THIS MARKET IS OVERBOUGHT

Before they announced the jobs numbers I wondered was would be good for the market bad news or good news.  If it was bad then the Fed has to goose the market if it was good then well that is good. I am sure that I had company.  The notion that you can figure this out is one that should be forgotten.

The market is now overbought with the Mikey Total at 506 saying that all time frames are extended and in need of a correction. CNN fear/greed is a lofty 76.

Bonds and utilities took it on the chin and oil and commodities were strong giving you the impression that the economy was strong. 

Mikey

DJI Close 14973.76

DJI Trend Summary
Long Term UP/ Intermediate UP/ Daily UP/Short Term up

 
 
Hourly up 14777 5-4
Daily Uptrend: 13412 on 1-2 (83 days)
Intermediate Uptrend: at 13412 on 1-2( 83 days)
Long Term Uptrend 11315 on 11-1-10  2 years + 5 months
IBD  MARKET uptrend resumes 4-29 14818
Current Trading range   14434- 15009
Step Down trading Range 14050- 14434
Resistence: 15009
Support 1 14434 
Support 2 14050
Support 3 13750

Average watch
50 Hour Ave: 14777 price below  
20 Day Ave: 14713 Price above
50 Day Ave: 14508 Price above 
20 Week Ave: 14109 Price above
50 Week Ave: 13480 Price above
200 Week Ave: 11804 Price above

NYSE A/D +1388 NASDAQ A/D +1186
NYSE A/D line 98841NH NASDAQ A/D line -3746
Put/Call .81 10 day .82  Put Prem/Call Premium  .83 10 day .95
% Stocks above 50 day average  64
CNN  Fear/Greed Index 76 greed (100 Greed to 0 Fear)
VIX 12.85 year range (27.73 to 11.05) Fear (25 high 11 low)

Mikey total OB/OS Osilliator  Range (+550 to -550)  506
Bulls 47.9  (58.8 to 21.3) Bears 18.8 (54.4 to 15.6)  Ratio 2.54
Mutual Fund Pur/Redemp: 1.26 (.66 to 1.46) High public buy
New Highs NYSE 501 NASDAQ 285
New Lows  NYSE 10  NASDAQ 23


Notable  trend changes


Closing Prices
US Stock


DJI 14973.96 +142.38 DJT 6218.90 +124.88 SPX 1614.42 +16.83
DJU 529.30 -1.65 Compx 3378.63 +38.01
US Debt Markets
US Gov: 3 mo .053% 2 yr .224% 5 yr .731% 10 yr 1.74% 30 yr  2.95%
Mortgage Rates 30 year 3.43% 15 Yr 2.67%
IEF(2-10 year) 108.12 -.93 TLT (US 20 yr) 121.12 -2.73
Muni Bonds 111.62 -.21  Cal Muni (NCA) 10.25 -.09
LQD (Inv Grade Corp) 121.22 -1.09 High Yield 95.96 +.14


Commodities 
CRB Commodities Index 290.17 +3.48
Gold 1464.30 -3.40 Silver 24.01 +.18
Copper 3.31 +.20 Platinum 1501.20 +1.00
Oil  95.61 +1.62 Gasoline 2.82 +.04 Nat Gas 4.04 -.05

Dollar Index 82.19 -.08
US Dollar Long Term/ Intermediate Term / Daily Trend / Short term
 
All Market Trends: 
 
Commodities
Gold: (GLD)    Long/ Intermediate   Daily / Short term
Silver: (SLV)   Long  / Intermediate / Daily / Short term
Copper:(JCC) Long / Intermediate / Daily  / Short term
Oil: (USO)       Long / Intermediate / Daily/ Short term
Gasoline (UGA) Long/ Intermediate / Daily/Short term
Nat Gas:(UNG)Long Term/ Intermediate/ Daily/ Short term
Commod (USCI) Long Term/ Intermediate / Daily / Short term
Bond Markets
US Bonds LT (TLT) Long Term/ Intermed  Daily   Short term
US Corp BBB (LQD)  Long Term/ Intermed/ Daily  Short term 
US Muni  (MUB)      Long Term Intermed/ Daily/ Short Trend
High Yield  (HYG)   Long Term/ Intermed/ Daily/ Short term
Utility stocks (XLU):Long / Intermed/ Daily  / Short term
Stocks
US ($DJI)  Long Term/ Intermed Term/ Daily Trend/  Short term
Europe(IEV) Long Term/ Intermediate Term/ Daily Trend/ Short term
China (FXI)    Long Term/ Intermed Term/ Daily Trend/ Short term
Brazil EWZ)  Long Term/ Intermediate Term/ Daily Trend/ Short term
India  (PIN)   Long Term/ Intermediate Term/ Daily Trend/ Short term
Emerg Mkt(EEM) Long Term/ Intermed Term/ Daily Trend/Short term
Japan (EWJ) Long Term/ Intermed Term/ Daily Trend/ Short term

