Indices were under pressure all day, it made a brave effort to be in green, but close was in the red.
S&P 500 closed @ 1310.33.
RSI 36.53
Internals were :
Down volume led by 1.21 to 1 in NYSE & 1.58 to 1 in Nasdaq
Declining stocks led by 1.08 to 1 in NYSE & 1.10 to 1 in Nasdaq
New 52 wk lows were in the lead, 125 in NYSE & 93 in Nasdaq
VIX down .33% @ 24.06
Oil @ $86.53
Gold @ $1564.20
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold Down
Chinese official PMI for May came in @ 50.4 vs expectations of 52.2, April was @ 53.3 a 13 month high. Chinese official statement was that growth will pick up in 2nd half, which is a general consensus. Anything above 50 is a growing economy.I do not see recession which CNBC will trumpet.
Indian GDP for Q1 came in @ 5.3% lowest growth rate in 9 years. Q4 growth was 6.1%...a steep drop from Q4.....
About market, market has discounted slow growth for the most part for China, India & US. Jobs report shortfall could be part of this. I expect market to fight its way out of Jobs data & Chinese slow PMI growth. Yes... it is very painful near bottom, but today's TAPE was very encouraging. I recommend staying the course, as most bad news are out already.
BLOG does NOT give buy or sell.
Saleem
Thursday, May 31, 2012
Indices down .08% to .60% ........
Indices were under pressure from below expectations economic reports in US........
Dow is trying to show green as weaker than expected numbers are in the cards, based on seasonality.
S&P 500 low today was 1298.90, currently @ 1309.16
Internals are negative
New 52 wk lows are leading.
Oil Down $1.11
Gold Down $2.70
Canadian $ Down 30 tick @ 97.80, @ 5 month low.
VIX Down .79% @ 23.95...most encouraging sign for a turn UP
Portfolio is COH,LVS,LEN,LNKD,JCP
Most stocks are down
@ 2.29 following are green :
LEN,AMZN,NTES,ZNGA,CIEN,C,FNSR,
TSL,SNE,GS,IBN.....
BLOG does NOT give buy or sell.
Saleem
Dow is trying to show green as weaker than expected numbers are in the cards, based on seasonality.
S&P 500 low today was 1298.90, currently @ 1309.16
Internals are negative
New 52 wk lows are leading.
Oil Down $1.11
Gold Down $2.70
Canadian $ Down 30 tick @ 97.80, @ 5 month low.
VIX Down .79% @ 23.95...most encouraging sign for a turn UP
Portfolio is COH,LVS,LEN,LNKD,JCP
Most stocks are down
@ 2.29 following are green :
LEN,AMZN,NTES,ZNGA,CIEN,C,FNSR,
TSL,SNE,GS,IBN.....
BLOG does NOT give buy or sell.
Saleem
Wednesday, May 30, 2012
Indices closed down 1.17% to 1.43%.......
Indices were under selling pressure all day & closed near lows of the day.
Reason for worldwide selling was Spain & Greece.
S&P 500 closed @ 1313.32, low was 1310.76
RSI 37.44
Internals were :
Down volume 13.33 to 1 in NYSE & 6.46 to 1 in Nasdaq
Declining stocks led by 6.58 to 1 in NYSE & 3.82 to 1 in Nasdaq
New 52 wk lows were leading, 65 in NYSE & 62 in Nasdaq
Oil closed @ $87.82
Gold closed @ $1565.70
VIX closed @ 24.14, UP 14.79%
AH Futures Down
AH Asian Markets Down
AH Oil & Gold Down
About market, next two days is all about jobs related news. Thursday is ADP & jobless claims & Friday is Jobs report. As we are deeply oversold AGAIN based on RSI, it is probable that we may end UP HIGHER both days. Remember TWO UP & ONE DOWN. European situation can go on for many years to come. They will go in background for few days or weeks then come back to forefront with vengeance.
BLOG does NOT give buy or sell.
Saleem
Reason for worldwide selling was Spain & Greece.
