Indices closed UP .38% to .91%...NICE !!!!

 Indices closed near high of the day back to back which IS a good thing.

S&P 500 @ 4193.80, high 4195.55, low 4153.12

RSI @ 40.45

Internals were :

UP volume led by 2.38 to 1 in NYSE & 1.96 to 1 in Nasdaq

Advancing stocks led by 2.31 to 1 in NYSE & 1.96 to 1 in Nasdaq

Net new lows were leading by 157 in NYSE & 285 in Nasdaq

VIX Down 8.15% @ 18.14

Oil @ $81.02

Gold @ $2009.70

Canadian $ @ .6116

Portfolio AI LYFT META NVDA PLTR SHOP TSLA

Todays market tone was much better BUT tomorrow Fed chief policy statement & Q&A may spoil the party @ 2 PM.....

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .63% to 1.58%...NICE !!!

 Indices closed near high of the day on deeply oversold condition. DOW was the star of the day with RUSSELL 2000 being the laid back.

S&P 500 @ 4166.82, high 4177.47, low 4132.94

RSI @ 36.69

Internals were :

UP volume led by 2.38 to 1 in NYSE & 1.67 to 1 in Nasdaq

Advancing stocks led by 2.15 to 1 in NYSE & 1.62 to 1 in Nasdaq

Net new lows were leading by 311 in NYSE & 395 in Nasdaq

VIX Down 7.15% @ 19.75

Oil @ $82.31

Gold @ $2005.60

Canadian $ @ .6165

Portfolio AI LYFT META NVDA PLTR SHOP TSLA

Stocks needs to be above 50 DMA to prove that slump is over...

BLOG does NOT give buy or sell.

Saleem

US stock market in correction.....

 MANY major Indices have entered correction or worse....

Russell 2000 is way down

S&P 500 Down 489.82 points or 10.63% since July 2023...IF you annualize it it is really bad...

Mighty Nasdaq is down down down 1803.54 points or 12.48%....in 5 months.....

DOW is only down 3282.41 points or a measly 9.19%.....

Russell 2000 is down " mother of all 18.00% "

Finally NVDA laden SOX is only down down 16.72% based on closing numbers, Intraday they were all down more on Friday....

SO.....

What is going on in US market, 

OR

What CHANGED.....

Market has suddenly realized that " market forces are predicting higher Interest rates for many years to come "

Era of low low Interest rates may be gone FOREVER

The above realization is enough to crush PE....

We are going through PE compression in a hurry...

ALL HIGH PE STOCKS are in more trouble based on current prices which has been knocked down down down

SO PAY ATTENTION to PE of all stocks in every sector....

Do NOT bank on earnings reports UNLESS it IS super super strong & guidance is good also

HOPE is NOT an investing or trading thesis ANYMORE

YES

MUCH has CHANGED

Realize It and adjust immediately.....

Look @ technical health of each stock in your portfolio.....

Are they above 200 DMA, that is a sign of good technical picture....

IS your stock ABOVE 50 DMA...IF IT IS...you are in traders heaven....YOU are very lucky then....

Please ignore my humor or satire, REALITY is very very sobering.....

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

BLOG does NOT give buy or sell.

Saleem

Indices closed mixed...

 Indices lost all the opening gains by close, only Nasdaq barely green.

S&P 500 @ 4117.37, low 4103.78, high 4156.70

RSI @ 29.05

Internals were :

Down volume led by 3.84 to 1 in NYSE & 1.49 to 1 in Nasdaq

Declining stocks led by 2.69 to 1 in NYSE & 2.08 to 1 in Nasdaq

Net new lows were leading by 527 in NYSE & 580 in Nasdaq

VIX UP 2.85% @ 21.27

Oil @ $85.54

Gold @ $2011.00

Canadian $ @ .6128

Here is my portfolio weighting :

AI           18.62%

NVDA    17.34%

SHOP    16.92%

TSLA    13.98%

PLTR   12.90%

LYFT   10.40%

META  9.84%

Next post by 6 PM on Sunday.

BLOG does NOT give buy or sell.

Saleem

Indices closed down .76% to 1.76%....

 Indices breached key technical levels in key Indices.

S&P 500 @ 4137.23, low 4127.90, high 4183.60

RSI @ 30.42

Internals were :

Down volume led by .87 to 1 in NYSE & 1.29 to 1 in Nasdaq

Declining stocks led by 1.02 to 1 in NYSE & 1.14 to 1 in Nasdaq

Net new lows were leading by 390 in NYSE & 488 in Nasdaq

VIX UP 2.43% @ 20.68

Oil @ $82.31

Gold @ $1997.40

Canadian $ @ .6165

In my portfolio ...added 30% TSLA in Toronto @ $19.73

Portfolio AI LYFT META NVDA PLTR SHOP TSLA

VIX is telling us that this selling has run its course.....

BLOG does NOT give buy or sell.

Saleem

Indices closed down .32% to 2.43%....

 Indices closed down & violated many support levels in stocks & Indices.

S&P 500 @ 4186.77, low 4181.42, high 4232.42

RSI @ 34.14

Internals were :

Down volume led by 2.57 to 1 in NYSE & 3.18 to 1 in Nasdaq

Declining stocks led by 3.61 to 1 in NYSE & 2.59 to 1 in Nasdaq

Net new lows were leading by 591 in NYSE & 566 in Nasdaq

VIX UP 6.43% @ 20.19

Oil @ $85.39

Gold @ $1994.90

Canadian $ @ .6224

In my portfolio :

Sold BTCC @ $6.70

Sold 70% SHOP @ $48.60 in after hours

Portfolio AI LYFT META NVDA PLTR SHOP TSLA

This TAPE is behaving extremely negative, does not go up even when It IS deeply oversold.

BLOG does NOT give buy or sell.

Saleem

Indices closed UP .62% to .93%...NICE !!!

 Indices closed UP on deeply oversold condition.

S&P 500 @ 4247.68, high 4259.38, low 4219.43

RSI @ 39.69

Internals were :

UP volume led by 2.08 to 1 in NYSE & 2.86 to 1 in Nasdaq

Advancing stocks led by 2.32 to 1 in NYSE & 1.67 to 1 in Nasdaq

Net new lows were leading by 222 in NYSE & 315 in Nasdaq

VIX Down 6.87% @ 18.97

Oil @ $83.74

Gold @ $1986.30

Canadian $ @ .6251

In my portfolio Added 30% NVDA in Toronto @ $41.00

Portfolio AI LYFT META NVDA PLTR SHOP TSLA BTCC

After hours earnings were mixed with MSFT beating & upbeat while GOOG failed to impress.

BLOG does NOT give buy or sell.

Saleem