Stocks I like 
Buy when Daily and Intermediate are green the short term turns green from
red or price TRADES DOWN the 50 day average THE FIRST TIME
Place stop @ -5% Sell 3 to 5 days after 20 day high or after stock double tops
(These are not reccomendations as I am not an analyst or financial planner
 
AAPL Long Term/ Intermediate Term/ Daily Trend/ Short term
ABX Long Term/ Intermediate Term/ Daily Trend/ Short term
APA  Long Term/ Intermediate Term// Daily Trend  Short term
APC  Long Term/ Intermediate Term/ Daily Trend/ Short term
ATHN Long Term/ Intermediate Term/ Daily Trend/ Short term
AUY Long Term/ Intermediate Term/ Daily Trend/ Short term
AXP Long Term/ Intermediate Term/ Daily Trend/ Short term
BP  Long Term/ Intermediate Term/ Daily Trend/ Short term
BWLD  Long Term/ Intermediate Term/ Daily Trend/ Short term
CLNE Long Term/ Intermediate Term/ Daily Trend/ Short term
COG Long Term/ Intermediate Term/ Daily Trend/ Short term
COP Long Term/ Intermediate Term/ Daily Trend/Short term
COST Long Term/ Intermediate Term/  Daily Trend Short term
CRM Long Term/ Intermediate Term/ Daily Trend/ Short term
DAL  Long Term/ Intermediate Term/  Daily Trend Short term 
FB   Long Term/ Intermediate Term/ Daily Trend/ Short term
FDX Long Term/ Intermediate Term/ Daily Trend/ Short term
GG  Long Term/ Intermediate Term/ Daily Trend/ Short term
GLW    Long Term/ Intermediate Term/ Daily Trend/ Short term
GMCR Long Term/ Intermediate Term/ Daily Trend/ Short term
HFC Long Term/ Intermediate Term/ Daily Trend/ Short term 
KORS Long Term/ Intermediate Term/ Daily Trend/ Short term
LCC  Long Term/ Intermediate Term/ Daily Trend/ Short term
LNKD long Term/ Intermediate Term/ Daily Trend/ Short term
MELI Long Term/ Intermediate Term/ Daily Trend/ Short term
NOV  Long Term/ Intermediate Term/ Daily Trend/ Short term
ORB Long Term/ Intermediate Term/ Daily Trend/ Short term
PAA  Long Term/ Intermediate Term/ Daily Trend/ Short term
PG  Long Term/ Intermediate Term/ Daily Trend/ Short term
PPP   Long Term/ Intermediate Term/ Daily Trend/ Short term
QCOM Long Term/ Intermediate Term/ Daily Trend/ Short term
RAX  Long Term/ Intermediate Term/ Daily Trend/ Short term
SLB Long Term/ Intermediate Term/ Daily Trend/ Short term
WAG  Long Term/ Intermediate Term/ Daily Trend/ Short term
WFM Long Term/ Intermediate Term/ Daily Trend/ Short term
Z  Long Term/ Intermediate Term/ Daily Trend/ Short term

Securities I like:  Long Term

SPXU (2X Short S & P) 4-14    26.48 Long / Int / Daily / Short
SJB (Short High Yield bonds) 4-14   30.92 Long / Int / Daily/  Short
SEF (Short Financials) 4-14  24.90             Long / Int / Daily/  Short
VIXY (Short term VIX futures) 4-14 9.91 Long / Int / Daily/  Short
UNG ( Gas ETF) 4-14   23.10                    Long / Int  /Daily/  Short