12:03
Unknown
We are looking @ 4 day trading week & extremely low volume again.
Many trading desk continues its holiday this week.
I am not expecting too much movement from where we are.
S&P 500 sitting @ 2003.37
RSI sitting @ 66.34 which is highest level since first week of July.
Money has been flowing into equities as per CMF reading of 0.286, which is highest level in 4 weeks.
It is wise to look @ your portfolio and see IF there is a need to make changes.
Booking profit is a good idea, as September has a reputation of a choppy month & support is sometimes found @ the end of wk 1 of October.
SO..you can sit back and go through another slow volume week or reposition for a better buying opportunity sometimes near end of September.
This TAPE has shown tremendous strength who were patient & stayed the course.
BUT...the problem with Wall Street is, that TAPE keeps changing & defy historical norms.
As Marty Zweig use to say "i am very nervous" about this market....can be applicable here.....
It is NEVER this smooth for such a long time........
Look @ RSI of your portfolio, and see IF you can switch to lower RSI to deal with any uncertainties.
I am staying put and may not make any changes in my portfolio as they are all below 60 RSI.
Good luck with your strategy.
BLOG does NOT give buy or sell.
Saleem
Many trading desk continues its holiday this week.
I am not expecting too much movement from where we are.
S&P 500 sitting @ 2003.37
RSI sitting @ 66.34 which is highest level since first week of July.
Money has been flowing into equities as per CMF reading of 0.286, which is highest level in 4 weeks.
It is wise to look @ your portfolio and see IF there is a need to make changes.
Booking profit is a good idea, as September has a reputation of a choppy month & support is sometimes found @ the end of wk 1 of October.
SO..you can sit back and go through another slow volume week or reposition for a better buying opportunity sometimes near end of September.
This TAPE has shown tremendous strength who were patient & stayed the course.
BUT...the problem with Wall Street is, that TAPE keeps changing & defy historical norms.
As Marty Zweig use to say "i am very nervous" about this market....can be applicable here.....
It is NEVER this smooth for such a long time........
Look @ RSI of your portfolio, and see IF you can switch to lower RSI to deal with any uncertainties.
I am staying put and may not make any changes in my portfolio as they are all below 60 RSI.
Good luck with your strategy.
BLOG does NOT give buy or sell.
Saleem
Posted in: Mixed
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