S&P 500 closed @ 1313.32, low was 1310.76
RSI 37.44
Internals were :
Down volume 13.33 to 1 in NYSE & 6.46 to 1 in Nasdaq
Declining stocks led by 6.58 to 1 in NYSE & 3.82 to 1 in Nasdaq
New 52 wk lows were leading, 65 in NYSE & 62 in Nasdaq
Oil closed @ $87.82
Gold closed @ $1565.70
VIX closed @ 24.14, UP 14.79%
AH Futures Down
AH Asian Markets Down
AH Oil & Gold Down
About market, next two days is all about jobs related news. Thursday is ADP & jobless claims & Friday is Jobs report. As we are deeply oversold AGAIN based on RSI, it is probable that we may end UP HIGHER both days. Remember TWO UP & ONE DOWN. European situation can go on for many years to come. They will go in background for few days or weeks then come back to forefront with vengeance.
BLOG does NOT give buy or sell.
Saleem
Indices down 1.11% to 1.27% on Eurozone issues....
Indices are down from open, following European indices which are down sharply also.
S&P 500 low so far is 1311.18
Internals are negative by minimum 4 to 1
VIX UP11.27% @ 23.40
Oil down $3.09
Gold UP $13.90
Canadian $ Down 51 tick @ 97.23....near 4.5 month low
Portfolio is COH,LVS,LEN,LNKD,JCP
Most stocks are down
@ 1.39 following are green :
AAPL,GG,VECO,AUY......
BLOG does NOT give buy or sell.
Saleem
S&P 500 low so far is 1311.18
Internals are negative by minimum 4 to 1
VIX UP11.27% @ 23.40
Oil down $3.09
Gold UP $13.90
Canadian $ Down 51 tick @ 97.23....near 4.5 month low
Portfolio is COH,LVS,LEN,LNKD,JCP
Most stocks are down
@ 1.39 following are green :
AAPL,GG,VECO,AUY......
BLOG does NOT give buy or sell.
Saleem
Tuesday, May 29, 2012
Indices closed near high of the day....NICE !!!!
Indices braved all the ongoing issues of Europe to close on a strong note. Indices closed UP 1.01% to 1.18%.
S&P 500 closed @ 1332.42, high was 1334.93
RSI @ 43.94
Internals were :
UP volume led by 7.82 to 1 in NYSE & 3.06 to 1 in Nasdaq
Advancing stocks led by 3.75 to 1 in NYSE & 2.37 to 1 in Nasdaq
New 52 wk highs were in the lead today, 55 in NYSE & 44 in Nasdaq
VIX closed Down 3.35% @ 21.03
Oil Down @ $90.76
Gold Down $1551
Stocks which were UP $1 or more included COH,LVS,LNKD,
TIF,M,BIDU,APKT,CLF,TCK,LULU,CMG,PCLN,GOOG,
AAPL,AMZN,NTES,MA,BRCM,VECO......
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, Europe is still holding world stock markets back. It remains a struggle on a day to day basis.Its TWO step UP & ONE step Back. But it is a time to position in better stocks for future move UP.
BLOG does NOT give buy or sell.
Saleem
S&P 500 closed @ 1332.42, high was 1334.93
RSI @ 43.94
Internals were :
UP volume led by 7.82 to 1 in NYSE & 3.06 to 1 in Nasdaq
Advancing stocks led by 3.75 to 1 in NYSE & 2.37 to 1 in Nasdaq
New 52 wk highs were in the lead today, 55 in NYSE & 44 in Nasdaq
VIX closed Down 3.35% @ 21.03
Oil Down @ $90.76
Gold Down $1551
Stocks which were UP $1 or more included COH,LVS,LNKD,
TIF,M,BIDU,APKT,CLF,TCK,LULU,CMG,PCLN,GOOG,
AAPL,AMZN,NTES,MA,BRCM,VECO......
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, Europe is still holding world stock markets back. It remains a struggle on a day to day basis.Its TWO step UP & ONE step Back. But it is a time to position in better stocks for future move UP.
BLOG does NOT give buy or sell.
Saleem
Indices UP .45% to .52%......NICE !!!!!
Indices are in green on optimism about Greece.
Internals are positive.
New 52 wk lows are in the lead.
Oil Down 18 cents
Gold Down $13.50
Canadian $ Down 20 tick @ 97.47
VIX UP 2.48% @ 22.30
Portfolio is COH,LVS,LEN,LNKD,JCP
Most stocks are UP
@ 1.38 following are down :
LNKD,JCP,GOOG,FB,ZNGA,GG,MA,AMZN,
EXPE,SLW,AEM,CSIQ....
BLOG does NOT give buy or sell.
Saleem
Internals are positive.
New 52 wk lows are in the lead.
Oil Down 18 cents
Gold Down $13.50
Canadian $ Down 20 tick @ 97.47
VIX UP 2.48% @ 22.30
Portfolio is COH,LVS,LEN,LNKD,JCP
Most stocks are UP
@ 1.38 following are down :
LNKD,JCP,GOOG,FB,ZNGA,GG,MA,AMZN,
EXPE,SLW,AEM,CSIQ....
BLOG does NOT give buy or sell.
Saleem
Sunday, May 27, 2012
After 8 weeks of decline, can we get a rally going ?
@ the start of April, things were really looking bullish.
VIX was near lows & struggling in 15.
S&P 500 was @ 1415.32.......
BUT then started an 8 week of downtrend which took S&P 500 to 1291.98, this was a decline of 123.34 points or down 8.71% in a straight line......before this decline, we were getting used to max 2% pullbacks on an intraday basis.
Greece was the main reason for this slump, yes we were overbought, but that should have resulted in a max 5% decline.......
China & India also facing economic challenges, a slowdown which is affecting world economy. GDP growth rate in China & India has slowed down substantially. Both countries are trying to reflate their economy by many policy actions. Any new initiative to reflate takes time & results may not show up for another 90 days.
Bright spot is US, where housing is making a comeback. Manufacturing activity is healthy.
US Consumer confidence is @ 5 year high @ 79.3 .
Most traders & investors are under-exposed in stock market, due to fear generated by Greece & China.
I see tremendous buying power waiting on the sidelines.
Markets have corrected for 8 weeks & some key indicators like CMF & RSI are @ 5 months low.
S&P 500 was @ this level in Jan 2011, which is 17 months ago..also same level back in 1998-1999 run?
There is a very good chance that we may approach 1400 area....which is a potential gain of about 82 points or 6.22%......
TAPE has sharp UP & DOWN moves lately, we may get to 1400 in a hurry.
Many leading stocks have corrected sharply, they are the ones which may move UP the-most in a very short time.
We all have suffered in this sharp downturn, maybe it is time to benefit from our CONVICTION....
BIG moves in indices happens suddenly when we least expect.......
Most world markets including Canada, are open on Monday. This may give preview of coming week.
Good luck with your OWN due diligence & comfort level.
BLOG does NOT give buy or sell.
Saleem
VIX was near lows & struggling in 15.
S&P 500 was @ 1415.32.......
BUT then started an 8 week of downtrend which took S&P 500 to 1291.98, this was a decline of 123.34 points or down 8.71% in a straight line......before this decline, we were getting used to max 2% pullbacks on an intraday basis.
Greece was the main reason for this slump, yes we were overbought, but that should have resulted in a max 5% decline.......
China & India also facing economic challenges, a slowdown which is affecting world economy. GDP growth rate in China & India has slowed down substantially. Both countries are trying to reflate their economy by many policy actions. Any new initiative to reflate takes time & results may not show up for another 90 days.
Bright spot is US, where housing is making a comeback. Manufacturing activity is healthy.
US Consumer confidence is @ 5 year high @ 79.3 .
Most traders & investors are under-exposed in stock market, due to fear generated by Greece & China.
I see tremendous buying power waiting on the sidelines.
Markets have corrected for 8 weeks & some key indicators like CMF & RSI are @ 5 months low.
S&P 500 was @ this level in Jan 2011, which is 17 months ago..also same level back in 1998-1999 run?
There is a very good chance that we may approach 1400 area....which is a potential gain of about 82 points or 6.22%......
TAPE has sharp UP & DOWN moves lately, we may get to 1400 in a hurry.
Many leading stocks have corrected sharply, they are the ones which may move UP the-most in a very short time.
We all have suffered in this sharp downturn, maybe it is time to benefit from our CONVICTION....
BIG moves in indices happens suddenly when we least expect.......
Most world markets including Canada, are open on Monday. This may give preview of coming week.
Good luck with your OWN due diligence & comfort level.
BLOG does NOT give buy or sell.
Saleem
Subscribe to:
Posts (Atom)
