Indices closed UP .22% to .37%....NICE !!!!

Indices closed UP.

S&P 500 @ 2534.58, high 2535.13, low 2528.85

RSI @ 73.71

CMF @ 0.454

Internals were :

UP volume led by 1.98 to 1 in NYSE & 1.95 to 1 in Nasdaq

Advancing stocks led by 1.27 to 1 in NYSE & 1.20 to 1 in Nasdaq

Net new 52 wk highs were leading by 299 in NYSE & 351 in Nasdaq

VIX UP .63% @ 9.51

Oil @ $50.42

Gold @ $1274.60

Stocks which were UP 2% or more included AMD CTRP
BABA WUBA NTES WB TWTR TECK FCX KGC
LEN SINA LNG YELP TRIP AAL.....

AH news ...GOOS Down 4.48%, ODP Down 8.50%

AH Futures Down

AH Asian Markets Mixed

AH oil Down

AH Gold UP.

About market, TAPE has reached "overbought conditions" by making another all time high in all followed indices. All pundits are justifying this "straight UP " market, but i am NOT. RSI in most index has reached where "caution is warranted".RSI of 85.38 in RUT, Dow 76.03, S&P 500 @ 73.71 is @ best not healthy and needs a 5% pullback in a hurry. Only Nasdaq RSI @ 65.86 leaves some room for UP TAPE. Those who have large gains in this bull run, should position to lock gains or else be ready for a quick haircut in their portfolio.

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed