Worldwide markets are playing a common dance of pullback......here is the pullback dance number :
FTSE Down 1.82%
CAC Down 1.92%
DAX Down 2.4%
TSX ( Toronto) Down 1.64%
DOW Down 1.96%
Nasdaq Down 2%
S&P 500 Down 2.21%
AH NIKKEI Down 2.61%
Now the question IS...Is the worldwide pullback Dance OVER???
Answer could be in AH Futures which are as follows @ 8.59PM :
Dow +19.40
S&P 500 +1.31
Nasdaq Down .34
I BET you did not anticipate AH Futures to look this healthy.......
Today's selling was on heaviest volume of several weeks......which IS a good thing.....
Today all indices closed near LOWS .....which is also a good thing.....
VIX jumped 12.07% to 29.15..also a good thing......
WHY..all of the above is good......because it shows PANIC selling.....which IS mostly done & over with......
Market will RETHINK ISM numbers and will NOT want to be SHORT in IMPROVING economic picture worldwide.......
YES... I heard all those prediction of Adami of 905 & 840 by David Rosenberg...BUT they are paid to be WRONG again & again......so far they are NOT even RIGHT about today's selling...even Adami & Rosenberg were quiet on Monday?????
As I have said 3% correction CAN happen anytime.....today was a "technical selling on morning REVERSAL"
My portfolio remains POT,SOL & RIMM......
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hi Saleem,
Hope you are right. I watched the futures take a steep and fast decline which could only mean institutional dumping. Most probably clearing their plate before any more loses. Keeping my powder dry at this point. Not sure we've seen the last of it. It's gonna be a long month, then October.
Best Regards
Hi Standards,
Roubini is talking "nosense"now...he is predicting that we are in dire condition even compared to last year????
Why went past 840 & 905 and stayed there for so long.....???someone should ask rosenberg & adami..two respected "talking head"
By the way Shanghai casino is UP .73% and all futures are blood GREEN???
I try to dig deeper than TV genius???
Saleem
Hi Saleem,
Hang Seng and Nikkei taking a beating this morning. Will check on the Eastern markets early to see if any follow thru.
It just looks like sheep sheering. What's your RSI take on this? Any stocks showing over sold?
Best Regards
Hi Standards,
POT,RIMM,SOL,TSL,BIDU,GS,AMZN,SNDK,LSI... RSI are way lower than fundamentals warrants..just to name few..check the RSI @ www.stockcharts.com
Good luck with your pick....
Nikkei was down over 3% NOW 2.62% ..I like the direction so far..BUT AM could be a different story...
Saleem
Hi Saleem,
Read what Roubini said today. Not much is different than before. One thing he does not count on and that is induced inflation. The government is getting everyone to refi at low rates, then they inflate the money supply creating inflation which makes the loans look tiny compared to the rising housing values. Nothing changes except our money is worth less. Loans get paid off with hyper inflated cash. EBAY dumped skype, something new on the horizon coming soon.
Best Regards
Hi Standards,
Economists are great on paper ..this includes Roubini & Rosenberg...but cannot make money in market...because they ARE stubborn in their bearish views....
Markets looks ahead..beyond Roubini & Rosenberg magnifying glass.....
Rosenberg NEVER thought that markets will be over 840..Roubini believed we should be LOWER than 666.....so WHO made money off them in last 5 months..actually MANY lost money because they followed their DOOM scenario......
Saleem
Hi Saleem,
Eastern Markets slightly negative this morning. That's a positive.
Best Regards
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