S&P 500 is the weakest of all indices as it went below 52 week low today...692.30 is the number to watch @ close....IF we close ABOVE then it was a RETEST of support.....
Dow also went below bear low..the number to watch in Dow is 6661.74..we ARE currently trading above that..so IF we close ABOVE then t was a successful RETEST of support.
Nasdaq also went lower than previous low of bear close...but stayed ABOVE Intraday low AGAIN.....a good NON-CONFORMATION.....which should help the sentiment.....
GOLD & GOLD stocks are strong as GOLD is UP $20.....
Oil is Down AGAIN..down $1.31....
Reason for today's weakness is that China denied any 2nd stimulus package for their economy for NOW......
Saw GE CFO interview on Internet...he was very CANDID about all issues @ GE.....
@ 12.34 following are green in my watch list:
IAG,KGC,MRVL,NVDA,SLV,ICE,JRCC,BIDU,
AUY,GG,ABX,AEM,NDN,DUG.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
Another down day. No particular reason. Just lots of negative news. Someones sell programs are kicking off as we break barriers. No uptick rule, so it's continuous selling.
Saw the GE interview. He said there are ways to solve their problems, all not good for the common shareholder.
NVDA seems strong for some reason?
Best Regards
Hi Standards,
NVDA said in their CC that their sales have found a base and will build UP from last Q....
Sometimes SOON..short covering will start with a furious pace....then money on the sideline will join the party also......
In bear market bottom one must have exposure with great comfort zone..this way you catch the first 30% of move UP.
Saleem
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