Indices closed lower by 1.46% to 2.26%..S&P 500 being the weakest & Dow behaving better & down least......
Internals were weak with 3 to 1 lead by declining stocks on NYSE & NASDAQ.....
S&P is hitting major support area of 860.....let us hope it will HOLD......
C news based on Summers note to congress was taken as free ride is over for Financials.......
Oil tanked...
Gold took a major beating...
Mining stocks took a hit based on jitters about AA ER......
In my portfolio :
Sold HMU.TO
Bought HGU.TO..which is a Double ETF of gold stocks which includes ABX,GG,KGC,AEM,NEM,AUY & others....my cost $9.41.....this sector is deeply oversold alongwith Bullion....
Portfolio is HEU,HGU,TAN,EGLE & URE.......
Indices have the feeling of range bound tape......hoping it SHOULD cross well above 940 which became resistance few days back on Jan 6Th 2009......
Not much to cheer today..mostly RED......
Canadian $ took a beating against US$....Down $1.70 cents....adding more RED for me.....
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
No news is bad news? Momentum is on the down side right now, no reason to buy, unless you like bargains. When we expect up we get down, when we expect down we get up. So we should expect it to go lower? Right?
Good luck
Standards
Hi Standards,
This market is extremely unpredictable from day to day....
Hard to tell about today either...
S&P 500 usual support is around 850-860 range???
FA do not work for sure.....only RANGE of 850-940 is working!!!
Saleem
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