Thursday, October 29, 2009

All indices have reversed their technical picture @ close....

Indices @ close are in good health technically speaking..all major index are above 50 DMA...

Volume was above average on this strong bounce......

Most traders/technicians were left wondering as to where this rally came from......all severe corrections do end abruptly when nobody is expecting it......

RSI has been a good indicator of overbought/oversold conditions...which assist me in decision making...

Solar stocks came to life despite drubbing taken by FSLR..which is a sign of solar turnaround....

Many stocks were UP double digits.......which said a lot about severe oversold conditions/short covering.....

AH futures are down

AH Nikkei UP 1.12%

As expected VIX took a drubbing today Down 11.29% closing @ 24.76...

BLOG does NOT give buy or sell.

Saleem
at

7 comments:

  1. madmaxOctober 30, 2009 at 6:29 AM

    SALEEM

    Looks like a week open to me

    I would think that HL is poised for a jump up form here! I sent a chart that shows bullish cross over and accumulation/distribution shows bullish signal

    I was looking for further run up

    Hmmmm
    thoughts

    ReplyDelete
  2. Stocks100October 30, 2009 at 6:52 AM

    Hi Madmax,

    I am busy buying up TSL added more this AM.

    HL is a great stock with "wild swing"

    IF silver is UP then HL goes UP...

    Saleem

    ReplyDelete
  3. standardshighOctober 30, 2009 at 7:49 AM

    Hi Saleem,

    Maybe short covering yesterday? Everything I follow is still heading south. Charts are pointing south. Financials, Semi's, Telecom, Shipping. Has there been a sector rotation?

    Best Regards

    ReplyDelete
  4. Stocks100October 30, 2009 at 7:53 AM

    Hi Standards,

    This market is now "stock specific"

    All sectors are weak but some individual stocks are behaving relatively better.....

    See TSL in solar..still green while whole sector is RED.....

    I am hoping for a better close.

    Saleem

    ReplyDelete
  5. madmaxOctober 30, 2009 at 8:25 AM

    Saleem

    this all could be manipulation by the MM

    I do see some green! But make my words this market is on thin ice here,

    We had good news yesterday and CNBC and it ilk blew it off. Yeks -- is there no end to the negative sentiment??
    Thoughts

    ReplyDelete
  6. Stocks100October 30, 2009 at 8:48 AM

    Hi Madmax,

    TAPE is certainly WEAK.....

    Hoping that close will bring some buyers !!!!

    Saleem

    ReplyDelete
  7. standardshighOctober 30, 2009 at 9:19 AM

    Hi Madmax,

    That's an ugly chart after yesterdays run up. A temporary head fake on the way lower? Retail does not buy one day and sell the next. Must be the dark side gaining strength! A Halloween trick or treat? :)

    Best Regards

    ReplyDelete