Markets are extremely jittery with any negative comment by Fed chief on economy......
Ben Bernanke was very clear that it will take time for economy to recover...market took that comment and started RETESTING of support/low......
As of today's close we are awfully close to the 52 week low on all indices...details are given below :
Dow 695.40 from low
S&P 500 68.04 from low
NASDAQ 85.88 from low
Today's close was brutal...BUT there ARE some bright spot in internals.....
-Volume was LOW on both NYSE @ 1.68 billion & on NASDAQ @ 1.17 billion
-Decliners led by 8.27 to 1 on NYSE & 5.64 to 1 on NASDAQ......
-New low 185 on NYSE & 209 on NASDAQ...
-Down volume was 35.59 to 1 on NYSE & 47.67 to 1 on NASDAQ......this ratio was extremely negative.....
After factoring fair value Futures are :
Dow Down 169.91
S&P 500 Down 19.44
NASDAQ Down 29.23
The above IS an improvement from earlier levels......
Technicians always believe that their will be a RETEST of LOWS.....but nobody was predicting it to be this QUICK....in 72 hours????
How do you interpret above DATA is entirely up to you.......
Are we setting up for another wild ride on the UP side.......give it few hours & we will know the answer.....we are operating in NANOSECOND out of control markets.......both on the UP & DOWN mode.....
BLOG does NOT give buy or sell.
Saleem
7 comments:
GOOD morning to all
Saleem
What a wonderful day!!!I see a sea of green out there
My question will it hold??
My AAPL is up $2 and MON is up$2.50
This should be a good day for QLD
J the Cramer said to sell in to any ralley! Do you agree wit that ???
Take care my friend rought times are here!!!!!!!!!!
M
Hi Madmax,
When everyone believes that rally will not hold.....so they MUST have sold many rallies ago....
Markets are in much healthier ground due to worldwide efforts.
Markets discounted depression yesterday or close to it.
Good luck to you with your picks...
Saleem
Good morning Saleem & Max
Today I doubled down on PWE. TRA was up for awhile, now down. I don't think people are going to quit eating. Looking for that FTD.
Victor
Hi All,
ATL Gas $2.99 dropping.
Traffic rising to pre-crisis levels.
Where is everyone going? By traffic levels you would not believe any recession talk. Grid lock and jams plentiful. Are the leaves changing up North? We are just starting to see leaves on the ground. Have a great day! Buy best in breed at bargain prices.
Hi Victor,
Good luck with your buys.
Once we alleviate fear..markets will be fine.
Saleem
Hi Standards,
Yes leaves are falling in Toronto area....
Our electricity rates went UP 10%..
Strong stocks will move faster when markets are green.....
Saleem
HELLLO again all
Market is swinging like crazy
Dunno what will happen--any bets as to a green close??????
Gas was $2.99 in Tennessee over the weekend and $3.30 in DC today
I like PWE congratulations on a goodie - best of luck on it...I hope we have the FTD!!
The Philadelphia made it to the finals
My home town team what a hoot!
The Nationals are good but not like Philadelphia!
I still thing that at these price leverls FRO and DIA are great DVID plays Anf J Cramer agrees
Go figure that He also love JNJ!
M
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