SOX all time high looks well for market........

SOX made a new and closing all time high, this bodes very well for market as a whole.

Here is a look @ RSI for internal look @ market strength :

Nasdaq              70.45

S&P 500            69.79

SOX                   69.32

DOW                 66.82

TAN                   63.59

RUT                   61.81

XLE                   61.32

GLD                   43.94

Only Nasdaq is above 70 which defines overbought, while all others are below 70 which leaves room for further upside action.

Rotation is going on which is also healthy for market.

FANG is looking ready to make its move with AMZN in the lead followed by other widely followed stocks.

It is nice to see that quality of leadership is very good in this run.

SOX and semiconductors leading the way is very good for overall market as SOX is considered to be leader in any uptrend, market generally follows SOX.

It is important to overweight SOX in your portfolio to take advantage of this uptrend.

Nasdaq leading all indices in money flow and being bought is a very good trendline.

I expect this week to add other index to new all time high list.

SO take a look @ your portfolio and see IF you are overweight in Nasdaq and particularly in SOX.

Good luck with your own analysis and comfort level.

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed