie Wood...how she failed to perform for 2 years in a row with great insight & still down big time from its high.....

Sometimes QQQ may be the easiest investment as It has outperformed big time again & again......

SO....do not waste time in chasing so called pundits....as the famous quote says all the time " THEY KNOW NOTHING.....

Good luck with your own version of trading or Investing....

BLOG does NOT give buy or sell.

Saleem