Today's tape was very weak....internals were much weaker than indices.....
On NYSE 8.9 stocks were down compared to advancing....
NASDAQ 4.59 stocks were down compared to advancing...
Lot of explanations are being given on CNBC for market decline....but none makes sense....most quoted explanation is the weakness in financials & how TARP is being reworked....I personally do not buy that...as financials like any other stocks trades on its fundamentals plus technicals....it IS simply awful for financial sector in terms of fundamental......they are in worse shape than most traders wanted to believe.....
The real explanation which i can see is that Option expiry on Friday is mainly responsible for this downward tape...as decided by traders with big money????
Once OE objective is achieved...then the tape will be reversed by same group of traders.....
In my portfolio :
Sold URE.....
My portfolio is HGU.TO,HEU.TO,TAN,EGLE......
AAPL & BAC news AH is negative...
BLOG does NOT give buy or sell.
Saleem
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