Markets are in freefall as Dow keeps making new lows......
S&P is fractions away from intraday bear low...
Nasdaq is only 91.20 from intraday bear low....
Headlines are flashing 12 year closing lows in Dow & S&P 500..we have gone as far back as April 1997 closing low.....
Declining stocks were 6.47 to 1 in NYSE & 3.65 to 1 in Nasdaq......
Less than 400 new lows in both NYSE & Nasdaq.....
VIX @ 52.62...
Futures are all Green after factoring fair value.....which IS a hopeful sign for start of the trading day.....
China & Hong Kong were all UP sharply in their Monday's trading.....
We are reaching "extreme oversold condition in markets"......a technical oversold BOUNCE IS overdue.......
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hi Saleem,
Not liking the tape, selling start to finish without a pause. We're back to the constant selling routine. What is the next level of support?
Best Regards
Hi Standards,
Markets are overdue for a technical bounce based on RSI....
President Obama has a news conference tuesday night....market MAY go UP in anticipation & then we just have to see IF there is follow through on Wed....
As far as support is concerned we are only 115 points away from digit 6999.....nobody can tell where REAL support is in this market...most of us have been WRONG for a long time.....
We keep hitting new LOWS in Dow..which is NOT a good thing...
Can Nasdaq save US.....only this week CAN tell !!!!
Saleem
Saleem--I keep hearing S&P 741 mentioned as the next support. If we open lower and stabilize, I plan to buy FAS for a quick trade, possibly some GS calls, as it seems to outperform all the other financials by a wide margin. I think we will get a bounce soon just because everyone is so certain that we are headed lower and this is when the big players like to make their move. Longer term, I think we're headed lower. I started a short position in FAZ today (just 100 sh) and sold a Mar $75 put for $17 against my short position.
Hi Punbr,
Thanks for your take & strategy for this market.
@ least you have adjusted quickly to take advantage of day to day fluctuations.
Saleem
GOSH
I am NOT sure I would go to the dark side and short this market
THeir are so many bargains
GE, GS, MON, and Visa. Try a quick trade in DSX It is due for a 3-4 buck pop--good lucks.
The ship rates are coming back!
Hi Madmax,
Dark side has been GREEN $$$ side since may 2008.....
So far so good !!!!
Saleem
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