10 weeks run up in stock market.....

Nasdaq has been on a tear, UP 10 weeks which is the longest run since 1999. 1999 was the Y2 k explosion in stock market.

DOW has been UP 9 weeks also an historic run.

The above is remarkable considering many issues and direction is not clear cut.

IF I have to give credit for this bullish run, FED has to be given full credit for its U turn in a hurry.

US CHINA trade talks are heading fast in the right direction is the 2nd important catalysts.

BUT like everything else a market which goes UP in a straight line, either rests for a while or take a quick retreat.

RSI have retreated below 70 in most cases except RUT 70.64 & TAN 71.65 which IS outperforming market.

SOX is slightly above 60 @ 63.71 which only requires slight dip below 60.

GOLD has been tarnished and RSI @ 39.42 may have discounted too much, currently @ support.

All in all stock market is showing lot of promise, which gives traders and Investors lot of opportunities.

FANG has been a weak participant in last 10 weeks.

Many stocks are exploding UP including Solar.

On any quick pullback either news driven or technically driven gives us a buying opportunity.

Jobs report on Friday will be taken seriously again for direction of US economy and Interest rates.

Good luck with your own analysis and comfort level with this TAPE.

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed