Indices closed mixed.....

Indices closed mixed.

S&P 500 @ 2204.72, high 2204.72, low 2194.51

RSI @ 68.53

CMF @ 0.145

Internals were :

UP volume led by 1.56 to 1 in NYSE & 1.21 to 1 in Nasdaq

Advancing stocks led by 1.02 to 1 in NYSE & 1.43 to 1 in Nasdaq

Net new 52 wk highs were leading by 239 in NYSE & 330 in Nasdaq

VIX UP .16% @ 12.43

Oil @ $47.96

Gold @ $1189.30

Here is my weighting :

CMG   32.54%

BIDU  21.62%

CNQ   17.71%

AMD  11.63%

TWLO 9.90%

WB     6.60%

About market, TAPE was strong again and closed @ absolute high of the day in most indices while missing by minute fractions in others, a mark of incredible technical strength.Dow, S&P 500 & Russell all closed @ new all time highs, Russell has been up 14 days in a row, which is a 20 year old record. Today fed minutes confirmed that December interest rate hike is a given, even that news was ignored by this TAPE. Gold is @ February low.. All i can see that "it's not time yet" for indices to head south. Overbought maybe, but in Y2K rally, we remained overbought for a very long time, pullbacks never lasted more than a day in different stocks. Always see how we close, then draw conclusion about any market.

PS...enjoy your thanksgiving holidays with friends and family.

 I will be away on an urgent need in family, thus unable to write my BLOG until December 4th with my usual Sunday BLOG around 2 PM. In the meantime , i hope that stocktrader, can update in comment sections below about his trades, opinions and closing commentary. Thanks in advance to stocktrader for his contribution while i am away.

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed