Markets fought very hard to stay in green today...S&P500 & Dow was successful while NASDAQ was down almost 1%.....
Techs were weaker?????
Today's close IS giving a picture of markets trying to climb wall of worry....
Markets are deeply oversold but technicians are using VIX as a crutch for their bearish stance...
Technicians are "harping that VIX has to go to @ least 30+ to make a strong bottom"
I beg to differ.....markets are washed out & looks EXHAUSTED from relentless SELLING !!!
In my portfolio :
MRVL rating 20/30 rated for a "breakout" @ $17.71 for a target of $19.15....
SOL No TA....Still trying to form a TRIPLE bottom which IS holding HIGHER lows ... $16.33 then $16.85 & today's LOW of $17.22????Down $1.07 @ $17.30 on a very LOW volume...RSI 40.38 !!
Oil went above $143.....then came down to $140+++...Is GS selling Oil above their target of $141???
Strong stocks were GSI,JRCC,NTES, FSLR,SPWR,STP,CMED...
BLOG does NOT give buy or sell.
Saleem
Hi Saleem,
ReplyDeleteI was scanning IBD charts when I noticed something unusual. IBD is now cluttered with energy stocks of every kind. Not much else. What is unusual is that all have been in a big rally starting together on April 1st. Many were treading water then on the 1st they took off nearly doubling within a few weeks. Looks like a bubble forming. Any thoughts? Thanks
Standards
Hi Standards,
ReplyDeleteBubble/OVERBOUGHT needs to be monitored on an ongoing basis.
Oil is looking very TOPPY.....
When Oil tumbles...there will be retracement in a HURRY not only in Energy but also all the metals/mining & even AG...imho
Saleem