Market took a breather on heavier volume.....Nasdaq showed real weakness based on internals where decliners held a convincing lead....Nasdaq Down volume also were in the lead....last 3 days Nasdaq has lagged S&P 500......
AH CSCO had a beat by 2 cents on EPS while Sales were in-line...guidance was in-line also thus a sharp selling in AH where 9.93 million shares were traded and it was down another 3.43%.....
CSCO ER will NOT be a factor in Thursday's trading as it is a stock specific reaction.....
AH Futures are mixed....with Nasdaq Down 6.14..major improvement from down 11+
AH Nikkei is UP .57%....
VIX closed @ 24.90 UP .04%..a sign that this rally is NOT over yet.......
Strong stocks included AIG,BAC,C,POT,AGU,IPI,RIMM,ICE,GRMN....
BLOG does NOT give buy or sell.
Saleem
11 comments:
SALEEM
And All have a great day
I found some news on oil--this bodes well for SU:
Looks to me like a bottom for oil is in!
Aug. 6 (Bloomberg) -- Crude oil is set to rise above $74 a barrel in New York, passing this year’s high, after prices formed an “inside bar” pattern, according to technical analysts at Barclays Capital.
The highest and lowest prices on Aug. 4 were within the trading range of the previous day, a formation on a candlestick chart known as an “inside bar” that usually indicates the continuation of a price trend, Barclays analyst MacNeil Curry said in a telephone interview from New York yesterday. A narrowing gap between monthly contracts of Brent crude and a “positive macro backdrop” lend support, he said.
Crude futures for September delivery, which traded as high as $72.10 a barrel yesterday on the New York Mercantile Exchange, rose to a 2009 high of $74.66 a barrel on June 11. The Brent contract in London increased to its highest this year, $74.89, on Aug. 4.
“The path of least resistance is higher,” Curry said. “It’s a conglomeration of things: the inside bar, Brent is making new highs, the spreads are trying to consolidate, and the macro backdrop is positive for assets correlated with global growth.”
The upper and lower levels on Aug. 4 for the September crude contract in New York were $70.16 and $71.95, whereas the highs and lows on the previous day $69.09 and $72.20.
“The inside bar is when the bar subsequent to a big move is within the previous day’s range,” said Curry. “This usually suggests the continuation of the previous trend, which in this case is an uptrend.”
The difference between Brent contracts to be settled in a year’s time and those settling a month from now shrank to $6.22 a barrel yesterday, compared with $11.69 a barrel on March 30. The narrowing of the discount between short- and long-term crude often indicates that an oversupply in the near-term is abating.
To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net
Hi Madmax,
Very good report on technicals for oil prices....did you get SU yesterday???
Saleem
SALEEM
I did not what to chase it
Now it is at $34
Sooooo I got me a low ball price in
Still no takers.
I got cash and that is a good thing
Hi Madmax,
Always buy what you are comfortable with & @ price you are happy....
Saleem
SALEEM
I got some a $33.88
Now see what happens today
Citi and FNM are sky rockets
I got a tiny bit of each as a reckless play
GS is still climbing up---wow
Good luck to all
Regards
Hi Madmax,
Nothing is reckless if you know why you bought it..Peter Lynch
Good luck with SU,C,FNM.....
Market is RED???
Saleem
Saleem
I am so glad that you our here!
thanks for the feed back and your calm demeanor.
IS this going to be the 10% correction?
Red may be the color of the day
Regards
Hi Madmax,
Just a jittery market before jobs report.....
I have a feeling that jobs report will be a positive surprise.....
Saleem
Hi Saleem,
More layoffs coming. Got a telecom down here gonna drop 3500, Government CDC talking 1600 layoff, Post office closing 1000 branches. Doesn't sound to sweet down here in ATL.
Best Regards
Hi Standards,
This downturn has forced lot of companies to look @ their business model...Post Office/Telecom had to face the reality of their business model....CDC is a surprise to me..they need more staff to deal with information/prevention/reacting to health emergenies...
In recession Jobless rate keeps climbing while economy starts to improve....
I firmly believe that we have already seen majority of layoffs....Autos are restarting big time....
Saleem
Hello to all
Standards
Be careful when looking at the economy
YOU gotta look at the Macro picture.
The whole world is in an uptick mode--that spells a bottom to me. Look to 6 months out. I see profit increasing and prices to start edging up so slow so we can not see them rise. So we are getting healthy.
We should go higher
Regards
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